事件概述 公司公告2025 年上半年业绩 根据公司公告： 25H1 ： 收入17.9 亿元（ YOY+13% ）， 归母净利2.2 亿元（YOY+10%）； 国外市场： 东南亚地区业务量实现较好增长，北美地区受到关税政策以及客户2024 年提前备货的影响业务量有所 下降， 其他地区业务量均有一定增长。 盈利拆分 24 年冷冻柜、冷藏柜、展示柜、智能柜毛利率分别：35%、14%、22%、22%；国内业务、海外业务毛 利率分别22、39%。 25Q2 ： 收入8.8 亿元（ YOY+20% ）， 归母净利1.2 亿元（YOY+37%）。 收入变动原因: 根据公司半年报， 国内市场： 商用冷冻展示柜：下游行业整体需求不足，产品销量下降，公司市场占有率和行业地位维持稳定； 商用冷藏展示柜：公司凭借综合竞争优势，在多家客户中的供货份额逐步提升，产品销量快速增长； 商超展示柜：公司凭借一站式解决方案，持续深化与原有客户合作，并积极开拓新兴应用场景，产品销 量实现较好增长；智能售货柜：公司凭借技术和产品优势，下游客户中品牌商客户认可度逐步提升，产 品销量快速增长。 25H1：毛利率26.7%（ YOY-0.9pct）、净利 ...

证 券 研 究 报 告 海容冷链（603187）2025 年中报点评 强推（维持） 收入环比提速，业绩超越预期 目标价：18 元 事项： ❖ 公司发布 2025 年半年报，25H1 公司实现收入 17.9 亿元，同比+12.9%，归母 净利润 2.2 亿元，同比+10.4%；单季度来看，25Q2 公司实现收入 8.8 亿元，同 比+20.0%，归母净利润 1.2 亿元，同比+36.6%。 评论： ❖ 风险提示：原材料价格波动，行业竞争加剧，下游行业需求不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,831 | 3,198 | 3,808 | 4,377 | | 同比增速(%) | -11.7% | 13.0% | 19.1% | 15.0% | | 归母净利润(百万) | 354 | 401 | 491 | 566 | | 同比增速(%) | -14.4% | 13.4% | 22.4% | 15.4% | | 每股盈利 ...

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 ...

Group 1 - The overseas market demand for cooling products is increasing due to high temperatures, presenting opportunities for Zhejiang companies [1] - Zhejiang Jiujing Refrigeration Equipment Co., Ltd. has successfully expanded into multiple international markets, achieving an export value of 3.26 million yuan, nearly one-third of the company's total output [1] - Zhejiang Yili Dairy Co., Ltd. has seen a surge in orders for frozen drinks, with successful exports to Hong Kong last year and plans to enter the South Korean market this year [1] Group 2 - The number of frozen beverage export companies in the Hangzhou Customs jurisdiction has increased from two to six this year, with a total export of 262.1 tons in the first half of the year, representing a 43-fold year-on-year growth [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.2 CNY [2][10]. Core Views - The company's revenue for 2024 is reported at 2.83 billion CNY, a decrease of 11.7% year-on-year, while the net profit attributable to shareholders is 354 million CNY, down 14.4% year-on-year. However, Q4 2024 shows a revenue increase of 2.1% year-on-year, and a net profit increase of 42.6% year-on-year [2][10]. - For Q1 2025, the company achieved a revenue of 910 million CNY, an increase of 6.7% year-on-year, while the net profit decreased by 9.2% year-on-year [2][10]. - The company is expected to see a recovery in performance due to the lifting of import quotas in Indonesia and potential growth in the U.S. market [10]. Financial Summary - **2024 Financial Performance**: Total revenue of 2.83 billion CNY, net profit of 354 million CNY, and a gross margin of 27.8%, down 1.9 percentage points year-on-year [5][10]. - **2025 and Beyond Projections**: Expected revenue growth of 10.5% in 2025, with net profit projected to increase by 6.5% [5][10]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.98 CNY, increasing to 1.22 CNY by 2027 [5][10]. Market Performance - The company has shown resilience in a challenging market environment, with a focus on expanding its overseas markets and maintaining a stable operational performance [10]. - The report highlights that the company is committed to a dividend payout ratio of no less than 50% for 2025, indicating confidence in future cash flows [10].