海容冷链：经营短期承压，期待未来改善

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 13.91 CNY over the next six months, corresponding to a 13X PE for 2024 [5][12]. Core Views - The company is experiencing short-term operational pressure but is expected to improve in the future. The revenue for H1 2024 was 1.59 billion CNY, down 21.1% year-over-year, with a net profit of 200 million CNY, down 25.8% year-over-year. Q2 alone saw a revenue drop of 34.3% year-over-year [1][5]. - The company is making progress in expanding its customer base and increasing its market share in the freezer market. The decline in revenue is attributed to lower demand in the domestic frozen cabinet sector, while the refrigerated cabinet business is growing due to increased orders and recovering overseas demand [1][5]. - The company's profitability is under pressure due to price competition and rising raw material costs, leading to a decrease in gross margin by 1.7 percentage points and net margin by 2.0 percentage points in Q2 [1][5]. - The company is expected to see a recovery in revenue as new customers in the refrigerated cabinet segment ramp up and smart cabinet deployments accelerate [1][5]. Financial Summary - For H1 2024, the company reported a revenue of 1.59 billion CNY and a net profit of 200 million CNY. The Q2 revenue was 730 million CNY, with a net profit of 90 million CNY [1][5]. - The projected EPS for 2024, 2025, and 2026 are 1.07 CNY, 1.13 CNY, and 1.21 CNY respectively [1][11]. - The company has a total market capitalization of approximately 4.25 billion CNY, with a circulating market capitalization of 4.25 billion CNY as well [5][11].