海容冷链（603187）：收入环比提速，业绩超越预期

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][16]. Core Views - The company reported a revenue of 1.79 billion CNY for H1 2025, representing a year-on-year increase of 12.9%, and a net profit of 220 million CNY, up 10.4% year-on-year. In Q2 2025, revenue reached 880 million CNY, a 20.0% increase year-on-year, with net profit at 120 million CNY, reflecting a 36.6% year-on-year growth [2][9]. - The revenue growth is attributed to a recovery in export demand and an increase in market share among certain clients, despite a weak domestic demand for frozen cabinets. The company expects a rebound in domestic sales next year after several quarters of pressure [9][10]. - The company's profitability improved, with a gross margin of 27.9% in Q2 2025, up 0.4 percentage points year-on-year, driven by a higher proportion of exports. The net profit margin for Q2 2025 was 13.2%, an increase of 1.5 percentage points year-on-year [9][10]. - The report highlights a positive outlook for the company's growth trajectory, with expectations for continued improvement in operations and revenue growth driven by successful client acquisition in the refrigerated cabinet segment and the establishment of overseas production lines [9][10]. Financial Summary - The company is projected to achieve total revenue of 31.98 billion CNY in 2025, with a year-on-year growth rate of 13.0%. The net profit is expected to reach 401 million CNY, reflecting a growth rate of 13.4% [5][10]. - Earnings per share (EPS) estimates have been adjusted to 1.04 CNY for 2025, 1.27 CNY for 2026, and 1.47 CNY for 2027, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 respectively [9][10].