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 ...

（股 份 代 號：2050） 2025年半年度業績預告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 浙江三花智能控制股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） – 1 – 二、與會計師事務所溝通情況 本 次 業 績 預 告 數 據 僅 為 本 公 司 財 務 部 門 初 步 核 算 結 果，未 經 會 計 師 事 務 所 審 計。本 業 績 預 告 所 載 之 財 務 數 據 根 據 中 國 企 業 會 計 準 則 編 製。 本公告乃由浙江三花智能控制股份有限公司（「本公司」）自 願 作 出。 一、本期業績預計情況 （一）業績預告期間 2025年1月1日 至2025年6月30日（「報告期」） （二）業績預告情況 扭虧為盈 同向上升 同向下降 | 項目 ...

Core Viewpoint - The company reported its Q1 2025 results, showing a year-on-year revenue growth of 15.05% and a net profit increase of 10.89%, indicating stable performance in a challenging market environment [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 3.416 billion yuan, reflecting a year-on-year growth of 15.05% but a slight quarter-on-quarter decline of 2.31% [2][3]. - The net profit attributable to shareholders was 212 million yuan, up 10.89% year-on-year and 18.42% quarter-on-quarter, with a corresponding net profit margin of 6.22% [3]. - The comprehensive gross margin for Q1 2025 was 19.79%, showing a year-on-year decrease of 1.77 percentage points and a slight quarter-on-quarter decline of 0.45 percentage points [3]. Industry Insights - The domestic heavy truck industry saw wholesale sales of 265,000 units in Q1 2025, a quarter-on-quarter increase of 21% [3]. - The narrow definition of the domestic new energy passenger vehicle industry experienced wholesale sales of 2.8469 million units, down 34.13% quarter-on-quarter [3]. - The overall narrow definition of passenger vehicles had wholesale sales of 6.2761 million units, reflecting a quarter-on-quarter decline of 28.27% [3]. Strategic Advantages - The company focuses on enhancing its global R&D system, particularly in the field of new energy thermal management, leveraging its "1+4+N" product layout to capture market opportunities [4]. - The company adheres to an international development strategy, establishing production and technical service platforms in overseas markets to better serve global customers [4]. - The company's thermal management business for new energy vehicles includes partnerships with renowned electric vehicle manufacturers, benefiting from customer growth [4]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 1.07 billion yuan, 1.309 billion yuan, and 1.567 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.57 yuan, and 1.88 yuan [6]. - The projected P/E ratios for 2025-2027 are 19.84x, 16.21x, and 13.54x, respectively, with a "buy" rating maintained [6].

Group 1 - The company's Q1 2025 revenue reached 3.42 billion yuan, representing a year-on-year increase of 15.1% and a quarter-on-quarter decrease of 2.3% [1] - The net profit attributable to the parent company for Q1 2025 was 210 million yuan, up 10.9% year-on-year and up 18.5% quarter-on-quarter [1] - The gross profit margin for Q1 2025 was 19.8%, a decrease of 1.8 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, mainly due to product price declines and structural changes [1] Group 2 - The company aims to enhance its global operations, with a significant focus on North America, where self-operated business revenue reached 200 million USD in 2024, a year-on-year increase of 50.5% [2] - The European segment achieved revenue of 160 million yuan in 2024, reflecting a year-on-year growth of 31.3% [2] Group 3 - The company has been developing its third growth curve since 2021, focusing on digital and energy thermal management, with significant orders from clients like AUX and Sungrow in H1 2023 [3] - In 2024, the company secured major projects including large cooling modules for diesel generators and energy storage liquid cooling systems, with new orders in the digital energy business amounting to 953 million yuan [3] Group 4 - The company is expected to achieve revenues of 15.61 billion yuan, 18.47 billion yuan, and 21.76 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.09 billion yuan, 1.44 billion yuan, and 1.79 billion yuan [3]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a year-on-year revenue increase of 15.1% and a net profit increase of 10.9%, indicating strong performance driven by the release of orders in the new energy vehicle thermal management and digital energy sectors [1][2]. Financial Performance - Q1 2025 revenue reached 34.2 billion yuan, up 15.1% year-on-year but down 2.3% quarter-on-quarter [1][2]. - The net profit attributable to shareholders was 2.1 billion yuan, reflecting a year-on-year increase of 10.9% and a quarter-on-quarter increase of 18.5% [1][2]. - The company's gross margin for Q1 2025 was 19.8%, a decrease of 1.8 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, primarily due to product price declines and structural changes [2]. Cost Structure and Efficiency - The company’s expense ratios for sales, management, R&D, and financial costs were 1.4%, 5.2%, 4.0%, and 0.1%, respectively, showing reductions across all categories compared to the previous year and quarter [2]. - The optimization of the cost structure was driven by scale effects and cost reduction initiatives [2]. Business Expansion and Global Strategy - The company is focusing on global expansion, particularly in North America, where it achieved a self-operated business revenue of 20 million USD in 2024, a 50.5% year-on-year increase, and turned a profit with a net income of approximately 604,000 USD [3]. - The European segment also showed growth, with revenues of 1.6 billion yuan, up 31.3% year-on-year [3]. - The company has established a digital and energy thermal management division since 2021, focusing on data center liquid cooling and energy storage systems, with significant orders secured in 2023 [3]. Future Outlook - The company is expected to continue expanding in the new energy vehicle thermal management sector and enhance its global presence, with projected revenues of 156.1 billion yuan, 184.7 billion yuan, and 217.6 billion yuan for 2025-2027 [4]. - Net profits are forecasted to be 10.9 billion yuan, 14.4 billion yuan, and 17.9 billion yuan for the same period, with corresponding EPS of 1.31, 1.72, and 2.15 yuan [4].

Core Viewpoint - A-share listed companies have demonstrated resilience in the face of external shocks, showcasing a strong performance in their 2024 annual reports, with a notable shift towards high-quality development driven by new and traditional industries [2][3]. Group 1: Financial Performance - As of April 29, 2024, 5,304 A-share listed companies disclosed their annual reports, with 3,523 companies reporting profits, representing 66.42% of the total [2]. - 1,019 companies achieved a net profit growth exceeding 20%, accounting for 19.21% [2]. - The automotive industry generated revenue of 3.9 trillion yuan, a year-on-year increase of 6.72%, with net profits reaching 150.86 billion yuan, up 11.16% [3]. - The electronics sector saw revenue of 3.47 trillion yuan, with net profits of 137.37 billion yuan, reflecting year-on-year growth of 17.33% and 35.18%, respectively [3]. Group 2: Emerging Industries - Emerging industries, particularly artificial intelligence, new energy, and high-end manufacturing, are becoming new engines for economic growth [2]. - Companies like Shuanglin Co. reported a revenue of 4.91 billion yuan in 2024, marking an 18.64% increase, and a net profit of 497 million yuan, a staggering growth of 514.49% [3][4]. Group 3: Market Expansion and Diversification - A-share companies achieved overseas revenue of 8.98 trillion yuan in 2024, a year-on-year increase of 3.89% [5]. - Companies are increasingly focusing on export growth, with Feilong Co. reporting that overseas direct sales accounted for 55.13% of total revenue in 2024 [5][6]. - Dream Lily's overseas main business income reached 6.75 billion yuan, up 6.68%, with products sold in over 110 countries and regions [6]. Group 4: Research and Development - A-share companies are investing heavily in technology and innovation, with significant breakthroughs in "hard technology" [7][8]. - Companies like North Huachuang and Yangjie Technology reported substantial increases in product sales and profit margins due to new product development [7]. - Saily's investment in R&D reached 7.053 billion yuan in 2024, a 58.9% increase, with a workforce of 6,201 R&D personnel, up 25.15% [7][8].

► 汽车热管理龙头走向全球 北美经营体年度首次实现盈利 01 事件概述 公司披露 2024 年年度报告， 2024 年全年实现营业收入 127.0 亿元，同比 +15.3% ，毛利率为 20.1% ，同比 -1.5pcts ，归母净利润 7.8 亿元，同比 +28.0% ，实现扣非 净利润 6.8 亿元，同比 +17.5% 。 02 分析判断 ► 2024Q4 业绩符合预期 海外经营体盈利能力显著提升 1 ）营收端： 公司 2024Q4 实现营业收入 35.0 亿元，同比 +15.6% ，环比 +14.5% ，我们认为主要增量来自新能源汽车热管理业务及数字与能源业务订单陆续释放。 2 ）利润 端： 公司 2024Q4 毛利率为 20.2% ，同比 -2.7pcts ，环比 +2.5pcts ，归母净利润为 1.79 亿元，同比 +6.4% ，环比 -10.9% 。 公司 2024Q4 业绩同比增长的主要原因为： 1 ）持 续通过多维度降本增效措施，聚焦经营利润率的提升； 2 ）在"属地化制造、全球化运营"方面取得成效，北美经营体实现自营业务扭亏为盈，贡献业绩增量；业绩环比下降的 主要原因为：单季度资产及信用减 ...