HIRON COLD CHAIN(SH:603187) Huachuang Securities·2024-03-21 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][3][24]. Core Views - The company achieved a revenue of 3.2 billion in 2023, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million, up 41.4% year-on-year. The fourth quarter saw a revenue of 710 million, reflecting a 20.2% year-on-year growth and a net profit of 60 million, which is a significant increase of 140.1% year-on-year [1][3]. - The company's performance met expectations, with a continuous recovery in profitability. The gross margin improved by 6.0 percentage points to 29.7% in 2023, driven by strong performance in the frozen cabinet and export businesses [1][3]. - The dividend payout ratio significantly increased to 51.0%, indicating a stable and positive operational outlook for the company [1][3]. Financial Summary - In 2023, the company reported a total revenue of 3,205 million, with a projected growth of 10.5% in 2024, reaching 3,541 million. The net profit is expected to grow to 465 million in 2024, reflecting a 12.4% increase [4][9]. - The earnings per share (EPS) for 2023 was 1.07, with projections of 1.20 for 2024, 1.36 for 2025, and 1.57 for 2026, indicating a consistent growth trajectory [4][9]. - The company’s price-to-earnings (P/E) ratio is projected to be 15 for 2023, decreasing to 13 in 2024, and further to 10 by 2026, suggesting an attractive valuation [4][9].