海容冷链：2024年中报点评：短期经营压力放大，盈利能力相对稳健

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.2 CNY, compared to the current price of 11.00 CNY [1]. Core Views - The company reported a revenue of 1.59 billion CNY for H1 2024, a year-on-year decrease of 21.1%, and a net profit attributable to shareholders of 200 million CNY, down 25.8% year-on-year. In Q2 2024, revenue was 735 million CNY, a decline of 34.4% year-on-year, and net profit was 85 million CNY, down 44.2% year-on-year [1]. - The decline in sales performance is attributed to weak downstream consumer demand, particularly in the fast-moving consumer goods sector, leading to reduced procurement from key clients. Despite this, the company maintains a stable supply share among major clients [1]. - The company is exploring adjustments to its operations, including plans to establish a production base in Indonesia to reduce overseas transportation costs and improve supply stability for international clients [1]. - The report adjusts the EPS forecasts for 2024, 2025, and 2026 to 0.89 CNY, 0.99 CNY, and 1.14 CNY respectively, reflecting the external pressures and short-term revenue challenges [1]. Financial Summary - For 2024E, the company is expected to generate a revenue of 2.988 billion CNY, a decrease of 6.8% year-on-year, with a net profit of 342 million CNY, down 17.2% year-on-year. The EPS is projected at 0.89 CNY, with a PE ratio of 12 [2]. - The gross margin for H1 2024 is reported at 27.5%, showing a slight decline of 0.8 percentage points year-on-year, while the net margin is at 12.7%, down 0.7 percentage points year-on-year, indicating relatively stable profitability despite revenue pressures [1][2].