海容冷链（603187）：2025Q1营收规模增长提速，经营利润同步增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 2.831 billion yuan in 2024, a year-on-year decrease of 11.67%, with a net profit attributable to shareholders of 354 million yuan, down 14.39% year-on-year. In Q4 2024, the company achieved a revenue of 721 million yuan, an increase of 2.09% year-on-year, and a net profit of 81.73 million yuan, up 42.56% year-on-year. For Q1 2025, the revenue was 909 million yuan, a year-on-year increase of 6.74%, while the net profit decreased by 9.20% year-on-year to 104 million yuan [2][4][10] Summary by Sections Financial Performance - In 2024, the company experienced a decline in revenue, with a notable drop in the commercial frozen display cabinet segment, which saw a year-on-year decrease of 27.70%. However, the commercial refrigerated display cabinet segment grew by 25.95% due to successful market expansion. The company maintained a stable market share despite the challenges [10] - The gross profit margin for 2024 decreased by 0.94 percentage points, influenced by a reduction in high-margin business revenue. The operating profit for 2024 decreased by 19.94% year-on-year, while Q4 2024 saw a significant recovery with a 147.09% increase in operating profit [10][14] Future Outlook - The company is focusing on the commercial cold chain equipment industry and has established a strong competitive advantage in the frozen display cabinet sector. The brand influence of its refrigerated and supermarket display cabinets is rapidly increasing, and the company is proactively expanding into smart display cabinets, indicating significant growth potential in the future. The projected net profits for 2025-2027 are 376 million, 402 million, and 437 million yuan, respectively, with corresponding price-to-earnings ratios of 11.4, 10.7, and 9.8 times [10][14]