HIRON COLD CHAIN(SH:603187) Capital Securities·2024-05-14 11:30Investment Rating - The report assigns a "Buy" rating for the company [2] Core Insights - The company reported a total revenue of 3.205 billion in 2023, reflecting a year-on-year growth of 10.34%. The net profit attributable to the parent company reached 413 million, up 41.37% year-on-year. The company plans to distribute a cash dividend of 5.5 yuan per 10 shares (tax included) [2][11] - In 2023, domestic sales remained stable while international sales saw significant growth, with domestic revenue at 2.138 billion (up 0.05%) and international revenue at 971 million (up 41.02%). The growth in international sales was driven by the rapid increase in commercial frozen display cabinets [2] - The company's comprehensive gross margin improved to 29.66%, an increase of 6.04 percentage points year-on-year, attributed to scale effects, product and customer structure optimization, and a decline in raw material costs [2] - The company has established long-term stable partnerships with numerous well-known fast-moving consumer goods brands and channel partners, enhancing its competitive advantage [2] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 32.05 billion, with a projected revenue of 35.18 billion in 2024, 39.15 billion in 2025, and 42.59 billion in 2026. The net profit attributable to the parent company is expected to grow to 4.70 billion in 2024, 5.40 billion in 2025, and 5.99 billion in 2026 [12] - The earnings per share (EPS) for 2023 was 1.07 yuan, projected to increase to 1.22 yuan in 2024, 1.40 yuan in 2025, and 1.55 yuan in 2026 [12] Market Position - The company maintains a stable market position in the domestic market for commercial frozen display cabinets, with a continuous improvement in the customer structure for commercial refrigerated display cabinets. The company has also launched several new products in the supermarket display cabinet segment, achieving good market results [2] - In the international market, the company continues to see rapid growth in commercial frozen cabinets while maintaining stability in commercial refrigerated cabinets [2]