2025 年 08 月 22 日 海容冷链(603187.SH) Q2 出口快速增长，冷藏柜份额提升， 经营表现明显改善 | | 家电 | | --- | --- | | 投资评级 | 买入-A | | | 维持评级 | | 6 个月目标价 | 17.28 元 | | 股价 (2025-08-21) | 13.93 元 | | 交易数据 | | | 总市值(百万元) | 5,382.78 | | 流通市值(百万元) | 5,382.78 | | 总股本(百万股) | 386.42 | | 流通股本(百万股) | 386.42 | | 12 个月价格区间 | 9.11/14.16 元 | 事件：海容冷链公布 2025 年半年度公告。公司 2025H1 实现收 入 17.9 亿元，YoY+12.9%；实现归母净利润 2.2 亿元，YoY+10.4%。 经折算，Q2 单季度实现收入 8.8 亿元，YoY+20.0%；实现归母净 利润 1.2 亿元，YoY+36.6%。我们看好公司在新客户拓展方面持 续取得进展，不断提高在全球商用冷柜市场的份额。 Q2 收入加速增长：Q2 公司分产品品类来看：1）受国内冰淇淋 行业需 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.37 yuan [5]. Core Views - The company has shown a good growth trend in Q1 2025, with revenue reaching 9.1 billion yuan, a year-on-year increase of 6.7%, despite a decline in net profit by 9.2% [1][2]. - The company is a leading player in the commercial refrigeration industry in China, with strong product development capabilities and flexible manufacturing [3][4]. - The company is expected to maintain a solid growth trajectory due to the gradual ramp-up of new customers in the refrigerated cabinet business and accelerated deployment of smart cabinets [3]. Financial Performance Summary - In 2024, the company achieved revenue of 28.3 billion yuan, down 11.7% year-on-year, and a net profit of 3.5 billion yuan, down 14.4% year-on-year [1][4]. - For Q1 2025, the company reported a net profit margin of 11.4%, reflecting a decrease of 2.0 percentage points year-on-year, primarily due to a decline in revenue from high-margin frozen cabinet products [2][10]. - The company's operating cash flow for Q1 2025 increased by 0.2 billion yuan year-on-year, attributed to a decrease in cash payments for goods and services [2][10]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.06 yuan, and 1.18 yuan respectively [3][4]. - The company is forecasted to achieve a revenue of 31.5 billion yuan in 2025, with a net profit of 3.7 billion yuan, indicating a recovery from the previous year's decline [4][13]. Market Position - The company is focusing on differentiated and intelligent high-end products to expand its market share in the mid-to-high-end refrigerated cabinet segment [2][3]. - The company is strengthening partnerships with chain convenience stores and large supermarkets, which is expected to stabilize growth in the supermarket cabinet business [2][3].