海容冷链（603187.SH） 优于大市 2025 年中报点评：经营质量提升，营收业绩加速增长 证券研究报告 | 2025年08月25日 经营改善，营收利润增长加速。公司公司 2025H1 实现营收 17.9 亿/+12.9%， 归母净利润 2.2 亿/+10.4%，扣非归母净利润 2.1 亿/+20.4%。其中 Q2 收入 8.8 亿/+20.0%，归母净利润 1.2 亿/+36.6%，扣非归母净利润 1.1 亿/+41.3%。 内销收入增长良好，冷藏柜、智能柜、商超柜表现靓丽。2025H1 公司内销收 入同比增长 14.4%至 12.6 亿。其中商用冷冻展示柜收入预计仍处于下滑状 态，主要系下游行业整体需求不足拖累行业销量下降，公司冷冻柜市占率及 龙头地位稳固；冷藏展示柜预计增长较快，公司凭借技术产品优势及客户洞 察，在多家客户中的供货份额实现提升；商超展示柜销量实现良好增长，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；智能售货柜业务预计实现翻倍增长，下游品牌商客户对公司的认可度逐 步提升，带动公司产品快速增长。 海外市场增长稳健。H1 公司海外收入同比增长 9.4%，其中 ...

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].

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 ...

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 ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]