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）。 ...

Group 1 - The company focuses on the research, production, and sales of refrigeration accessories, refrigeration air conditioning equipment, and core components for thermal management in new energy vehicles [1] - The company's vision is to be a leader in creating healthy and comfortable environments [1]

证券之星消息，根据市场公开信息整理，盾安环境(002011)于8月15日将有307.36万股限售股份解禁，为 公司股权激励限售股份，占公司总股本0.29%。(本次数据根据历史公告整理得出,实际情况以上市公司 最新公告为准)本次解禁后，公司还有1.46亿股限售股份，占总股本13.71%。具体如下图所示： 盾安环境财务数据及主营业务： 盾安环境2025年一季报显示，公司主营收入30.21亿元，同比上升15.05%；归母净利润2.18亿元，同比 上升4.34%；扣非净利润2.11亿元，同比上升5.44%；负债率52.01%，投资收益2424.78万元，财务费 用-239.18万元，毛利率16.14%。 盾安环境(002011)主营业务：制冷配件、制冷空调设备、新能源汽车热管理核心零部件的研发、生产和 销售。 本次解禁涉及股东明细见下表： | 股东名称 | 解禁数量(股) | 解禁市值(元) | 锁定期 (月) | | 限售类型 | | --- | --- | --- | --- | --- | --- | | 李建军 | 9.04万 | 112.91万 | | 17 | 股权激励限售股份 | | 徐燕高 | 5.9 ...

Core Insights - As of July 10, 147 A-share listed companies have forecasted their first-half performance, with 129 companies expecting profits [1] - Among these, 19 companies, including Foxconn Industrial Internet Co., Ltd. (Industrial Fulian), anticipate a net profit attributable to shareholders exceeding 1 billion yuan [1] - Industrial Fulian leads in net profit scale, projecting a net profit of 11.958 billion to 12.158 billion yuan for the first half, representing a year-on-year growth of 36.84% to 39.12% [1] Group 1: Company Performance - Industrial Fulian's cloud computing business experienced rapid growth in Q2, with overall revenue increasing by over 50% year-on-year [2] - AI server revenue surged by over 60% compared to the same period last year, while revenue from cloud service provider servers increased by more than 150% [2] - The revenue from 800G switches reached three times the total for the entire year of 2024, driven by rising AI demand [2] Group 2: Other Companies' Performance - Other companies such as Muyuan Foods, Luxshare Precision, Shanghai Pharmaceuticals, and Zhejiang Xinheng are expected to have a net profit attributable to shareholders exceeding 3 billion yuan for the first half [3] - Companies like Yunnan Aluminum, Zhejiang Huayou Cobalt, and Guangdong Haida Group are projected to have net profits exceeding 2 billion yuan [3] - Companies including Zhejiang Juhua, Sanhua Intelligent Control, and TCL Technology are expected to report net profits exceeding 1 billion yuan [3] Group 3: Profit Growth - Datang Huayin Power is expected to have the highest year-on-year profit growth, projecting a net profit of 180 million to 220 million yuan, an increase of 175 million to 215 million yuan compared to the previous year [3] - Several companies, including Shandong Xianda Agricultural Chemicals and China Northern Rare Earth, anticipate a year-on-year net profit growth exceeding 100% [4] - The market is shifting focus towards fundamental verification as half-year performance reports are released, marking the start of the half-year report market trend [4]

Summary of the Conference Call for Shun'an Environment Company Overview - The company is Shun'an Environment, which operates in the HVAC (Heating, Ventilation, and Air Conditioning) and intelligent equipment sectors. Key Points and Arguments 1. **Growth Strategy and Performance** The company achieved double-digit growth in April and May through strategic adjustments and internal product restructuring, although the smart devices segment continues to decline due to market conditions. The energy storage projects are expected to contribute to revenue in the second half of the year, and the refrigeration equipment segment is anticipated to gain momentum [2][3][4]. 2. **Refrigeration Parts Business** The refrigeration parts business is expected to see a month-on-month increase starting in June, benefiting from improved forecast data for three major valve components. The old-for-new policy is primarily driving demand in the stock market, with minimal incremental demand [2][6][7]. 3. **Daitong Xinchuan's Performance** Daitong Xinchuan faced delays in some testing projects in the first half of the year but is expected to start small-scale production in July. The annual target remains breakeven, with confidence in the water valve batch projects for the second half of the year [2][8]. 4. **Robot Taxi Project** The Robot Taxi project is progressing well, with 10 vehicles deployed in the U.S. The collaboration with Tesla is ongoing, with plans for mass production next year [2][9]. 5. **Profit Distribution and Incentive Plans** The company expects to turn its undistributed profits positive this year and has a strong intention to distribute dividends. A new incentive plan will be introduced, covering performance targets for 2025, 2026, and an additional year [2][10]. 6. **Commercial Business Growth** The introduction of a new leader in the commercial business has positively impacted performance, with the commercial parts unit maintaining over 30% revenue growth. The commercial business's profitability is higher than that of household parts, contributing positively to profit improvement [2][10][11]. 7. **Market Focus and Global Strategy** The company is shifting focus to emerging markets like India and Thailand, with overseas growth significantly outpacing domestic growth. As of May 2025, overseas growth exceeded 20%, while domestic growth was only a slight double-digit increase [4][16]. 8. **Financial Performance and Margin Trends** The first quarter saw a decline in gross margin due to reduced orders for high-margin products. Future gross margin trends will depend on the recovery of the refrigeration equipment segment, which has high fixed costs and marketing expenses [4][17]. 9. **Cost Control and Profitability Goals** The company is implementing cost control measures, particularly in management expenses, with a target of 15% annual profit growth through equity incentives. The goal is to steadily improve net profit margins [4][19]. 10. **Annual Guidance for Business Segments** The company expects a 10% growth in the refrigeration parts segment, flat performance in the equipment segment, and over 50% growth in the automotive segment for the year [4][20]. 11. **Impact of Impairment Treatment** The company has largely resolved significant impairment issues since the end of 2024, leading to a more stable financial report for 2025 without major fluctuations [4][21]. 12. **Assessment Criteria from Gree** Gree focuses on non-related party revenue for assessment, with an emphasis on product quality under the new leadership [4][22]. Additional Important Information - The company is facing a challenging market environment for smart devices, which may impact overall performance [2][3]. - The old-for-new policy is crucial for driving demand in a sluggish real estate market, particularly for air conditioning systems [2][7]. - The commercial business unit's growth is expected to continue, with a focus on increasing market share in high-margin product categories [2][12].

Core Viewpoint - Shun'an Environment reported a strong Q1 performance with revenue of 3.02 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 220 million yuan, up 4.3% year-on-year, driven by the old-for-new subsidy policy stimulating domestic air conditioning sales [1][2] Group 1: Financial Performance - Q1 revenue reached 3.02 billion yuan, reflecting a 15.0% year-on-year growth [1] - Net profit attributable to shareholders was 220 million yuan, representing a 4.3% year-on-year increase [1] - The company's net profit margin for Q1 was 7.2%, down 0.7 percentage points year-on-year, primarily due to rising copper prices [2] Group 2: Market Dynamics - The old-for-new subsidy policy has positively impacted air conditioning sales, leading to increased demand for upstream valve components [1] - Industry sales data shows that the sales of key components like shut-off valves, four-way valves, and electronic expansion valves increased by 7.1%, 7.5%, and 14.4% year-on-year, respectively [1] - Looking ahead, the combination of national subsidy policies and the peak season for air conditioning is expected to further stimulate sales performance [1] Group 3: Operational Efficiency - Q1 operating cash flow net amount was 150 million yuan, a significant year-on-year increase of 118.4% [2] - The company managed to reduce cash payments for goods and services by 18.2% year-on-year, while cash received from sales increased by 1.0% [2] - The company's cash balance at the end of the period was 2.9 billion yuan, up 7.4% year-on-year, indicating a strong liquidity position [2] Group 4: Future Outlook - The company is expected to continue its rapid revenue growth, with projections for EPS of 1.05, 1.17, and 1.35 yuan for 2025 to 2027 [2] - The company is actively expanding into high-margin commercial refrigeration components and automotive thermal management businesses, which is anticipated to improve profitability [2] - A target price of 15.68 yuan is set based on a 15 times dynamic price-to-earnings ratio for 2025 [2]