DUN'AN ENVIRONMENTAL(002011) 太平洋·2024-04-22 01:30Investment Rating - The report assigns a "Buy" rating for Shun'an Environment, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][13]. Core Views - The report highlights that the company is positioned to benefit from the expansion of the upstream components industry due to increased air conditioning production and the rising penetration of new energy vehicles. The company, as a leading manufacturer of refrigeration components, is expected to share in the industry's growth dividends. Additionally, the rapid expansion of the new energy vehicle thermal management business is anticipated to drive revenue growth [3][8]. - The projected net profits for the company from 2024 to 2026 are estimated at 948 million, 1.14 billion, and 1.36 billion yuan, respectively, with corresponding EPS of 0.89, 1.07, and 1.27 yuan. The current stock price corresponds to PE ratios of 12.40, 10.32, and 8.67 times for the same years [3][9]. Financial Performance Summary - In 2023, the company achieved a revenue of 11.38 billion yuan, representing an increase of 11.50%, while the net profit attributable to shareholders was 738 million yuan, a decrease of 11.50%. The non-recurring net profit was 821 million yuan, showing a significant increase of 78.08% [6][9]. - For Q1 2024, the company reported a revenue of 2.63 billion yuan, up 7.31%, and a net profit of 208 million yuan, an increase of 28.88%. The non-recurring net profit for the same period was 200 million yuan, reflecting a growth of 13.94% [6][9]. - The company's revenue from refrigeration parts, refrigeration equipment, automotive thermal management, and other businesses in 2023 was 8.46 billion, 1.65 billion, 473 million, and 807 million yuan, respectively, with year-on-year growth rates of 8.74%, 10.53%, 136.54%, and 8.60% [6][9]. Business Segment Insights - The automotive thermal management business has shown remarkable growth, with its revenue share increasing to 4.15% in 2023, up by 2.19 percentage points. This segment, along with the high-margin refrigeration equipment business, is expected to enhance the company's long-term profitability [8][9]. - The company is focusing on technological upgrades and capacity expansion in the refrigeration sector, while also actively developing its new energy thermal management technology to become a reliable supplier for major manufacturers [8][9].