海容冷链（603187）：Q1收入保持良好增长趋势

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.37 yuan [5]. Core Views - The company has shown a good growth trend in Q1 2025, with revenue reaching 9.1 billion yuan, a year-on-year increase of 6.7%, despite a decline in net profit by 9.2% [1][2]. - The company is a leading player in the commercial refrigeration industry in China, with strong product development capabilities and flexible manufacturing [3][4]. - The company is expected to maintain a solid growth trajectory due to the gradual ramp-up of new customers in the refrigerated cabinet business and accelerated deployment of smart cabinets [3]. Financial Performance Summary - In 2024, the company achieved revenue of 28.3 billion yuan, down 11.7% year-on-year, and a net profit of 3.5 billion yuan, down 14.4% year-on-year [1][4]. - For Q1 2025, the company reported a net profit margin of 11.4%, reflecting a decrease of 2.0 percentage points year-on-year, primarily due to a decline in revenue from high-margin frozen cabinet products [2][10]. - The company's operating cash flow for Q1 2025 increased by 0.2 billion yuan year-on-year, attributed to a decrease in cash payments for goods and services [2][10]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.06 yuan, and 1.18 yuan respectively [3][4]. - The company is forecasted to achieve a revenue of 31.5 billion yuan in 2025, with a net profit of 3.7 billion yuan, indicating a recovery from the previous year's decline [4][13]. Market Position - The company is focusing on differentiated and intelligent high-end products to expand its market share in the mid-to-high-end refrigerated cabinet segment [2][3]. - The company is strengthening partnerships with chain convenience stores and large supermarkets, which is expected to stabilize growth in the supermarket cabinet business [2][3].