Southwest securities co., inc., yongzheng, recently conducted a study on the shield environment and released a study entitled " cold distribution growth, steady heat management discharge " , giving the shield an increased rating。
Shield environment (002011)
Investment highlights
Events: companies publish annual and quarterly 2026 newspapers. By 2025, companies had earned rmb 13. 33 billion, an increase of 2. 8 per cent over the same period; a net profit return of rmb 1. 08 billion, an increase of 3. 2 per cent over the same period; and a net profit deduction of rmb 990 million, an increase of 6. 8 per cent over the same period. In a single quarter, q4 realized a profit of $3. 31 billion, a decrease of 1 per cent over the same period; a net profit of $310 million, a decrease of 22 per cent over the same period; a net profit of $250 million, a decrease of 15 per cent over the same period in the net profit of q4 over the same period. The significant decline in comparison was due mainly to the fact that other receivables raised during the same period in 2024 were prepared to revert to approximately $100 million, resulting in a higher base figure. The company, 2026q1, earned 3. 06 billion yuan, an increase of 1. 2 per cent over the same period; earned 200 million yuan, a decline of 9. 9 per cent over the same period; and earned 200 million yuan, a decrease of 6. 3 per cent over the same period, in net profits from non-return。
Cold with robust growth, heat management flourished. By product, the refrigeration equipment industry/refrigerated air-conditioning components/new energy car heat management industry/other business received rmb 1. 16 billion/1284 billion and rmb 0. 8 billion, respectively, in 2025, compared to rmb 22. 2 per cent/+2. 4 per cent/+52 per cent/+5. 4 per cent. Refrigerated air-conditioning component operations have been a central engine for boosting corporate performance against the backdrop of a small decline in the downstream home-based air-conditioning market, with steady growth through the expansion of new areas such as data centre temperature control and the introduction of innovative products; new energy car heat management, which has benefited from the rapid development of the new energy vehicle industry; and a decline in refrigeration equipment, which has been mainly affected by the shrinking of the central air-conditioning market as a result of the low real estate market. By region, internal and external sales accounted for $10. 86 billion and $2. 17 billion respectively, an increase of 4. 5 per cent to 4. 9 per cent。
The ratio of cold-to-malarial is almost equal and cost-control is good. In 2025, the corporate gross māori ratio was 18. 5 per cent, an increase of 0. 3 pp. Of these, the māori rate for refrigeration air-conditioning components was 18. 7 per cent, a slight increase of 0. 1 pp over the same period, which remained largely stable. With regard to the cost rate, which was 2. 6 per cent/ 2. 8 per cent/0. 1 per cent/4. 1 per cent for company sales/management/finance/r & d in 2025, which was the same as the same/-0. 2-pp/+0. 1-pp/+0. 1 per cent, the decrease in the management cost rate reflects the company's good cost control capacity, and the increase in the financial cost rate is mainly due to exchange rate fluctuations. In terms of net interest rates, the company's net interest rate was 8. 3 per cent in 2025, which is essentially the same as in the same period last year; excluding the effects of non-recurring gains and losses, the company withheld non-net interest rates at 7. 6 per cent, up from 7. 3 per cent in the same period in 2024。
Profit forecasts and investment recommendations. The company, as the leading global refrigeration unit, has a strong technological and scale niche in the refrigeration spare parts industry and is expected to benefit from the upgrading of product structures and expansion in emerging areas such as data centres and storage capacity. The new energy automotive thermal management service, with its customer outreach and product lines to improve access to high-speed growth routes, will help in the globalization of thailand's production base. The company is expected to maintain its holding rating of $1. 09, 1. 23 and $1. 35 in 2026-2028。
Risk tips: risks such as rebounding prices of raw materials, falling demand abroad, exchange rate fluctuations, etc。
The latest profit projections are broken down as follows:
In the last 90 days, the unit received eight ratings from eight agencies; the average institutional price over the past 90 days was 17. 0。
The above elements, which are publicly available information, are generated by ai algorithms (cylindrical code 310104345710301240019) and do not constitute an investment proposal。
