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 ...

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - In 2023, the company achieved revenue of 3.2 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million yuan, up 41.4% year-on-year [1]. - The company reported a cash dividend of 210 million yuan, with a payout ratio of 51% [1]. - The company is focusing on expanding its overseas business, which is expected to continue its rapid growth [7][19]. Financial Performance - The company’s revenue for Q4 2023 was 710 million yuan, representing a year-on-year growth of 20.2%, with a net profit of 60 million yuan, up 140.1% year-on-year [1]. - The company’s gross margin improved by 6 percentage points to 29.7% in 2023, driven by an increase in overseas business and a decrease in raw material prices [19]. - The company’s net profit margin increased by 2.8 percentage points to 12.9% in 2023, indicating a significant improvement in profitability [19]. Revenue Breakdown - The company sold 1.304 million units of frozen display cabinets in 2023, a year-on-year increase of 12.2%, generating revenue of 2.08 billion yuan, up 17.9% [19]. - Revenue from refrigerated display cabinets was 570 million yuan, a 5.1% increase year-on-year, while revenue from supermarket display cabinets decreased by 30.6% to 220 million yuan [19]. - The company’s revenue from smart vending machines reached 1.76 billion yuan, a year-on-year increase of 9.5% [19]. Future Projections - The company is projected to achieve revenues of 3.52 billion yuan, 3.9 billion yuan, and 4.29 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 9.94%, 10.78%, and 10% [20]. - The earnings per share (EPS) are expected to be 1.25 yuan, 1.38 yuan, and 1.56 yuan for the years 2024, 2025, and 2026, respectively [20].

敬请参阅末页重要声明及评级说明 证券研究报告 盈利预测：预计 24-26 年收入分别为 35.1/38.5/42.1 亿元，对应增 速分别为 9.6%/9.5%/9.6%，归母净利润分别为 4.6/5.0/5.5 亿元，对 应增速分别为 10.5%/8.8%/11.1%，大宗原材料价格波动或为利润率 主要扰动因素，对应 PE 分别 14/13/11X，对应24年股息率约3.4%， 维持"买入"评级。 敬请参阅末页重要声明及评级说明 2 / 4 证券研究报告 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------- ...

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].

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 ...

2023 年年度报告 公司代码: 603187 公司简称:海容冷链 Hiron 海容 青岛海容商用冷链股份有限公司 2023 年年度报告 1 / 239 2023 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 信永中和会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人邵伟、主管会计工作负责人王彦荣及会计机构负责人（会计主管人员）于良丽 声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2023年度利润分配预案为：以实施分配方案时股权登记日的总股本（扣除公司回购专用 账户中的股份）为基数，向全体股东每10股派发现金红利人民币5.50元（含税）。 该预案已经第四届董事会第十三次会议审议通过，尚需提交股东大会进行审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者 ...

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 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].

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 | ...