HIRON COLD CHAIN(SH:603187)2024-03-27 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [9][11]. Core Insights - The company achieved a revenue of 3.205 billion yuan in 2023, representing a year-on-year growth of 10.34%. The net profit attributable to shareholders was 413 million yuan, up 41.37% year-on-year [9][10]. - The gross profit margin for 2023 was 29.66%, an increase of 6.04 percentage points compared to the previous year, driven by factors such as a decline in raw material prices and strong growth in high-margin overseas business [5][10]. - The company plans to distribute a cash dividend of 5.5 yuan per 10 shares, which corresponds to a dividend payout ratio of 50.99% of the net profit for the year [9][10]. Financial Performance Summary - Total revenue for 2023 was 3.205 billion yuan, with a gross profit margin of 29.7% and a net profit of 413 million yuan [13][15]. - The company’s sales expenses increased to 7.60% of revenue, while management expenses slightly rose to 3.25%. R&D expenses decreased to 3.39% [5][10]. - The company’s earnings per share for 2023 was 1.07 yuan, with a return on equity (ROE) of 10.3% [13][15]. Business Segment Performance - The commercial frozen display cabinet segment generated revenue of 2.084 billion yuan, a year-on-year increase of 17.93%, primarily due to strong demand from overseas markets [10]. - The commercial refrigeration display cabinet segment achieved revenue of 569 million yuan, growing by 5.05% year-on-year, while the supermarket display cabinet segment saw a decline of 30.6% due to fluctuations in a single customer's business volume [10]. - The company’s export revenue reached 971 million yuan, reflecting a significant year-on-year growth of 41.02% [10]. Future Earnings Projections - The company’s earnings forecasts for 2024 and 2025 have been slightly adjusted to 487 million yuan and 568 million yuan, respectively, with a new projection for 2026 at 647 million yuan [11][13]. - The projected growth rates for net profit are 17.8% for 2024, 16.7% for 2025, and 13.9% for 2026 [11][13].