盾安环境：制冷零部件龙头，拓展汽零第二曲线

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [28][44]. Core Insights - The company is a global leader in the refrigeration components industry and is actively expanding into the automotive thermal management sector, leveraging its technological expertise and established customer relationships [44][79]. - The rapid increase in the penetration rate of new energy vehicles is expected to drive significant growth in the thermal management components market, which is projected to grow from 68.7 billion yuan in 2021 to 149.4 billion yuan by 2025 [71][72]. - The company has a strong customer base, including major automotive manufacturers and air conditioning system suppliers, which positions it well for future growth in both refrigeration and thermal management sectors [72][44]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 954 million yuan, 1.151 billion yuan, and 1.329 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29%, 21%, and 15% [14][44]. - Revenue projections for the company are 12.818 billion yuan in 2024, 14.499 billion yuan in 2025, and 16.092 billion yuan in 2026, with growth rates of 13%, 13%, and 11% respectively [3][40]. - The report highlights that the company's price-to-earnings (P/E) ratios for 2024 and 2025 are 12.4 and 10.3, respectively, which are lower than the average P/E ratios of comparable companies [32][44]. Business Segments - The company's refrigeration components business includes products such as electronic expansion valves, four-way valves, and heat exchangers, which contributed 74.3% of total revenue in 2023 [63][64]. - The automotive thermal management segment is rapidly growing, with products like electronic expansion valves and electronic water pumps, which accounted for 4.15% of total revenue in 2023 [64][44]. - The company is expected to benefit from government policies promoting the replacement of old appliances, which will likely increase demand for refrigeration components [54][44].