冰轮环境：利润率持续提升，看好冷链行业长期发展

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 22, 2024 [1] Core Views - The company reported a decline in revenue due to external demand pressures, but its profitability continues to improve, with a gross margin of 26.98%, up 0.26 percentage points year-on-year [1] - The cold chain industry is expected to maintain long-term growth despite short-term disruptions, with the company focusing on new growth avenues and leveraging its competitive strengths in both domestic and international markets [1][2] - The company has a strong technological advantage in the refrigeration and compression sectors, positioning it well for future opportunities in low-carbon technologies and hydrogen equipment [1][2] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.35 billion yuan, a decrease of 8.29% year-on-year, and a net profit attributable to shareholders of 331 million yuan, down 11.51% [1] - The company’s overall net profit margin reached 10.44%, an increase of 2.44 percentage points compared to the previous year [1] - The company’s revenue forecast for 2024-2026 is adjusted to 7.41 billion, 7.87 billion, and 8.89 billion yuan respectively, with net profit forecasts of 624 million, 697 million, and 808 million yuan [1][2] Key Financial Metrics - The company’s gross margin is projected to be 25.8% in 2024, increasing to 26.7% by 2026 [3] - Return on equity (ROE) is expected to be 11.3% in 2024, improving to 12.8% by 2026 [3] - Earnings per share (EPS) is forecasted to be 0.82 yuan in 2024, rising to 1.06 yuan by 2026 [3]