海容冷链（603187）：Q3收入超预期，盈利水平稳健

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 revenue performance exceeded expectations, with a total revenue of 2.43 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.2%. The net profit attributable to the parent company was 301 million yuan, up 10.5% year-on-year [7] - The cold storage cabinet business is experiencing rapid growth, while the frozen sector maintains its competitive advantage. The company has managed to maintain a stable market share despite a decline in product sales in the commercial frozen display cabinet segment due to overall weak downstream demand [7] - The company's profitability remains robust, with a gross margin of 27.34% for the first three quarters of 2025, a slight decrease of 0.70 percentage points year-on-year. The net profit margin for the same period was 12.27%, down 0.71 percentage points year-on-year [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.25 billion yuan, with a year-on-year growth rate of 14.6%. The net profit attributable to the parent company is forecasted to be 398 million yuan, reflecting a year-on-year increase of 12.5% [5] - The company expects to achieve net profits of 398 million yuan, 458 million yuan, and 522 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 12.5%, 15.2%, and 14.0% [7]