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海容冷链(603187):营收加速增长,盈利能力明显改善
Changjiang Securities· 2025-08-25 11:12
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.791 billion yuan in the first half of 2025, representing a year-on-year growth of 12.86%. The net profit attributable to the parent company was 221 million yuan, up 10.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 212 million yuan, reflecting a growth of 20.41% [2][4]. - In the second quarter of 2025, the company reported a revenue of 882 million yuan, which is a 19.96% increase year-on-year. The net profit attributable to the parent company reached 117 million yuan, marking a significant year-on-year growth of 36.63%, while the net profit after deducting non-recurring gains and losses was 111 million yuan, up 41.34% [2][4]. Summary by Sections Revenue Growth - The company experienced accelerated revenue growth, with a 12.86% increase in H1 2025. The commercial display cabinet segment saw a revenue increase of 12.94%, while other businesses grew by 11.41%. Domestic revenue rose by 14.38%, and overseas revenue increased by 9.38%. Direct sales grew by 17.24%, while the distribution model saw a decline of 6.44% [10]. Profitability Improvement - The company's gross margin slightly decreased by 0.85 percentage points in H1 2025. However, the operating profit increased by 22.88%, leading to an improvement in the operating profit margin by 1.06 percentage points. In Q2 2025, the gross margin increased by 0.40 percentage points, and the operating profit grew by 41.43%, with the operating profit margin improving by 2.11 percentage points [10]. Investment Outlook - The company focuses on the commercial cold chain equipment industry and has established a strong competitive advantage in the frozen display cabinet sector. The brand influence in refrigerated and supermarket display cabinets is rapidly increasing, and the company is proactively expanding into smart display cabinets, indicating significant growth potential in the future. The projected net profits for 2025-2027 are 389 million, 441 million, and 496 million yuan, respectively, with corresponding price-to-earnings ratios of 13.83, 12.21, and 10.86 [10].
海容冷链(603187)25H1财报点评:冷藏柜份额提升 东南亚需求爆发
Xin Lang Cai Jing· 2025-08-25 00:31
Core Viewpoint - The company reported a significant acceleration in revenue and performance in Q2 2025, driven by expanding overseas market demand, indicating an upward turning point in operations [1]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.791 billion yuan, a year-on-year increase of 12.86%, and a net profit attributable to shareholders of 221 million yuan, up 10.38% year-on-year [2]. - In Q2 2025, the company recorded operating revenue of 882 million yuan, a year-on-year increase of 19.96%, and a net profit attributable to shareholders of 117 million yuan, up 36.63% year-on-year [2]. Investment Outlook - The profit forecast has been raised, maintaining a "buy" rating. The expected net profit attributable to shareholders for 2025-2027 is projected at 397 million, 463 million, and 577 million yuan, representing year-on-year growth of 12%, 17%, and 25% respectively [2]. - The target price has been adjusted to 19.57 yuan, based on a 19x PE ratio for 2025 [2]. Market Dynamics - The domestic market is seeing an increase in the share of refrigerated products, while overseas demand for frozen cabinets in Indonesia is experiencing a significant surge [3]. - The company is actively responding to the trend of domestic fast-moving consumer goods going overseas, with exports to Indonesia expected to account for 65-70% of total exports [3]. Strategic Investments - The company plans to invest an additional 90 million yuan to establish a new subsidiary in Indonesia and build a commercial display cabinet manufacturing plant, following a previous investment of 377 million yuan [3]. - This investment is driven by the demand from international clients for increased supply capabilities of smart vending machines and the strategic upgrade of the Indonesian project to support the company's global market strategy [3].
雪祺电气股东安徽志道投资有限公司质押800万股,占总股本4.37%
Zheng Quan Zhi Xing· 2025-08-22 17:05
证券之星消息,雪祺电气(001387)8月23日公开信息显示,股东安徽志道投资有限公司向深圳市中小担 小额贷款有限公司合计质押800.0万股,占总股本4.37%。质押详情见下表: | 出质股东 | 质权方 | 质押数量(万股) 占持股比% 占总股本比% 质押开始日 | | --- | --- | --- | | 安徽志道投资 深圳市中小担小额 | | 800.00 27.95% 4.37% 2025-08-21 | | 有限公司 | 贷款有限公司 | | 雪祺电气财务数据及主营业务: 雪祺电气2025年一季报显示,公司主营收入4.41亿元,同比上升1.14%;归母净利润1903.64万元,同比 上升8.31%;扣非净利润1810.1万元,同比上升0.9%;负债率38.12%,投资收益55.53万元,财务费 用-294.41万元,毛利率12.82%。 雪祺电气(001387)主营业务:从事冰箱和商用展示柜的研发、生产与销售业务。 截止本公告日,股东安徽志道投资有限公司已累计质押股份2282.0万股,占其持股总数的79.73%。本次 质押后雪祺电气十大股东的累计质押股份占持股比例(占持股比例的计算以公司最新一期财 ...
雪祺电气(001387.SZ):公司拟收购和增资获得盛邦电器70%股权,实现上下游的联动配合
Xin Lang Cai Jing· 2025-08-14 02:24
公告指出,雪祺电气主要生产 400L 以上的大容积冰箱和商用展示柜等产品,标的公司是雪祺电气合作 多年的供应商,本次交易旨在推动雪祺电气向产业链上游延伸拓展,实现上下游的联动配合,提高零部 件的稳定性与可靠性,降低公司经营风险,同时,可以降低采购成本,提升公司盈利能力。此外,制冷 件、钣金件等零部件属于冰箱重要原材料,对产品温控、节能指标有重要影响,本次收购将进一步增强 公司产品市场竞争力和行业竞争力。 2025年8月14日,雪祺电气(001387.SZ)公告称,公司拟以4745万元受让盛邦电器65%股权,同时以 1216.67万元认购盛邦电器新增注册资本。交易完成后,公司将持有盛邦电器70%股权。 ...
雪祺电气拟取得盛邦电器控股权 向产业链上游延伸
Zhi Tong Cai Jing· 2025-08-13 22:43
Core Viewpoint - Xueqi Electric (001387.SZ) plans to acquire a 65% stake in Hefei Shengbang Electric Co., Ltd. for RMB 47.45 million and subscribe to RMB 12.16667 million of the company's new registered capital, resulting in a 70% ownership stake, making it the controlling shareholder of Shengbang Electric [1] Group 1 - The target company specializes in the R&D, production, and sales of components and molds for home appliances, including refrigeration parts, piping parts, and metal structural parts [1] - The products are used in refrigerators, washing machines, air conditioners, and light commercial fields such as display cabinets, cabinets, beverage cabinets, and ice makers [1] - Xueqi Electric primarily produces large-capacity refrigerators over 400L and commercial display cabinets, and the target company has been a long-term supplier [1] Group 2 - The transaction aims to extend Xueqi Electric's operations upstream in the supply chain, enhancing synergy between upstream and downstream operations [1] - It is expected to improve the stability and reliability of components, reduce procurement costs, and enhance the company's profitability [1]
雪祺电气(001387) - 2025年5月13日投资者关系活动记录表
2025-05-13 10:24
Group 1: Financial Performance - The company's 2024 operating revenue was 1,945.80 million CNY, with a net profit attributable to shareholders of 102.08 million CNY [4] - In Q1 2025, the operating revenue was 441.21 million CNY, with a net profit of 19.04 million CNY [4] Group 2: Shareholder Concerns - Shareholder reduction in holdings is based on personal financial arrangements, and the company is considering share buyback plans if necessary [2][3] - The stock price has been affected by macroeconomic conditions and market sentiment, with the company implementing two profit distribution plans since listing [3] Group 3: Asset Management - As of December 31, 2024, restricted cash and receivables totaled 88.42 million CNY, accounting for approximately 4.43% of total assets, which will not adversely affect daily operations [3] Group 4: Market Expansion and Sales - The company exports to over 100 countries, including the USA, Canada, and Australia, with a focus on large refrigerators and commercial display cabinets [3][5] - Export revenue for 2022, 2023, and 2024 was 362.53 million CNY, 580.32 million CNY, and 730.31 million CNY, respectively, with percentages of total revenue at 18.81%, 24.60%, and 37.53% [6] Group 5: Future Growth Strategies - The company aims to enhance its market position through product innovation, expanding market share, and increasing the proportion of export sales [7] - Continuous investment in R&D and talent development is emphasized to meet diverse consumer needs and market demands [5][7] Group 6: Industry Outlook - The company maintains a positive outlook on the industry, anticipating growth driven by consumer demand and market upgrades [8] - The focus will be on technological advancements and market expansion to enhance competitiveness [8]
合肥雪祺电气股份有限公司_招股说明书(注册稿)
2023-08-04 07:35
合肥雪祺电气股份有限公司 Hefei Snowky Electric Co., Ltd. (安徽省合肥市经济技术开发区青鸾路 369 号) 首次公开发行股票并在主板上市 招股说明书 (注册稿) 保荐机构(主承销商) 广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座 合肥雪祺电气股份有限公司 首次公开发行股票并上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行人自行 负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存 在虚假记载、误导性陈述或重大遗漏,并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或重 大遗漏,并承 ...
合肥雪祺电气股份有限公司_招股说明书(上会稿)
2023-07-07 08:44
声明及承诺 合肥雪祺电气股份有限公司 Hefei Snowky Electric Co., Ltd. (安徽省合肥市经济技术开发区青鸾路 369 号) 首次公开发行股票并在主板上市 招股说明书 (上会稿) 保荐机构(主承销商) 广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座 合肥雪祺电气股份有限公司 首次公开发行股票并上市招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行人自行 负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存 在虚假记载、误导性陈述或重大遗漏,并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或重 大遗漏,并承 ...
合肥雪祺电气股份有限公司_招股说明书(申报稿)
2023-06-06 07:12
合肥雪祺电气股份有限公司 Hefei Snowky Electric Co., Ltd. (安徽省合肥市经济技术开发区青鸾路 369 号) 首次公开发行股票并在主板上市 招股说明书 (申报稿) 广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座 保荐机构(主承销商) 合肥雪祺电气股份有限公司 首次公开发行股票并上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行人自行 负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存 在虚假记载、误导性陈述或重大遗漏,并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或重 大遗漏,并承 ...
合肥雪祺电气股份有限公司_招股说明书(申报稿)
2023-05-08 12:08
合肥雪祺电气股份有限公司 Hefei Snowky Electric Co., Ltd. (安徽省合肥市经济技术开发区青鸾路 369 号) 首次公开发行股票并在主板上市 招股说明书 (申报稿) 广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座 保荐机构(主承销商) 合肥雪祺电气股份有限公司 首次公开发行股票并上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行人自行 负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担股票依法发行 后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存 在虚假记载、误导性陈述或重大遗漏,并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或重 大遗漏,并承 ...