证券研究报告 2024 年 03 月 22 日 海容冷链(603187) 事件 主营逐季提速，客户调整告一段落 结构持续改善，盈利向上好于预期 下游扩张恢复，客户拓展兑现增量 内生增长驱动，维持"买入"评级 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------|-----------------------------|---------------|--------| | 财务数据和估值 | | | 2022 2023 2024E 2025E 2026E | | | | 营业收入（百万元） | 2905 | 3205 | 3568 | 3998 | 4504 | | 增长率（%） | 9.12% | 10.34% | 11.33% | 12.04% | 12.68% | | EBITDA （百万元） | 372 | 546 | 701 | 811 | 930 | | 归母净利润（百万元） | 292 | 413 | 474 | 558 | 659 ...

昨收盘:15.92 2023Q4 业绩增速靓丽，商用冷冻展示柜收入持续快速增长 相关研究报告 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 事件：2024 年 3 月 21 日，海容冷链发布 2023 年年报。2023 年公司 实现总营收 32.05 亿元（同比+10.34%），归母净利润 4.13 亿元（同比 +41.37%），扣非归母净利润 3.92 亿元（同比+40.55%）。 2023Q4 业绩增速靓丽，商用冷冻展示柜收入实现持续快速增长。1） 分季度看，2023Q4 公司实现总营收 7.07 亿元（同比+20.24%），归母净 利润 0.57 亿元（同比+140.08%），业绩增速亮眼，或系受到公司业务规 模扩大、产品结构优化、原材料价格回落和汇兑收益的共同影响。2）分 产品看，2023 年公司商用冷冻展示柜、商用冷藏展示柜、商超展示柜、商 用智能售货柜收入分别为 20.84 亿元（同比+17.93%）、5.69 亿 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report highlights that the company's revenue for 2023 was 3.2 billion yuan, representing a year-on-year growth of 10.3%, with a net profit of 410 million yuan, up 41.4% year-on-year [4] - The company is expected to maintain strong growth in exports, particularly in Southeast Asia, while domestic sales are projected to remain stable [5][4] - The report anticipates revenue for 2024 to be in the range of 3.2 to 3.55 billion yuan, with a year-on-year growth rate of 0% to 10% [4] Revenue Analysis - The company's revenue in Q4 2023 was 710 million yuan, an increase of 20.2% year-on-year, with a net profit of 57 million yuan, up 140.1% [4] - For 2023, domestic sales were flat at 2.14 billion yuan, while export sales reached 970 million yuan, a growth of 41% [4] - The revenue breakdown shows that frozen cabinets generated 2.08 billion yuan, up 17.9%, while refrigerated cabinets and supermarket cabinets faced challenges due to a single customer adjustment [4] Profitability Analysis - The overall gross margin improved by 6 percentage points in 2023, with net profit margin increasing by 2.4 percentage points, driven by product mix optimization and increased export sales [4] - The report notes that the sales expense ratio was 7.6%, up 2.4 percentage points year-on-year, while the management expense ratio was 3.3% [4] Financial Forecast - The forecast for 2024-2026 indicates revenues of 3.51 billion, 3.85 billion, and 4.21 billion yuan respectively, with corresponding growth rates of 9.6%, 9.5%, and 9.6% [2][17] - The net profit for the same period is projected to be 460 million, 502 million, and 557 million yuan, with growth rates of 10.5%, 8.8%, and 11.1% respectively [2][17] - The report estimates a price-to-earnings ratio (P/E) of 14, 13, and 11 for the years 2024, 2025, and 2026 respectively [2]

Financial Performance - The company's operating revenue for 2023 reached ¥3,204,908,934.09, representing a year-on-year increase of 10.34% compared to ¥2,904,636,400.18 in 2022[24]. - The net profit attributable to shareholders for 2023 was ¥413,086,266.20, which is a 41.37% increase from ¥292,212,181.56 in 2022[24]. - The basic earnings per share for 2023 was ¥1.08, reflecting a growth of 31.71% from ¥0.82 in 2022[25]. - The net cash flow from operating activities increased significantly to ¥637,281,997.60, up 379.94% from ¥132,784,388.87 in 2022[24][26]. - The total assets of the company at the end of 2023 were ¥5,638,134,584.78, a 10.14% increase from ¥5,119,286,513.83 at the end of 2022[25]. - The company's net assets attributable to shareholders increased to ¥3,991,772,407.33, marking a 9.51% rise from ¥3,645,071,217.20 in 2022[25]. - The weighted average return on equity for 2023 was 10.86%, an increase of 0.84 percentage points from 10.02% in 2022[25]. - The company reported a significant increase in cash received from sales of goods and services, which positively impacted the net cash flow from operating activities[26]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.50 per 10 shares to all shareholders, subject to approval at the shareholders' meeting[6]. - The total dividend amount (including tax) represents 55.75% of the net profit attributable to ordinary shareholders, which is RMB 413,086,266.20[123]. - The cash dividend distribution is subject to adjustments if the total share capital changes before the record date[124]. - The company has repurchased shares amounting to RMB 19,633,520.39, which is included in the total cash dividend[123]. Audit and Compliance - The company has received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[5]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible persons[5]. - The company has not faced any penalties from securities regulatory authorities in the past three years[106]. - The company has adhered to new accounting standards effective from January 1, 2023, without significant impact on its financial results[149]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[8]. - The company emphasizes the importance of risk awareness in its forward-looking statements[7]. - The company is committed to addressing various risks in its operations as detailed in the management discussion section[8]. - The company faces risks from market competition and the inability to timely develop new products, which could impact business growth if market demands are not met[80]. - The company’s main raw materials are subject to price fluctuations, particularly steel and isocyanates, which could affect operational stability[81]. Market Position and Strategy - The company plans to continue expanding its business scale and improving customer and product structure, which contributed to the profit growth[24]. - The company launched several new energy-efficient products, including smart vending cabinets and frozen product combination cabinets, enhancing its product lineup to meet diverse customer needs[35]. - The company aims to leverage its software technology and industry knowledge to maintain a competitive edge in the smart vending cabinet market[75]. - The company aims to become a world-class comprehensive service provider in the commercial cold chain equipment industry, focusing on "professionalization, differentiation, and customization" as its core business model[76]. Corporate Governance - All board members attended the board meeting, ensuring accountability for the report's accuracy[5]. - The company has established a fair and transparent performance evaluation and incentive mechanism for its directors, supervisors, and senior management[91]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations[93]. - The company has established a complete business process and operates independently without reliance on controlling shareholders or related enterprises[94]. Research and Development - Research and development expenses amounted to 109 million RMB, a slight increase of 1.93% year-on-year[48]. - The company employed 194 R&D personnel, making up 9.90% of the total workforce[61]. - The company plans to strengthen R&D in energy-saving, environmental protection, deep cooling, and variable frequency technologies, particularly focusing on smart vending cabinets[78]. Social Responsibility - Total investment in social welfare projects amounted to CNY 2.3 million, with CNY 2.06 million allocated to financial aid and scholarships[138]. - The company provided assistance to 13,900 individuals through poverty alleviation and rural revitalization projects, with a total investment of CNY 2.68 million[139]. - The company actively participated in community service, donating educational materials and supplies to underprivileged students[138]. Shareholder Information - The total number of ordinary shareholders increased from 18,631 to 19,100 during the reporting period[190]. - The top shareholder, Shao Wei, holds 76,810,871 shares, representing 19.88% of the total shares[192]. - The report indicates that there were changes in the top ten shareholders, with Wang Yanrong and Lin Bochun being newly added[194]. - The company does not have any strategic investors or general legal entities becoming top ten shareholders through new share placements[197].

Investment Rating - The investment rating for the company is "Buy" (maintained) [9][21]. Core Views - The company achieved a revenue of 3.2 billion with a year-on-year growth of 10.3% in 2023, and a net profit attributable to shareholders of 413 million, reflecting a significant increase of 41.4% [21]. - The fourth quarter of 2023 saw the highest performance in terms of revenue and profit, with a revenue of 710 million, representing a year-on-year growth of 20.2%, and a net profit of 60 million, which is a remarkable increase of 140.1% [21]. - The company plans to distribute a cash dividend of 5.5 yuan for every 10 shares, resulting in a cash dividend rate of 51% [21]. Financial Performance - The company’s revenue growth accelerated throughout 2023, with the fourth quarter returning to a growth rate above 20% [21]. - The company’s gross margin improved year-on-year by 6.0 percentage points to 19.4%, with the fourth quarter gross margin reaching 29.3% [21]. - The company’s net profit margin in the fourth quarter improved by 4.1 percentage points to 8.1%, indicating a significant enhancement in profitability [21]. Sales Performance - The company’s external sales revenue grew rapidly by 41.0% year-on-year to 970 million, while domestic sales remained stable at 2.14 billion [21]. - The revenue from commercial frozen display cabinets increased by 17.9% to 2.08 billion, while the revenue from refrigerated display cabinets grew by 5.1% to 570 million [21]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted, with expected net profits for 2024-2026 being 497 million, 580 million, and 661 million respectively, reflecting growth rates of 20%, 17%, and 14% [21]. - The corresponding price-to-earnings ratios (PE) for the years 2024-2026 are projected to be 13, 11, and 9 times [21].

海容冷链（603187）2023 年报点评 强推（维持） 事项： 公司发布 2023 年报，23 年实现营收 32.0 亿，同增 10.3%，归母净利润 4.1 亿 元，同增 41.4%。单 Q4 实现营收 7.1 亿元，同增 20.2%，归母净利润 0.6 亿 元，同增 140.1%。 评论： Q4 收入环比加速，完成年初规划目标。23 年公司实现营收 32.0 亿，同比 +10.3%，基本完成年初规划目标，其中单 Q4 收入 7.1 亿元，同比+20.2%，营 收增速环比提速明显，主要系 22Q4 外部因素扰动导致基数较低所致。分产品 看，23 年冷冻/冷藏/商超/智能柜收入 20.8/5.7/2.2/1.8 亿元，同比分别 +17.9%/+5.1%/-30.6%/+9.5%，其中冷冻柜主要得益于外销业务增长与部分品 牌商加强海外投放，商超柜由于个别客户业务变化导致收入有所承压。分市场 看，23 年国内/国外收入 21.4/9.7 亿元，同比分别+0.1%/41.0%，我们判断主要 系国内个别客户需求变化致使内销增长相对平稳，海外市场持续开拓带来外销 高增延续。 全年业绩符合预期，盈利能力持续修复。23 ...

2024年03月21日 来源：公司年报、国金证券研究所 海容冷链 (603187.SH) 买入(维持评级) 公司点评 证券研究报告 业绩符合预期，看好公司长期成长 业绩简评 2024 年 3 月 21 日公司披露 2023 年报业绩,全年实现营收 32.0 亿元,同比+10.3%;实现归母净利润 4.1 亿元,同比+41.4%;实 现扣非归母净利润 3.9 亿元,同比+40.6%。其中,Q4 实现营收 7.1 亿元,同比+20.2%;实现归母净利润 0.6 亿元,同比+140.1%;实 现扣非归母净利润 0.4 亿元，同比+103.4%。 经营分析 23 全年业绩符合预期。分产品看，2023 全年冷冻/冷藏/商超/智 能 柜 收 入 分 别 为 20.8/5.7/2.2/1.8 亿 元 ， 同 比 分 别 +17.9%/+5.1%/-30.6%/+9.5%,其中冷冻柜增速亮眼,主因行业需 求释放+客户拓展进程良好,公司内销市场地位维持稳定,外销快 速增长。冷藏柜及智能柜保持稳健增长。商超展示柜表现偏弱主 要系年初个别客户订单减少(客户投放策略、品类采购的变化), 随下游需求逐步恢复以及新战略客户订单收入确认, ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 18.73 CNY over the next six months, corresponding to a 16X PE for 2024 [8][21]. Core Views - The company is a leading player in the domestic commercial refrigeration industry, with strong product R&D capabilities and flexible manufacturing processes. The report anticipates continued revenue growth driven by new customer acquisitions and increased deployment of smart cabinets [8][24]. - In 2023, the company achieved a revenue of 3.2 billion CNY, representing a year-over-year increase of 10.3%, and a net profit of 410 million CNY, up 41.4% year-over-year [24][25]. - The report highlights a significant acceleration in revenue growth in Q4 2023, with a 20.2% year-over-year increase, and a notable improvement in net profit margin to 8.1%, up 4.1 percentage points year-over-year [25][24]. Financial Performance Summary - Revenue growth rates are projected at 10.1% for 2024, with expected revenues ranging from 3.2 to 3.55 billion CNY [24]. - The company’s earnings per share (EPS) are forecasted to be 1.17 CNY in 2024, increasing to 1.42 CNY by 2026 [8][23]. - The report indicates a robust cash flow position, with operating cash flow net amount increasing significantly in Q4 due to rapid sales growth and improved collection of receivables [8][25]. Revenue Breakdown - In Q4 2023, the revenue from frozen cabinets increased by 18% year-over-year, while revenue from refrigerated cabinets grew by 5%. However, revenue from supermarket cabinets declined by 31% due to client-specific business changes [7][24]. - The report notes a strong recovery in overseas demand, with export revenue increasing by 41% year-over-year, while domestic sales remained stable [7][8]. Dividend Policy - The company plans to distribute a total cash dividend of 210 million CNY, which represents 51% of the net profit attributable to ordinary shareholders, an increase of 18 percentage points from the previous year [26].

青岛海容商用冷链股份有限公司 章程 （2024 年 3 月修订） 公司采取有限责任公司整体变更为股份有限公司的方式设立，在青岛市市场 监督管理局注册登记，取得营业执照，统一社会信用代码为： 91370200790825073R。 第三条 公司于 2018 年 6 月 7 日经中国证券监督管理委员会核准，首次向 社会公众发行人民币普通股 2,000 万股，于 2018 年 11 月 29 日在上海证券交易 所上市。 第四条 公司注册名称：青岛海容商用冷链股份有限公司。 英文名称：Qingdao Hiron Commercial Cold Chain CO.,LTD.。 第五条 公司住所：青岛市黄岛区隐珠山路 1817 号。 邮政编码： 266400。 第六条 公司注册资本为人民币 386,417,827 元。 第七条 公司为永久存续的股份有限公司。 | 第一章 | 总则 | 1 | 第二章 | 经营宗旨和范围 | | 1 | | --- | --- | --- | --- | --- | --- | --- | | 第三章 | 股份 | 2 | 第一节 | 股份发行 2 | | | | 第二节 | 股份增减和回 ...

青岛海容商用冷链股份有限公司 章程 （2024 年 3 月修订） | 第一章 | 总则 | 1 | 第二章 | 经营宗旨和范围 | | 1 | | --- | --- | --- | --- | --- | --- | --- | | 第三章 | 股份 | 2 | 第一节 | 股份发行 2 | | | | 第二节 | 股份增减和回购 3 | 第三节 | 股份转让 4 | | | | | 第四章 | 股东和股东大会 | | 5 | 第一节 | 股东 5 | | | 第二节 | 股东大会的一般规定 7 | 第三节 | 股东大会的召集 10 | | | | | 第四节 | 股东大会的提案与通知 11 | 第五节 | 股东大会的召开 13 | | | | | 第六节 | 股东大会的表决和决议 16 | 第五章 | 董事会 | | 20 | | | 第一节 | 董事 20 | 第二节 | 独立董事 23 | | | | | 第三节 | 董事会 26 | 第六章 | 总经理及其他高级管理人员 | 30 | | | | 第七章 | 监事会 | | 33 | 第一节 | 监事 33 | | | 第二节 | 监事会 34 | ...