HIRON COLD CHAIN(603187) 国信证券·2024-03-21 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [9][21]. Core Views - The company achieved a revenue of 3.2 billion with a year-on-year growth of 10.3% in 2023, and a net profit attributable to shareholders of 413 million, reflecting a significant increase of 41.4% [21]. - The fourth quarter of 2023 saw the highest performance in terms of revenue and profit, with a revenue of 710 million, representing a year-on-year growth of 20.2%, and a net profit of 60 million, which is a remarkable increase of 140.1% [21]. - The company plans to distribute a cash dividend of 5.5 yuan for every 10 shares, resulting in a cash dividend rate of 51% [21]. Financial Performance - The company’s revenue growth accelerated throughout 2023, with the fourth quarter returning to a growth rate above 20% [21]. - The company’s gross margin improved year-on-year by 6.0 percentage points to 19.4%, with the fourth quarter gross margin reaching 29.3% [21]. - The company’s net profit margin in the fourth quarter improved by 4.1 percentage points to 8.1%, indicating a significant enhancement in profitability [21]. Sales Performance - The company’s external sales revenue grew rapidly by 41.0% year-on-year to 970 million, while domestic sales remained stable at 2.14 billion [21]. - The revenue from commercial frozen display cabinets increased by 17.9% to 2.08 billion, while the revenue from refrigerated display cabinets grew by 5.1% to 570 million [21]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted, with expected net profits for 2024-2026 being 497 million, 580 million, and 661 million respectively, reflecting growth rates of 20%, 17%, and 14% [21]. - The corresponding price-to-earnings ratios (PE) for the years 2024-2026 are projected to be 13, 11, and 9 times [21].