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].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][3][24]. Core Views - The company achieved a revenue of 3.2 billion in 2023, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million, up 41.4% year-on-year. The fourth quarter saw a revenue of 710 million, reflecting a 20.2% year-on-year growth and a net profit of 60 million, which is a significant increase of 140.1% year-on-year [1][3]. - The company's performance met expectations, with a continuous recovery in profitability. The gross margin improved by 6.0 percentage points to 29.7% in 2023, driven by strong performance in the frozen cabinet and export businesses [1][3]. - The dividend payout ratio significantly increased to 51.0%, indicating a stable and positive operational outlook for the company [1][3]. Financial Summary - In 2023, the company reported a total revenue of 3,205 million, with a projected growth of 10.5% in 2024, reaching 3,541 million. The net profit is expected to grow to 465 million in 2024, reflecting a 12.4% increase [4][9]. - The earnings per share (EPS) for 2023 was 1.07, with projections of 1.20 for 2024, 1.36 for 2025, and 1.57 for 2026, indicating a consistent growth trajectory [4][9]. - The company’s price-to-earnings (P/E) ratio is projected to be 15 for 2023, decreasing to 13 in 2024, and further to 10 by 2026, suggesting an attractive valuation [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance in 2023 met expectations, with a revenue of 3.2 billion RMB, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million RMB, up 41.4% year-on-year [4]. - The report highlights strong growth in the frozen cabinet segment, driven by industry demand and successful customer expansion, while the supermarket display cabinet segment showed weaker performance due to reduced orders from some clients at the beginning of the year [4]. - The company is expected to continue benefiting from its export growth and strategic partnerships with major clients, as well as the increasing contribution from its intelligent cabinet business [4]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of 3.2 billion RMB, with a net profit of 410 million RMB and a non-recurring net profit of 390 million RMB, reflecting year-on-year growth rates of 10.3%, 41.4%, and 40.6% respectively [4]. - The fourth quarter saw a revenue of 710 million RMB, a 20.2% increase year-on-year, and a net profit of 60 million RMB, up 140.1% year-on-year [4]. Product Analysis - Revenue from frozen, refrigerated, supermarket, and intelligent cabinets for 2023 was 2.08 billion, 570 million, 220 million, and 180 million RMB, with year-on-year growth rates of 17.9%, 5.1%, -30.6%, and 9.5% respectively [4]. - The frozen cabinet segment showed significant growth due to strong demand and effective customer acquisition, while the supermarket display cabinet segment faced challenges early in the year but is expected to recover [4]. Regional Performance - Domestic and international sales were 2.14 billion and 970 million RMB, with year-on-year growth of 0.2% and 47.8% respectively, indicating strong international sales growth [4]. Profitability - The company's gross margin improved to 29.7%, a 6.0 percentage point increase year-on-year, driven by lower raw material prices and product mix optimization [4]. - The net profit margin reached 12.9%, up 2.4 percentage points year-on-year, reflecting enhanced profitability [4]. Future Outlook - The company is expected to achieve net profits of 480 million, 570 million, and 670 million RMB for 2024-2026, with year-on-year growth rates of 16.1%, 18.3%, and 17.4% respectively [4]. - The current price corresponds to a PE ratio of 13.0, 11.0, and 9.4 for 2024-2026 [4].

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 | ...

青岛海容商用冷链股份有限公司 利润分配管理制度 （2024 年 3 月修订） 青岛海容商用冷链股份有限公司 利润分配管理制度 （2024 年 3 月修订） 第一章 总则 第一条 为进一步规范青岛海容商用冷链股份有限公司（以下简称"公司"） 利润分配行为，推动公司建立科学、持续、稳定的利润分配机制，保护中小投资 者合法权益，根据《公司法》、《证券法》、《上海证券交易所股票上市规则》、 中国证监会《上市公司监管指引第 3 号——上市公司现金分红》、《关于进一步 落实上市公司现金分红有关事项的通知》以及《公司章程》的有关规定，结合公 司实际情况，制定本制度。 第二条 公司利润分配原则：公司实行持续、稳定的利润分配政策，公司的 利润分配应重视对投资者的合理投资回报，并兼顾公司的可持续发展。 第二章 利润分配政策 第三条 公司分配当年税后利润时，应当提取利润的百分之十列入公司法定 公积金。公司法定公积金累计额为公司注册资本的百分之五十以上的，可以不再 提取。 公司的法定公积金不足以弥补以前年度亏损的，在依照前款规定提取法定公 积金之前，应当先用当年利润弥补亏损。 公司从税后利润中提取法定公积金后，经股东大会决议，还可以 ...

青岛海容商用冷链股份有限公司 2023 年度独立董事述职报告 （晏刚） 作为青岛海容商用冷链股份有限公司（以下简称"公司"）的独立董事，本 人晏刚严格按照《公司法》《上市公司独立董事管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等相关法律法规、规范性文件的规 定，本着独立、客观、公正的原则，勤勉尽责地履行独立董事的职责和义务， 积极行使独立董事的权利，充分发挥独立董事的作用，切实维护公司和全体股 东特别是中小股东的权益。现将本人在 2023 年度履行职责的情况报告如下： 一、独立董事的基本情况 截至 2023 年 12 月 31 日，公司共有独立董事三名，另两名为张咏梅女士和 纪东先生。公司独立董事人数不低于董事会人数的三分之一，本人为技术专业 人士，纪东先生为管理专业人士，张咏梅女士为财务专业人士，符合相关法律 法规中关于上市公司独立董事人数比例和专业配置的要求。公司制定的《独立 董事工作制度》中，明确了独立董事的任职条件、提名、选举、更换程序及相 关权利及义务，保证独立董事能够独立、审慎地履行相关职责。 （一）个人工作履历、专业背景以及兼职情况 晏刚，男，汉族，出生于 1971 ...