Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with expectations for improved performance in 2025 driven by overseas market expansion and operational adjustments [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 2.83 billion yuan, a decrease of 11.7% year-on-year, with a net profit of 350 million yuan, down 14.4% [1][3]. - Q4 2024 revenue was 720 million yuan, an increase of 2.1% year-on-year, while net profit for the same period was 80 million yuan, up 42.6% [1][3]. - For Q1 2025, revenue reached 910 million yuan, a year-on-year increase of 6.7%, but net profit decreased by 9.2% to 100 million yuan [1][2]. Product Performance - Revenue breakdown for 2024 showed frozen/cooling/supermarket/intelligent cabinets generated 1.51 billion, 720 million, 280 million, and 170 million yuan respectively, with declines in frozen cabinets by 27.7% and growth in cooling cabinets by 26.0% [2][3]. - The weak performance of frozen cabinets was attributed to overall insufficient downstream demand [2]. Profitability Metrics - The company's net profit margin for 2024 was 12.5%, down 0.4 percentage points year-on-year, with a gross margin of 27.8%, a decrease of 1.9 percentage points [3]. - In Q1 2025, the gross and net profit margins were 25.4% and 11.4% respectively, reflecting a year-on-year decline of 2.1 and 2.2 percentage points [3]. Market Outlook - The company anticipates further improvement in operations for 2025, particularly in the Indonesian market, which is expected to accelerate revenue growth due to the lifting of import quotas [4]. - The establishment of overseas production bases is projected to mitigate tariff uncertainties and enhance international customer acquisition [4]. Investment Recommendations - The company is expected to achieve double-digit revenue growth in 2025, with an adjusted EPS forecast of 0.98 yuan for 2025 and 1.09 yuan for 2026, alongside a new forecast of 1.22 yuan for 2027 [4]. - The target price is maintained at 13.2 yuan, corresponding to a 13x PE for 2025, with a "strong buy" rating [4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating mixed performance in the market [1][4]. Financial Performance - In 2024, the company achieved revenue of 2.83 billion yuan, a year-on-year decrease of 11.7%, and a net profit attributable to shareholders of 350 million yuan, down 14.4% [1]. - For Q4 2024, the company reported revenue of 720 million yuan, a year-on-year increase of 2.1%, and a net profit of 80 million yuan, up 42.6% [1]. - In Q1 2025, the company generated revenue of 910 million yuan, a year-on-year increase of 6.7%, with a net profit of 100 million yuan, down 9.2% [1]. Sales Performance by Product - The company sold 1.063 million units in 2024, a decline of 16.8% year-on-year [2]. - Revenue from frozen display cabinets was 1.51 billion yuan, down 17.9%, attributed to reduced domestic demand and export restrictions in Southeast Asia [2]. - Revenue from refrigerated display cabinets increased to 720 million yuan, up 26%, driven by order surges from North American clients [2]. - Revenue from supermarket display cabinets grew to 280 million yuan, up 25.6% [2]. - Revenue from smart vending machines was 1.74 billion yuan, a slight decrease of 0.8% [2]. Profitability Analysis - The company's gross margin for 2024 was 27.8%, a decrease of 1.9 percentage points year-on-year [3]. - Gross margins for different product lines were 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [3]. - The net profit margin for 2024 was 12.5%, down 0.4 percentage points year-on-year [3]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.02 yuan, 1.18 yuan, and 1.35 yuan for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.2 CNY [2][10]. Core Views - The company's revenue for 2024 is reported at 2.83 billion CNY, a decrease of 11.7% year-on-year, while the net profit attributable to shareholders is 354 million CNY, down 14.4% year-on-year. However, Q4 2024 shows a revenue increase of 2.1% year-on-year, and a net profit increase of 42.6% year-on-year [2][10]. - For Q1 2025, the company achieved a revenue of 910 million CNY, an increase of 6.7% year-on-year, while the net profit decreased by 9.2% year-on-year [2][10]. - The company is expected to see a recovery in performance due to the lifting of import quotas in Indonesia and potential growth in the U.S. market [10]. Financial Summary - **2024 Financial Performance**: Total revenue of 2.83 billion CNY, net profit of 354 million CNY, and a gross margin of 27.8%, down 1.9 percentage points year-on-year [5][10]. - **2025 and Beyond Projections**: Expected revenue growth of 10.5% in 2025, with net profit projected to increase by 6.5% [5][10]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.98 CNY, increasing to 1.22 CNY by 2027 [5][10]. Market Performance - The company has shown resilience in a challenging market environment, with a focus on expanding its overseas markets and maintaining a stable operational performance [10]. - The report highlights that the company is committed to a dividend payout ratio of no less than 50% for 2025, indicating confidence in future cash flows [10].

Investment Rating - The investment rating for the company is maintained at "Outperform" [6] Core Insights - The company's 2024 annual report performance met expectations, while the Q1 2025 revenue slightly exceeded expectations. The 2024 total revenue was 2,831 million yuan, down 11.67% year-on-year, with a net profit attributable to shareholders of 354 million yuan, down 14.39% year-on-year. In Q1 2025, the revenue was 909 million yuan, up 6.74% year-on-year, with a net profit of 104 million yuan, down 9.20% year-on-year [6] - The company announced a cash dividend of 0.50 yuan per share, totaling 191.18 million yuan, which represents 64.42% of the net profit attributable to shareholders for the year [6] - The company is facing short-term pressure on profitability, with a gross profit margin of 25.42% in Q1 2025, down 1.97 percentage points year-on-year, and a net profit margin of 11.38%, down 2.15 percentage points year-on-year [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3,095 million yuan, with a year-on-year growth rate of 9.3%. The net profit forecast for 2025 is 377 million yuan, with a year-on-year growth rate of 6.5% [5][6] - The company plans to maintain a cash dividend ratio of no less than 50% of the net profit for 2025, ensuring stable overall dividends [6] - The company is expanding its overseas production capacity, with a new facility expected to produce 500,000 units annually, covering four main product categories [6]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.37 yuan [5]. Core Views - The company has shown a good growth trend in Q1 2025, with revenue reaching 9.1 billion yuan, a year-on-year increase of 6.7%, despite a decline in net profit by 9.2% [1][2]. - The company is a leading player in the commercial refrigeration industry in China, with strong product development capabilities and flexible manufacturing [3][4]. - The company is expected to maintain a solid growth trajectory due to the gradual ramp-up of new customers in the refrigerated cabinet business and accelerated deployment of smart cabinets [3]. Financial Performance Summary - In 2024, the company achieved revenue of 28.3 billion yuan, down 11.7% year-on-year, and a net profit of 3.5 billion yuan, down 14.4% year-on-year [1][4]. - For Q1 2025, the company reported a net profit margin of 11.4%, reflecting a decrease of 2.0 percentage points year-on-year, primarily due to a decline in revenue from high-margin frozen cabinet products [2][10]. - The company's operating cash flow for Q1 2025 increased by 0.2 billion yuan year-on-year, attributed to a decrease in cash payments for goods and services [2][10]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.06 yuan, and 1.18 yuan respectively [3][4]. - The company is forecasted to achieve a revenue of 31.5 billion yuan in 2025, with a net profit of 3.7 billion yuan, indicating a recovery from the previous year's decline [4][13]. Market Position - The company is focusing on differentiated and intelligent high-end products to expand its market share in the mid-to-high-end refrigerated cabinet segment [2][3]. - The company is strengthening partnerships with chain convenience stores and large supermarkets, which is expected to stabilize growth in the supermarket cabinet business [2][3].

国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为青岛海容 商用冷链股份有限公司（以下简称"海容冷链"或"公司"）发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市 规则》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、 法规及规范性文件的要求，对海容冷链使用可转换公司债券闲置募集资金进行现 金管理的事项进行了核查，核查情况如下： 一、投资情况概述 （一）投资目的 为提高闲置募集资金的使用效率，在不影响募集资金投资项目建设的前提下， 对可转换公司债券闲置募集资金进行现金管理，增加资金效益，更好的实现公司 资金的保值增值，保障公司股东的利益。 国金证券股份有限公司 关于青岛海容商用冷链股份有限公司 使用可转换公司债券闲置募集资金进行现金管理 的核查意见 注 1：公司 2024 年度募集资金存放与实际使用情况详见同日披露在上海证券交易所 官网（www.sse.com.cn）的《关于公司 2024 年度募集资金存放与实际使用情况的专项报 告》。 （二）投资金额 ...

国金证券股份有限公司 关于青岛海容商用冷链股份有限公司 使用非公开发行股票闲置募集资金 进行现金管理的核查意见 2、募集资金的基本情况 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为青岛海容 商用冷链股份有限公司（以下简称"海容冷链"或"公司"）非公开发行股票的保荐 机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规及 规范性文件的要求，对海容冷链使用非公开发行股票闲置募集资金进行现金管理 的事项进行了核查，核查情况如下： 一、投资情况概述 （一）投资目的 为提高闲置募集资金的使用效率，在不影响募集资金投资项目建设的前提下， 对非公开发行股票闲置募集资金进行现金管理，增加资金效益，更好的实现公司 资金的保值增值，保障公司股东的利益。 （二）投资金额 公司拟使用最高额度不超过人民币 2 亿元的非公开发行股票闲置募集资金 进行现金管理。 （三）资金来源 1、资金来源的一般情况 公司委托理财的资金来源为非公开发行股票闲置募集 ...

青岛海容商用冷链股份有限公司 2024年12月31日 内部控制审计报告 内部控制审计报告 XYZH/2025JNAA4B0042 青岛海容商用冷链股份有限公司 青岛海容商用冷链股份有限公司全体股东： 信永中和会计师事务所 北京市东城区朝阳门北大街 8号富华大厦A座9层 联系电话: telephone: +86(010)6554 2288 +86(010)6554 2288 | | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidaj ie, | | | | --- | --- | --- | --- | | ShineWing | Dongcheng District, Beij ing, | 传真: | +86(010)6554 7190 | | certified public accountants | 100027, P.R.China | facsimile: | +86(010)6554 7190 | 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 青岛海容商用冷链股份有限公司（以下简称海容冷链公司）2024 年 ...

青岛海容商用冷链股份有限公司 董事和高级管理人员 持有及买卖本公司股票管理制度 青岛海容商用冷链股份有限公司 董事和高级管理人员 持有及买卖本公司股票管理制度 （2025 年 4 月修订） 第一章 总则 第一条 为加强青岛海容商用冷链股份有限公司（以下简称"公司"）对董 事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》以及《上市 公司股东减持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》等法律、法规的规定，特制定本制 度。 第二条 本制度适用于公司董事和高级管理人员所持本公司股份及其变动的 管理。公司董事和高级管理人员委托他人代行上述行为，视作本人所为。 公司董事和高级管理人员所持本公司股份，是指登记在其证券账户名下的所 有本公司股份（包括可转换债券、股权激励计划所发行的股票期权及股票增值权）。 公司董事和高级管理人员从事融资融券交易的，还包括记载在其信用账户内的本 公司股份及其衍生品 ...