海容冷链：2024年三季报点评：发力冷藏及海外业务，营收止跌回升

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Views - The company has shown a revenue recovery with a decrease in profit decline. For the first three quarters of 2024, the company achieved a revenue of 2.11 billion, down 15.6%, and a net profit attributable to shareholders of 270 million, down 23.6%. In Q3 alone, revenue was 520 million, up 7.0%, while net profit was 72 million, down 16.6% [1]. - The company is focusing on expanding its cold storage and overseas business, which is expected to contribute positively to revenue growth. The cold storage business has been growing rapidly, and the company plans to build a production base in Indonesia with an annual capacity of 500,000 units [1][3]. - The gross margin has been under pressure due to structural changes, with Q3 gross margin down 6.2 percentage points to 29.6%. The company is increasing its customer acquisition efforts, leading to a rise in sales expenses [1][3]. Summary by Sections Financial Performance - For 2024, the company is projected to have a revenue of 2.848 billion, a decrease of 11.1% from the previous year, and a net profit of 333 million, down 19.4% [2][8]. - The company’s EBIT margin is expected to be 12.4% in 2024, with a net asset return (ROE) of 7.9% [2][8]. Market Strategy - The company is enhancing its overseas market presence and plans to supply Southeast Asia, South Asia, and Oceania from its new production base in Indonesia [1][3]. - The company is accelerating the introduction of new products in lower market share categories, which is anticipated to drive additional growth [1]. Valuation Metrics - The company’s projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 12.8, 11.4, and 10.4, respectively [2][8]. - The expected earnings per share (EPS) for 2024 is 0.86 yuan, with a projected increase to 1.07 yuan by 2026 [2][8].