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].

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 assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11][24]. Core Views - The company achieved a total revenue of 3.205 billion yuan in 2023, representing a year-on-year growth of 10.34%, and a net profit of 413 million yuan, which is a 41.37% increase year-on-year [1][15]. - The growth in revenue and profit is attributed to the expansion of business scale, optimization of product structure, decline in raw material prices, and foreign exchange gains [2][15]. - The company has launched new products, including smart vending cabinets and frozen product combination cabinets, to meet consumer demands for energy efficiency and intelligence [4][15]. Summary by Sections Financial Performance - In Q4 2023, the company reported total revenue of 707 million yuan, a year-on-year increase of 20.24%, and a net profit of 57 million yuan, reflecting a significant year-on-year growth of 140.08% [2]. - The gross margin for Q4 2023 was 29.34%, up by 4.83 percentage points year-on-year, while the net margin was 7.86%, an increase of 3.81 percentage points year-on-year [3]. - The company’s revenue from commercial frozen display cabinets reached 2.084 billion yuan in 2023, growing by 17.93% year-on-year [2]. Product and Market Development - The company has strengthened its market position in commercial frozen display cabinets and has seen rapid growth in commercial refrigerated display cabinets [4]. - Domestic revenue was stable at 2.138 billion yuan, with a slight increase of 0.05% year-on-year, while overseas revenue surged to 971 million yuan, a year-on-year increase of 41.02% [2]. - The company continues to expand its overseas market presence, particularly in the commercial frozen display cabinet segment [4]. Future Projections - The company is projected to achieve net profits of 486 million yuan, 563 million yuan, and 638 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.26 yuan, 1.46 yuan, and 1.65 yuan [7][15]. - The expected revenue growth rates for the next few years are 15.12% for 2024, 12.03% for 2025, and 11.10% for 2026 [7].

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 ...