HIRON COLD CHAIN(603187) 华创证券·2024-10-24 08:38Investment 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 11.04 CNY [1]. Core Insights - The company's revenue performance exceeded expectations, with a revenue of 2.11 billion CNY for the first three quarters of 2024, a year-on-year decrease of 15.6%. However, Q3 revenue reached 520 million CNY, showing a year-on-year increase of 7.0% [1]. - The decline in net profit narrowed, with a net profit of 270 million CNY for the first three quarters, down 23.6% year-on-year. Q3 net profit was 70 million CNY, a decrease of 16.6% year-on-year [1]. - The company is expected to return to natural growth in the coming year, driven by the resolution of import quota issues in Indonesia and a slight recovery in domestic demand [1]. Financial Summary - For 2024, the company is projected to have a revenue of 2.896 billion CNY, a decrease of 9.6% year-on-year, with a net profit of 329 million CNY, down 20.5% year-on-year. EPS is expected to be 0.85 CNY [2]. - The company’s total assets are estimated at 5.58 billion CNY for 2024, with a debt-to-asset ratio of 23.86% [3]. - The company’s market capitalization is approximately 4.266 billion CNY, with a P/E ratio of 13 for 2024 [3][5].