丨证券研究报告丨 公司研究丨点评报告丨海容冷链（603187.SH） [Table_Title] 营收加速增长，盈利能力明显改善 报告要点 [Table_Summary] 2025H1 公司实现营业收入 17.91 亿元，同比增长 12.86%，实现归母净利润 2.21 亿元，同比 增长 10.38%，实现扣非归母净利润 2.12 亿元，同比增长 20.41%；其中，2025Q2 公司实现营 业收入 8.82 亿元，同比增长 19.96%，实现归母净利润 1.17 亿元，同比增长 36.63%，实现扣 非归母净利润 1.11 亿元，同比增长 41.34%。 分析师及联系人 [Table_Author] [Table_Summary2] 事件描述 公司发布 2025 年中报：2025H1 公司实现营业收入 17.91 亿元，同比增长 12.86%，实现归母 净利润 2.21 亿元，同比增长 10.38%，实现扣非归母净利润 2.12 亿元，同比增长 20.41%； 其中，2025Q2 公司实现营业收入 8.82 亿元，同比增长 19.96%，实现归母净利润 1.17 亿元， 同比增长 36.63%，实现扣非归母 ...

AIDC+AI PCB 设备板块全梳理 20250824 摘要 冰轮环境 2024 年总收入 66 亿元，子公司盾汉布什贡献 22 亿元，其中 AI 相关收入 6 亿元，利润率约 15%。2025 年上半年 AI 相关收入达 5.6 亿元，净利润率 19%，预计全年 AI 相关收入 13 亿元，贡献利润 2.4 亿 元，占总利润约 30%。 预计 2026 年数据中心机柜出货量增长 50%，冰轮环境 AI 相关业务利 润或达 3.6 亿元。公司积极拓展冷却塔和换热器等产品线，预计 2026 年总利润达 9 亿元，其中 40%来自 AI 业务。目前公司市值约 140 亿， 估值偏低，合理估值应在 225 亿左右。 冰轮环境是欧美前五大特种空调公司，拥有 130 年历史，具备技术和全 球市场竞争优势。公司总产能 33 亿元，海外占比 60%。中国地区扩产 可承载非美国地区需求，美国和马来西亚工厂供应美国市场，具备较强 壁垒和发展空间。 联德股份二季度业绩同比大幅增长，预计三季度利润创新高，业绩迎来 拐点。公司从事高端铸件业务，年产能约 5.5 万吨，总产值 11-12 亿元。 客户关系紧密，供应链安全可靠。202 ...

上 市 公 司 机械设备 2025 年 08 月 24 日 海容冷链 (603187) ——Q2 业绩超预期，盈利能力保持稳健 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 14.69 | | 一年内最高/最低（元） | 15.30/9.05 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 3.40 | | 流通 A 股市值（百万元） | 5,676 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 10.77 | | 资产负债率% | 27.20 | | 总股本/流通 A 股（百万） | 386/386 | | 流通 B 股/H 股（百万） | -/- | 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 l ...

公司披露2025 中报，25H1 公司实现营业总收入67.29 亿元，同比+6.05%，归母净利5.35 亿元，同比 +12.94%，扣非后归母净利同比+11.04%。25Q2营收/归母净利/扣非后分别同 比-0.31%/+19.69%/+15.24%。国内空调以旧换新政策推动需求释放，制冷配件业务表现稳健；净利润增 速高于营收主因信用减值损失减少。一方面，公司维持家用空调配件龙头地位，并拓展商用及海外芬 恩，另一方面，公司维持研发高投入，持续以创新驱动新能源汽零新品类、储能温控、冷链等新赛道， 以期稳步推进新兴业务发展。 公司25H1 毛利率为17.32%，同比-0.54pct。其中，25Q2 毛利率同比+0.09pct。下游竞争加剧，且原材料 价格仍处于高位，公司制冷配件、制冷设备GPM 均同比下降。25H1 公司整体期间费用率同比-0.3pct。 其中，销售/管理费用率分别同比-0.03pct/-0.69pct（受经营杠杆优化及股份支付等减少影响）。研发费 用率同比+0.24pct（继续重点投入高能效、新能源汽零品类及储能温控技术，巩固技术优势）。财务费 用率同比+0.19pct（主要受汇兑损益影响）。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In the first half of 2025, the company achieved revenue of 3.118 billion yuan, a year-on-year decrease of 6.9%, and a net profit attributable to the parent company of 266 million yuan, down 19.7%. In Q2 2025, revenue was 1.746 billion yuan, an increase of 1.8% year-on-year, while net profit was 172 million yuan, a decrease of 18.1%, with the decline narrowing compared to Q1 [2][6] - By the end of Q2 2025, the company's contract liabilities increased by 12.0% year-on-year, indicating that the order growth rate has turned positive for three consecutive quarters, with an acceleration in growth, particularly in the data center temperature control equipment orders [2][6] Summary by Sections Financial Performance - The company reported a revenue of 3.118 billion yuan in H1 2025, down 6.9% year-on-year, and a net profit of 266 million yuan, down 19.7%. In Q2 2025, revenue was 1.746 billion yuan, up 1.8% year-on-year, while net profit was 172 million yuan, down 18.1%, showing a narrowing decline compared to Q1 [2][6] - The net profit margin for Q2 2025 was 10.9%, a decrease of approximately 2.0 percentage points year-on-year, but an increase compared to the previous quarter. The gross margin was 29.4%, a slight decrease of 0.33 percentage points year-on-year [13] Order Trends - The order trend indicates that since Q2 2023, the growth rate of orders has slowed due to increased macroeconomic pressures. However, by the end of Q4 2024, contract liabilities showed a year-on-year growth of 1.4%, marking the first positive growth in six quarters. The growth rates for Q1 and Q2 2025 were 8% and 12%, respectively, indicating a positive trend [13] Business Structure - In H1 2025, revenue from central air conditioning (Yantai Ice Wheel Group Hong Kong Co., Ltd.) was 1.193 billion yuan, up 2.9% year-on-year, with net profit of 162 million yuan, up 27.0%. This growth is primarily driven by orders from the data center sector [13] - The overseas revenue for H1 2025 was 1.02 billion yuan, up 30.16% year-on-year, accounting for approximately 32.6% of total revenue, while domestic revenue was 2.1 billion yuan, down 18.2% [13] Cash Flow and Forecast - The operating cash flow for 2024 was 721 million yuan, a year-on-year increase of 112%. The cash flow significantly improved, with Q2 2025 showing a net cash flow of 110 million yuan, a slight decrease of 6.8% year-on-year [13] - The company is expected to achieve revenues of 7.09 billion yuan, 8.06 billion yuan, and 9.19 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of +6.9%, +13.6%, and +14.0% [13]

| | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 | | | 旋式压缩机、工业热泵、储能蓄能装置、真空冻干设备、速冻装 | | | 置、换热设备、船用制冷设备、多联机等。 | | | 公司打造了全系列磁悬浮压缩机产品矩阵,有着显著的技术 | | | 优势和市场表现。磁悬浮压缩机在北京冬奥村项目中表现出色， | | | 展现了产品的可靠性和高效性。参与《离心式制冷剂压缩机》和 | | | 《无油悬浮离心式冷水（热泵）机组》两项国家标准起草。 | | | 从客户行业维度看公司产品广泛应用于食品/农副产品冷冻 | | | 冷藏及深加工、冷链物流基地建设、食品/药品真空冻干、冰雪 | | | 运动场馆、加工预处理产线等商业制冷系统；能源/化工生产工 | | | 艺冷却、航天风洞/超 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.12 billion CNY, a year-on-year decline of 7%, with a net profit attributable to shareholders of 266 million CNY, down 20% year-on-year [4] - The second quarter saw a year-on-year revenue increase, with domestic business revenue at 2.1 billion CNY, while overseas business grew significantly by 30%, reaching 1.02 billion CNY [4] Group 2: Business Segments and Products - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [4] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function screw chillers, which have been recognized in the national green data center technology catalog [5] - Successful projects include major data centers across China and collaborations with local integrators in North America, Australia, Southeast Asia, and the Middle East [5] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient energy use [6][7] - It has provided services to multiple nuclear power stations in China, enhancing operational safety and efficiency [6][7] Group 5: Industrial Heat Management - In line with national carbon reduction strategies, the company has launched comprehensive industrial heat control solutions, integrating high-temperature and wide-temperature range heat pump technologies [8] - The solutions aim to achieve efficient energy recovery and utilization across various industrial applications, reflecting the company's long-term strategic vision [8]

2025年上半年，青岛海容商用冷链股份有限公司（以下简称"海容冷链"）交出了一份稳健增长的成绩单。 8月22日，海容冷链发布的2025年半年度报告显示，公司上半年实现营业收入17.91亿元，同比增长12.86%；归属于上市公 司股东的净利润2.21亿元，同比增长10.38%；扣除非经常性损益后的净利润2.12亿元，同比增幅达20.41%，凸显出公司在商用 冷链设备领域的强劲发展势头。 核心业务多点突破 技术研发构筑竞争壁垒 海容冷链位于青岛市黄岛区，2018年11月29日公司成功在上海证券交易所挂牌上市。公司自成立以来始终专注于商用冷链 设备的研发、生产、销售和服务，坚持以专业化、差异化和定制化为核心发展战略。公司以商用冷冻展示柜、商用冷藏展示 柜、商超展示柜及商用智能售货柜为核心产品，主要采用面向企业客户的销售模式，为客户在销售终端进行低温储存、商品展 示和企业形象展示等提供定制化解决方案及专业化服务；同时，公司为其他制冷产品供应商提供ODM服务。 在商用冷冻展示柜领域，尽管下游行业整体需求不足导致销量略有下降，但公司凭借与下游头部企业的长期稳定合作关 系，市场占有率和行业地位依然稳固，持续领跑行业。商用冷 ...

Core Insights - The "cooling economy" is thriving in response to high temperatures, showcasing diverse consumer needs and innovative business solutions [1][3][4] - The success of this economy relies on understanding consumer demands and providing tailored services rather than merely following trends [2][3] Group 1: Market Trends - High temperatures have led to increased sales of cooling products such as ice products from Zhejiang and air conditioners from Fujian, indicating a strong export market for "Chinese cooling" solutions [1] - Unique adaptations, like transforming air raid shelters into leisure spaces and offering pet cooling mats, reflect a shift towards personalized consumer experiences [1][3] Group 2: Challenges and Opportunities - Some businesses fail to capitalize on the "cooling economy" by merely replicating popular trends without understanding customer needs, leading to short-lived success [2] - The importance of "perception" and "wisdom" in transforming cooling resources into profitable ventures is emphasized, highlighting the need for innovative approaches [3] Group 3: Economic Implications - The "cooling economy" serves as a reflection of China's economic resilience, demonstrating the ability to quickly respond to short-term demands while focusing on long-term quality improvements [3] - Consumer expectations are evolving from mere availability to quality, driving continuous upgrades in various industries [3][4]

冰轮环境 20250821 摘要 冰轮环境 2025 年上半年营收 31.2 亿元，同比增长 3.8%；境外市场收 入 10.2 亿元，增长 30%。净利润下降主要因海外子公司结束亏损弥补 开始纳税、国内单元税务口径调整及提前开具发票所致。 制冷设备板块营收同比下降 15%，占总营收 55%；特种空调板块占比 39%；热能管理板块增长 17%，占比 6%。数据中心业务营收 5.6 亿元， 海外市场贡献 4.8 亿元，上半年数据中心相关订单达 10 亿元，9 月起进 入交付旺季。 数据中心业务利润率与核电项目相当，高于特种空调整体毛利率 31%。 特种空调业务中，国内市场占 43%，海外市场占 57%，海外市场增长 17%。 冰轮环境面临产能挑战，尤其在马来西亚和北美地区熟练技术工人紧缺， 考虑提价应对。公司调整供应链，部分原由马来西亚发往美国的订单由 中国本土替换。 公司正处于产能调整期，预计 2025 年整体产能可达 30 亿元。数据中 心业务占据公司产能九成，但订单不均衡导致产能利用率紧张。北美市 场磁浮离心机订单占比约六至七成。 会计确认收入标准未达到，这导致提前缴纳了部分税款。 能否详细介绍冰轮环境各 ...