海容冷链(603187)：Q1收入增长亮眼 结构变化致使毛利率承压

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating mixed performance in the market [1][4]. Financial Performance - In 2024, the company achieved revenue of 2.83 billion yuan, a year-on-year decrease of 11.7%, and a net profit attributable to shareholders of 350 million yuan, down 14.4% [1]. - For Q4 2024, the company reported revenue of 720 million yuan, a year-on-year increase of 2.1%, and a net profit of 80 million yuan, up 42.6% [1]. - In Q1 2025, the company generated revenue of 910 million yuan, a year-on-year increase of 6.7%, with a net profit of 100 million yuan, down 9.2% [1]. Sales Performance by Product - The company sold 1.063 million units in 2024, a decline of 16.8% year-on-year [2]. - Revenue from frozen display cabinets was 1.51 billion yuan, down 17.9%, attributed to reduced domestic demand and export restrictions in Southeast Asia [2]. - Revenue from refrigerated display cabinets increased to 720 million yuan, up 26%, driven by order surges from North American clients [2]. - Revenue from supermarket display cabinets grew to 280 million yuan, up 25.6% [2]. - Revenue from smart vending machines was 1.74 billion yuan, a slight decrease of 0.8% [2]. Profitability Analysis - The company's gross margin for 2024 was 27.8%, a decrease of 1.9 percentage points year-on-year [3]. - Gross margins for different product lines were 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [3]. - The net profit margin for 2024 was 12.5%, down 0.4 percentage points year-on-year [3]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.02 yuan, 1.18 yuan, and 1.35 yuan for the years 2025, 2026, and 2027, respectively [4].