关于以集中竞价交易方式回购股份的进展公告 证券代码：603187 证券简称：海容冷链 公告编号：2024-027 截至 2024 年 3 月月底,公司已累计回购股份 3,433,116 股，占公司总股本的 比例为 0.8884%，购买的最高价为 16.60 元/股、最低价为 11.69 元/股，已支付 的总金额为 50,008,595.32 元（不含印花税、交易佣金等交易费用）。 上述回购进展符合既定的回购股份方案。 青岛海容商用冷链股份有限公司 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、回购股份的基本情况 青岛海容商用冷链股份有限公司（以下简称"公司"）于 2023 年 10 月 26 日， 召开了第四届董事会第十一次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，回购的股份拟用于实施员工持股计划及/或股权激励，回 购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 回购价格不超过人民币 24 元/股（含），回购期限为自董事会审议通过本次回购 股份方案之日 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9][11]. Core Insights - The company achieved a revenue of 3.205 billion yuan in 2023, representing a year-on-year growth of 10.34%. The net profit attributable to shareholders was 413 million yuan, up 41.37% year-on-year [9][10]. - The gross profit margin for 2023 was 29.66%, an increase of 6.04 percentage points compared to the previous year, driven by factors such as a decline in raw material prices and strong growth in high-margin overseas business [5][10]. - The company plans to distribute a cash dividend of 5.5 yuan per 10 shares, which corresponds to a dividend payout ratio of 50.99% of the net profit for the year [9][10]. Financial Performance Summary - Total revenue for 2023 was 3.205 billion yuan, with a gross profit margin of 29.7% and a net profit of 413 million yuan [13][15]. - The company’s sales expenses increased to 7.60% of revenue, while management expenses slightly rose to 3.25%. R&D expenses decreased to 3.39% [5][10]. - The company’s earnings per share for 2023 was 1.07 yuan, with a return on equity (ROE) of 10.3% [13][15]. Business Segment Performance - The commercial frozen display cabinet segment generated revenue of 2.084 billion yuan, a year-on-year increase of 17.93%, primarily due to strong demand from overseas markets [10]. - The commercial refrigeration display cabinet segment achieved revenue of 569 million yuan, growing by 5.05% year-on-year, while the supermarket display cabinet segment saw a decline of 30.6% due to fluctuations in a single customer's business volume [10]. - The company’s export revenue reached 971 million yuan, reflecting a significant year-on-year growth of 41.02% [10]. Future Earnings Projections - The company’s earnings forecasts for 2024 and 2025 have been slightly adjusted to 487 million yuan and 568 million yuan, respectively, with a new projection for 2026 at 647 million yuan [11][13]. - The projected growth rates for net profit are 17.8% for 2024, 16.7% for 2025, and 13.9% for 2026 [11][13].

证券代码:603187 证券简称:海容冷链 公告编号：2024-026 青岛海容商用冷链股份有限公司 关于 2021 年股票期权与限制性股票激励计划 二、本次限制行权期为 2024 年 4 月 12 日至 2024 年 5 月 8 日，在此期间全 部激励对象将限制行权。 三、公司将按照有关规定及时向中证登上海分公司申请办理限制行权相关事 宜。 特此公告。 青岛海容商用冷链股份有限公司 董事会 之股票期权限制行权的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指 南第 2 号—业务办理》（第八号—股权激励计划股票期权自主行权）《青岛海容 商用冷链股份有限公司 2021 年股票期权与限制性股票激励计划（草案）》及中 国证券登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定，并 结合青岛海容商用冷链股份有限公司（以下简称"公司"）2024 年第一季度报 告披露计划以及 2023 年度权益分派实施计划，现对公司 2021 年股票期权与限制 性 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 03 月 27 日(星期三) 至 04 月 02 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dm@chinahiron.com 进行进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 青岛海容商用冷链股份有限公司（以下简称"公司"）已于 2024 年 3 月 22 日发布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度 经营成果、财务状况，公司计划于 2024 年 04 月 03 日 上午 10:00-11:30 举行 2023 年度业绩说明会，就投资者关心的问题进行交流。 证券代码：603187 证券简称：海容冷链 公告编号：2024-025 青岛海容商用冷链股份有限公司 关于召开 2023 年度业绩说明会的公告 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟 ...

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].