海容冷链：营收有所回落，业绩阶段承压

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 1.587 billion yuan for the first half of 2024, a year-on-year decrease of 21.05%. The net profit attributable to the parent company was 200 million yuan, down 25.80% year-on-year [3][4]. - The decline in revenue is attributed to a decrease in orders, primarily due to the downturn in the ice cream industry and the saturation of the frozen cabinet market. The company’s revenue for Q2 2024 was 735 million yuan, a year-on-year decline of 34.35% [3][4]. - The gross margin remained stable overall, with Q2 2024 gross margin at 27.62%, a decrease of 1.67 percentage points year-on-year. The company has been introducing new products to adjust its business structure [4]. - The company is focused on the commercial cold chain equipment sector, driving product innovation to meet the needs of niche markets, with expectations for net profits of 345 million, 400 million, and 443 million yuan for 2024-2026, corresponding to PE ratios of 10.76, 9.29, and 8.39 times [4][8]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved a revenue of 1.587 billion yuan, down 21.05% year-on-year, and a net profit of 200 million yuan, down 25.80% year-on-year. The revenue for Q2 2024 was 735 million yuan, a decline of 34.35% year-on-year [3][4]. - The company’s commercial display cabinets generated revenue of 1.510 billion yuan in the first half of 2024, a decrease of 13.71% year-on-year [3]. Cost and Efficiency - The gross margin for Q2 2024 was 27.62%, with a slight year-on-year decrease. The company has managed to maintain overall gross margins through product innovation [4]. - The operating profit decreased by 47.09% year-on-year due to rising expense ratios, with sales expenses increasing by 0.95 percentage points and management expenses by 1.17 percentage points [4]. Future Outlook - The company is expected to see net profits of 3.45 billion, 4.00 billion, and 4.43 billion yuan from 2024 to 2026, with corresponding PE ratios indicating a positive outlook for the investment [4][8].