投资建议：我们预计2025-2027年公司营业收入为141.17/156.14/170.03亿元，同比 +11.3%/+10.6%/+8.9%；归母净利润11.49/13.40/15.12亿元，同比 +9.9%/+16.6%+12.8%；EPS分别为 1.08/1.26/1.52元；当前股价对应PE分别为12.31/10.55/9.35倍，维持推荐"评级。 风险提示：制冷设备增长不及预期风险：新能源车热管理竞争加剧的风险。 以旧换新政策支撑空调产销景气，公司制冷零部件基本盘稳固：1）2025H1 制冷空调零部件实现营收 54.12亿元，同比增长8.8%，毛利率17.78%，同比小幅下滑0.66个自分点。2）根据产业在线数据，2025 年上半年中国家用空调总产量同比增长6.91%；总销量同比增长8.30%：其中内销同比增长 8.97%，出口 同比增长7.52%。公司作为行业领先的制冷空调阀零部件供应商，收人增长与行业景气相匹配。3）后 续儿个月空调内销预计将有压力，以日换新政策力度支撑力度减弱，且未来还将面临去年同期的高基数 影响，产业在线数据，8、9、10月空调内销排产量较去年出货实绩分别-11.9%、-7. ...

事件描述 公司发布2025 年中报：2025H1 公司实现营业收入67.29 亿元，同比增长6.05%，实现归母净利润5.35 亿 元，同比增长12.94%，实现扣非归母净利润5.17 亿元，同比增长11.04%；其中，2025Q2 公司实现营业 收入37.08 亿元，同比下滑0.31%，实现归母净利润3.18 亿元，同比增长19.69%，实现扣非归母净利润 3.06 亿元，同比增长15.24%。 事件评论 单Q2 公司营收规模略有回落，新能源汽车热管理业务持续放量。2025H1 公司营业收入同比增长 6.05%；其中，分产品，制冷设备产业收入同比下滑31.43%，或主要是中央空调行业景气度有所回落， 叠加公司为避免与控股股东格力电器同业竞争，对该业务进行战略性收缩，制冷空调零部件产业同比增 长8.80%，或受益于"以旧换新"政策对下游空调产品需求产生明显拉动，进而对上游零部件产业带来促 进作用，新能源汽车热管理产业同比增长81.84%，预计主要是前期订单开始逐步放量，其他业务同比 下滑12.16%；分地区，国内业务收入同比增长4.54%，海外业务收入同比增长13.23%。此外，2025Q2 公司营业收入同比 ...

丨证券研究报告丨 公司研究丨点评报告丨盾安环境（002011.SZ） [Table_Title] 毛利率有所企稳，经营利润大幅增长 报告要点 [Table_Summary] 2025H1 公司实现营业收入 67.29 亿元，同比增长 6.05%，实现归母净利润 5.35 亿元，同比增 长 12.94%，实现扣非归母净利润 5.17 亿元，同比增长 11.04%；其中，2025Q2 公司实现营业 收入 37.08 亿元，同比下滑 0.31%，实现归母净利润 3.18 亿元，同比增长 19.69%，实现扣非 归母净利润 3.06 亿元，同比增长 15.24%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 毛利率有所企稳，经营利润大幅增长 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025H1 公司实现营业收入 67.29 亿元，同比增长 6.05%，实现归母 净利润 5.35 亿元，同比增长 ...

上 市 公 司 家用电器 一年内股价与大盘对比走势： 2025 年 08 月 25 日 盾安环境 (002011) ——新能车热管理持续高增，第二曲线渐行渐近 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | | --- | --- | --- | | 收盘价（元） | 13.57 | | | 一年内最高/最低（元） | 14.16/9.76 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | - | | 流通 A 股市值（百万元） | 12,476 | | | 上证指数/深证成指 | 3,883.56/12,441.07 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 5.71 | | 资产负债率% | 50.87 | | 总股本/流通 A 股（百万） | 1,065/919 | | 流通 B 股/H 股（百万） | -/- | 08-26 09-26 10-26 11-26 12-26 01-26 0 ...

公司披露2025 中报，25H1 公司实现营业总收入67.29 亿元，同比+6.05%，归母净利5.35 亿元，同比 +12.94%，扣非后归母净利同比+11.04%。25Q2营收/归母净利/扣非后分别同 比-0.31%/+19.69%/+15.24%。国内空调以旧换新政策推动需求释放，制冷配件业务表现稳健；净利润增 速高于营收主因信用减值损失减少。一方面，公司维持家用空调配件龙头地位，并拓展商用及海外芬 恩，另一方面，公司维持研发高投入，持续以创新驱动新能源汽零新品类、储能温控、冷链等新赛道， 以期稳步推进新兴业务发展。 公司25H1 毛利率为17.32%，同比-0.54pct。其中，25Q2 毛利率同比+0.09pct。下游竞争加剧，且原材料 价格仍处于高位，公司制冷配件、制冷设备GPM 均同比下降。25H1 公司整体期间费用率同比-0.3pct。 其中，销售/管理费用率分别同比-0.03pct/-0.69pct（受经营杠杆优化及股份支付等减少影响）。研发费 用率同比+0.24pct（继续重点投入高能效、新能源汽零品类及储能温控技术，巩固技术优势）。财务费 用率同比+0.19pct（主要受汇兑损益影响）。 ...

冰轮环境 20250821 摘要 冰轮环境 2025 年上半年营收 31.2 亿元，同比增长 3.8%；境外市场收 入 10.2 亿元，增长 30%。净利润下降主要因海外子公司结束亏损弥补 开始纳税、国内单元税务口径调整及提前开具发票所致。 制冷设备板块营收同比下降 15%，占总营收 55%；特种空调板块占比 39%；热能管理板块增长 17%，占比 6%。数据中心业务营收 5.6 亿元， 海外市场贡献 4.8 亿元，上半年数据中心相关订单达 10 亿元，9 月起进 入交付旺季。 数据中心业务利润率与核电项目相当，高于特种空调整体毛利率 31%。 特种空调业务中，国内市场占 43%，海外市场占 57%，海外市场增长 17%。 冰轮环境面临产能挑战，尤其在马来西亚和北美地区熟练技术工人紧缺， 考虑提价应对。公司调整供应链，部分原由马来西亚发往美国的订单由 中国本土替换。 公司正处于产能调整期，预计 2025 年整体产能可达 30 亿元。数据中 心业务占据公司产能九成，但订单不均衡导致产能利用率紧张。北美市 场磁浮离心机订单占比约六至七成。 会计确认收入标准未达到，这导致提前缴纳了部分税款。 能否详细介绍冰轮环境各 ...

Group 1 - The core point of the article highlights that Xue Ren Group's stock closed at 11.81 yuan on August 15, experiencing a slight decline of 0.02 yuan, or 0.17% [1] - The trading volume on that day was 1.065 million hands, with a total transaction amount of 1.261 billion yuan [1] - The stock saw a brief rebound during the day, with a price increase of over 2% within five minutes at 9:35 AM, reaching a peak of 12.08 yuan [1] Group 2 - Xue Ren Group operates in the general equipment manufacturing industry, focusing on the research and manufacturing of refrigeration equipment and compressors [1] - The company, based in Fujian, also engages in areas such as the Internet of Things and water conservancy construction [1] Group 3 - On August 15, the net outflow of main funds was 43.0627 million yuan, accounting for 0.56% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 98.6169 million yuan, representing 1.28% of the circulating market value [1]

金融界2025年8月7日消息，国家知识产权局信息显示，青岛海尔特种电冰柜有限公司、青岛海尔智能技 术研发有限公司、海尔智家股份有限公司申请一项名为"制冷设备"的专利，公开号CN120426672A，申 请日期为2024年02月。 专利摘要显示，本申请涉及制冷技术领域，公开有一种制冷设备，包括：内胆，其内部被构造为可容置 物品的低温储藏空间；外壳，包覆于内胆外侧，且外壳与内胆间形成有夹层空间；复叠式制冷系统，其 包括多个换热部；其中，至少两个换热部自内向外的并排布置于夹层空间，至少两个换热部具有不同工 作温度，且位于内胆侧的换热部工作温度小于位于外壳侧的换热部工作温度，以形成自内向外温度递增 的温度梯度。本公开实施例中制冷设备在内胆和外壳之间按照工作温度高低依次布设不同换热部，构建 有自内向外温度递增的温度梯度，可降低相互间的热传导速度，减慢冷量自内向外的散失，从而提升制 冷能效，具有节能降耗的作用。 天眼查资料显示，青岛海尔特种电冰柜有限公司，成立于2001年，位于青岛市，是一家以从事电气机械 和器材制造业为主的企业。企业注册资本40130.262704万人民币。通过天眼查大数据分析，青岛海尔特 种电冰柜有限 ...

Group 1 - The visit of media representatives from 13 countries to Liaoning province showcased the integration of technology and tradition, highlighting the innovative developments in the region [1][3][4] - The Dalian Port was noted for its impressive scale and advanced automation, with representatives expressing interest in learning from China's rapid development in port technology [3][5] - The Dalian Bingshan Group, a 95-year-old enterprise, demonstrated its focus on refrigeration technology, attracting attention with its smart devices [3][5] Group 2 - The visit included a tour of the Jinbei (Shenyang) Automobile Co., where representatives were impressed by the affordable and environmentally friendly new energy commercial vehicles [5][7] - The Shenyang New松 Robotics Automation Co. showcased advanced robotic technology, which left a strong impression on the visiting media representatives [7][9] - The cultural richness of Shenyang was highlighted through visits to historical sites like the Shenyang Palace Museum, emphasizing the blend of history and modernity in the city [9][4]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting a significant decline in revenue and the need for clarification on various operational aspects [1] Group 1: Financial Performance - The company reported a revenue of 7.816 billion yuan for 2024, a year-on-year decrease of 15.99% [1] - Main products, including refrigeration equipment, air conditioners, washing machines, and small appliances, generated 6.095 billion yuan in revenue with a gross margin of nearly 16% [1] - The overseas business accounted for 2.315 billion yuan, representing nearly 30% of total revenue, with a gross margin of 9.98%, lower than the domestic business margin of 15.55% [1] Group 2: Sales Model and Revenue Decline - The sales model for the company's electrical products is divided into agency distribution (47.96%) and direct sales (52.04%) for 2024, with a decline in agency distribution by 635 million yuan [2] - The decline in sales revenue is attributed to factors such as the impact of emerging channels, consumption stratification, and insufficient effective demand in lower-tier markets [3] - The company’s domestic household product sales decreased by 671 million yuan, a decline of 14.73% [3] Group 3: Industry Context - The company operates in a highly competitive industry with high product homogeneity, facing challenges from market saturation and limited new demand [4] - The domestic refrigerator market saw a retail sales decline of 5.1% in 2024 due to market overextension and sluggish demand in the catering industry [4] Group 4: Strategic Measures - The company plans to enhance its brand positioning as a "Temperature Technology Expert" and improve brand value through comprehensive media communication [6] - Focus on technological innovation to enhance product competitiveness and develop differentiated products for both household and commercial markets [6][7] - Transition the household marketing channel from a primary focus on agency distribution to a mixed model that includes vertical retail [7] Group 5: Overseas Business Strategy - The company aims to accelerate its overseas marketing efforts, promoting local production and expanding its brand presence in regions like the Middle East, Southeast Asia, and Latin America [8] - Establish a localized operational system in overseas markets, including a smart manufacturing plant in Indonesia with an annual capacity of 500,000 refrigerators [8] Group 6: Other Business Operations - The company’s other business income includes trade-related revenues, with a focus on agricultural products and electrical components [9] - The trading business has seen fluctuations in gross margins, with agricultural products showing higher margins due to improved team capabilities and market control [17] Group 7: Accounts Receivable and Risk Management - As of the end of 2024, the company reported accounts receivable of 2.318 billion yuan, with a provision for bad debts of 757 million yuan [34] - The company has implemented a rigorous credit risk assessment process for major customers and has taken measures to mitigate risks associated with overseas transactions [28][40]