[Table_scodeMsg1] 公司研究丨点评报告丨海容冷链（603187.SH） [Table_Title] 收入增长提速，经营性利润率大幅提升 报告要点 [Table_Summary] 2025 年前三季度公司实现营业收入 24.30 亿元，同比增长 15.20%，实现归母净利润 3.01 亿 元，同比增长 10.53%，实现扣非归母净利润 2.89 亿元，同比增长 18.23%；其中，2025Q3 公 司实现营业收入 6.40 亿元，同比增长 22.29%，实现归母净利润 7969 万元，同比增长 10.94%， 实现扣非归母净利润 7660 万元，同比增长 12.59%。 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 %% %% %% %% 丨证券研究报告丨 research.95579.com 1 [Table_scodeMsg2] 海容冷链（603187.SH） cjzqdt11111 [Table_Title2] 收入增长提速，经营性利润率大幅提升 [Table_Summary2] 事件描述 公司 ...

11月3日，海容冷链跌1.49%，截至发稿，报13.86元/股，成交1.42亿元，换手率2.65%，总市值53.56亿 元。海容冷链股价已经连续5天下跌，区间累计跌幅9.06%。 资料显示，青岛海容商用冷链股份有限公司位于山东省青岛市黄岛区隐珠山路1817号，成立日期2006年 8月8日，上市日期2018年11月29日，公司主营业务涉及商用冷链设备的研发、生产、销售和服务。主营 业务收入构成为：商用展示柜95.22%，其他4.78%。 从基金十大重仓股角度 数据显示，摩根基金旗下1只基金重仓海容冷链。摩根大盘蓝筹股票A（376510）三季度持有股数37.27 万股，占基金净值比例为3.53%，位居第五大重仓股。根据测算，今日浮亏损失约7.83万元。连续5天下 跌期间浮亏损失51.43万元。 摩根大盘蓝筹股票A（376510）成立日期2010年12月20日，最新规模1.58亿。今年以来收益6.35%，同 类排名3878/4216；近一年收益5.25%，同类排名3649/3894；成立以来收益130.5%。 摩根大盘蓝筹股票A（376510）基金经理为李恒。 截至发稿，李恒累计任职时间8年284天，现任基金资产总 ...

Summary of Hailong Cold Chain Conference Call Company Overview - **Company**: Hailong Cold Chain - **Industry**: Cold Chain Equipment Manufacturing Key Points and Arguments Financial Performance - **Q3 2025 Revenue**: - Frozen domestic sales revenue reached 281 million CNY, a year-on-year increase of 25.79% driven by strong ice cream sales and increased equipment deployment [2][4] - Cold storage business grew over 20% in the first three quarters, attributed to new customer acquisition and increased supply share, particularly with major clients like Coca-Cola and Pepsi [2][12] - Supermarket domestic sales revenue surged 140% to 130 million CNY, mainly due to increased orders from traditional clients and new partnerships in the snack wholesale sector [2][19] Market Challenges and Opportunities - **North American Market**: - Faced challenges due to tariffs and prior customer stockpiling, leading to poor performance this year. However, recovery is expected next year as the Indonesian factory can provide lower tariff supply channels (19%) [2][8] Gross Margin Analysis - **Gross Margin Decline**: - Overall gross margin decreased due to changes in product mix, particularly in frozen products where margins fell by approximately 2 percentage points [2][13] - Cold storage domestic gross margin improved to 14.5%, while external gross margin decreased to 22.8%, down 4 percentage points year-on-year due to customer stockpiling and tariff pressures [15] Future Outlook - **Optimistic Projections**: - The company maintains a positive outlook for all business segments, expecting a recovery in North American orders and continued growth in domestic markets, particularly in ice cream sales [9][11] - The Indonesian factory is on track for trial production by the end of November, with a first-year target capacity of 100,000 units and a long-term goal of 500,000 units [2][17] Sales and Marketing Strategy - **Sales Expense Management**: - Sales expenses have remained stable, with a slight increase of about 1 million CNY compared to last year, indicating effective cost management despite growth initiatives [18] Product Development and Market Expansion - **Smart Cabinet Market**: - Demand for smart cabinets is expected to grow, although competition for prime locations has intensified, leading to short-term fluctuations in deployment [21] - **Pharmaceutical Cabinet Development**: - The pharmaceutical cabinet business is in early stages, with product trials ongoing but expected to take time before generating significant revenue [24][25] Dividend Policy - **Dividend Commitment**: - The company plans to maintain a dividend policy of no less than 50% [3][28] Conclusion - **Growth Strategy**: - The company is focused on expanding its market presence, particularly in Southeast Asia, and enhancing its product offerings to maintain competitive advantages in both domestic and international markets [16][22]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 revenue performance exceeded expectations, with a total revenue of 2.43 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.2%. The net profit attributable to the parent company was 301 million yuan, up 10.5% year-on-year [7] - The cold storage cabinet business is experiencing rapid growth, while the frozen sector maintains its competitive advantage. The company has managed to maintain a stable market share despite a decline in product sales in the commercial frozen display cabinet segment due to overall weak downstream demand [7] - The company's profitability remains robust, with a gross margin of 27.34% for the first three quarters of 2025, a slight decrease of 0.70 percentage points year-on-year. The net profit margin for the same period was 12.27%, down 0.71 percentage points year-on-year [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.25 billion yuan, with a year-on-year growth rate of 14.6%. The net profit attributable to the parent company is forecasted to be 398 million yuan, reflecting a year-on-year increase of 12.5% [5] - The company expects to achieve net profits of 398 million yuan, 458 million yuan, and 522 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 12.5%, 15.2%, and 14.0% [7]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 17.96 CNY, corresponding to a 15X PE for 2026 [5][3]. Core Views - The company has shown strong revenue growth, achieving 2.43 billion CNY in revenue for the first three quarters of 2025, a year-on-year increase of 15.2%. The net profit attributable to shareholders reached 300 million CNY, up 10.5% year-on-year [1][3]. - In Q3 2025, the company reported a revenue of 640 million CNY, reflecting a year-on-year growth of 22.3%, while the net profit attributable to shareholders was 80 million CNY, up 10.9% year-on-year [1][2]. - The company is expanding its market share in the global commercial refrigeration market, particularly through new customer acquisition and growth in overseas markets [1][2]. Summary by Sections Revenue Growth - Q3 revenue growth was driven by several factors: 1. Recovery in domestic ice cream sales led to increased sales of frozen cabinets [2]. 2. The company has established a strong customer base in the domestic refrigerated cabinet market, leading to rapid growth in sales [2]. 3. The company is deepening cooperation with existing clients and exploring new consumption scenarios, resulting in significant growth in supermarket cabinet revenue [2]. 4. However, revenue from smart cabinets declined due to fluctuations in client investment schedules [2]. Profitability - The net profit margin for Q3 2025 decreased by 1.3 percentage points year-on-year, primarily due to fluctuations in foreign exchange gains and losses, which increased the financial expense ratio by 3 percentage points [2][3]. Cash Flow - The operating cash flow for Q3 2025 decreased by 60 million CNY year-on-year, mainly due to an increase in cash payments for goods and services [3]. Financial Forecast - The company is expected to maintain strong growth, with projected EPS of 1.02 CNY, 1.20 CNY, and 1.40 CNY for 2025, 2026, and 2027 respectively [3][4].

Group 1 - The core point of the news is that HaiRong Cold Chain's stock has dropped by 5.03%, currently trading at 14.16 CNY per share, with a total market capitalization of 5.472 billion CNY [1] - HaiRong Cold Chain, established on August 8, 2006, specializes in the research, production, sales, and service of commercial cold chain equipment, with 95.22% of its revenue coming from commercial display cabinets [1] Group 2 - E Fund's Ruiqi Mixed A Fund (001747) holds 17,000 shares of HaiRong Cold Chain, representing 0.43% of the fund's net value, making it the second-largest holding [2] - The fund has experienced a floating loss of approximately 12,700 CNY today [2] - E Fund Ruiqi Mixed A was established on January 29, 2018, with a current scale of 53.8837 million CNY and a year-to-date return of 3% [2]

Core Viewpoint - The company, Qingdao Hairong Commercial Cold Chain Co., Ltd., has announced its third-quarter financial report for 2025 and plans to hold an investor meeting to discuss the results and address investor inquiries [9][10][21]. Financial Data - The third-quarter financial report for 2025 has been prepared and approved by the board of directors, indicating that the financial information is accurate and complete [21][22]. - The financial statements for the third quarter are unaudited, and the company has not reported any significant non-recurring gains or losses [3][8]. Shareholder Information - As of the end of the reporting period, the company's repurchase account holds 4,054,216 shares, accounting for 1.05% of the total share capital [6]. - The company plans to hold its third extraordinary general meeting on November 14, 2025, to discuss the proposed changes to the company's business scope and amendments to the articles of association [33][34]. Investor Meeting - The investor meeting is scheduled for November 7, 2025, from 15:00 to 16:00, and will be conducted via an online interactive format [10][12]. - Investors can submit questions in advance through the Shanghai Stock Exchange's roadshow center or via the company's email [10][13]. Corporate Governance - The board of directors has approved the proposal to amend the company's articles of association and change its business scope, which will be submitted for shareholder approval [25][26]. - The board meeting held on October 28, 2025, was attended by all directors, and the resolutions passed were deemed valid and in compliance with relevant laws [20][23].

Core Insights - The company reported a revenue of 639,550,201.93 yuan for the third quarter of 2025, representing a year-on-year growth of 22.29% [1] - The net profit attributable to shareholders of the listed company was 79,686,426.88 yuan, showing a year-on-year increase of 10.94% [1] Financial Performance - Revenue for Q3 2025: 639,550,201.93 yuan, up 22.29% year-on-year [1] - Net profit for Q3 2025: 79,686,426.88 yuan, up 10.94% year-on-year [1]

Core Viewpoint - Hairong Cold Chain (603187.SH) reported a revenue of 2.43 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.20% [1] - The company's net profit attributable to shareholders reached 301 million yuan, marking a year-on-year increase of 10.53% [1] - The non-recurring net profit was 289 million yuan, showing a year-on-year growth of 18.23% [1] - Basic earnings per share stood at 0.79 yuan [1] Financial Performance - Revenue for the first three quarters: 2.43 billion yuan, up 15.20% year-on-year [1] - Net profit attributable to shareholders: 301 million yuan, up 10.53% year-on-year [1] - Non-recurring net profit: 289 million yuan, up 18.23% year-on-year [1] - Basic earnings per share: 0.79 yuan [1]

证券代码：603187 证券简称：海容冷链 公告编号：2025-054 青岛海容商用冷链股份有限公司 关于变更公司经营范围并修订《公司章程》 及办理变更登记的公告 青岛海容商用冷链股份有限公司 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 青岛海容商用冷链股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第五届董事会第六次会议，审议通过了《关于变更公司经营范围并修订< 公司章程>及办理变更登记的议案》，现将有关情况公告如下： | 营业执照依法自主开展经营活动）。 | （除依法须经批准的项目外，凭营业执照依 | | --- | --- | | | 法自主开展经营活动）。 | 除上述条款外，《公司章程》其他内容不变，具体内容详见公司于 2025 年 10 月 29 日在上海证券交易所官方网站（www.sse.com.cn）披露的《公司章程》。 本次修订《公司章程》事项尚需提交公司 2025 年第三次临时股东会审议通 过后实施。公司董事会拟提请股东会授权董事会及公司相关部门人员按照政府主 管机关的要求办理相 ...