海容冷链 20250822 摘要 海容冷链 2025 年第二季度冷冻内销收入同比下降 40%，但外销收入同 比增长 52%，主要受益于产品结构优化，冷冻外销业务毛利率较高，推 动整体毛利率提升。 国内冷藏业务受益于与饮料、水饮料等领域客户合作深化，供货份额提 升，2025 年第二季度内销收入同比增长 36%，未来三到五年预计保持 增长。 商超柜业务内销收入同比增长近 50%，外销收入同比增长 61%，主要 得益于与原有连锁便利店客户深化合作及拓展新的应用场景。 智能柜业务内销收入同比增长 240%，主要由于下游品牌商客户加大投 放力度，但海外市场受限于 5G 建设和移动支付等因素，发展受限，正 在开发适应当地网络和支付方式的产品。 北美市场受关税政策影响，2025 年上半年销售额下降 29%，预计下半 年延续此趋势，未来印尼工厂投产后有望缓解关税影响。 国内冷冻市场预计 2025 年下半年不会出现明显拐点，但由于过去两年 大幅下降，继续大幅下降的可能性不大，未来需求有望逐渐回升。 公司维持全年收入增长 7%-16%的预期，目前已达 13%左右，分红预 期保持 50%不变，现金流状况良好，预计全年趋势与上半年相 ...

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 ...

Core Viewpoint - The company, Yuanwanggu (002161.SZ), has announced a financing plan to raise up to 300 million yuan through a simplified process aimed at upgrading its main business and expanding production capacity, reflecting the urgent need for strategic positioning in a rapidly improving industry environment [2]. Group 1: Financing Details - The financing will be directed towards four main projects: construction of RFID electronic tag production lines, establishment of the Xi'an Innovation Industrial Center, upgrading of RFID electronic tag chip processes, and replenishing working capital [2]. - This marks the first time since its listing in 2007 that the company has utilized a "fast track" refinancing approach [2]. Group 2: Project Breakdown - The RFID electronic tag production line in Kunshan aims to expand capacity to 2 billion tags, targeting major international brands like ZARA and Walmart, with a projected 15% reduction in unit costs upon reaching full production by 2026 [2]. - The Xi'an Innovation Center will focus on mass production of high-margin devices such as smart cabinets and readers, while collaborating with Xi'an University of Electronic Science and Technology to address data security issues in libraries and retail environments [2]. - The chip process upgrade aims to develop specialized chips that can withstand extreme temperatures and provide encrypted storage, addressing a significant supply gap as the country is projected to import 28.3 billion chips in 2024 [2]. Group 3: Financial Health and Strategic Alignment - The company aims to reduce its asset-liability ratio by 43% through this fundraising, which will provide financial flexibility for potential price competition [3]. - The investment projects align with national industrial policies and the company's strategic development direction, promising good market prospects and economic benefits [3]. - Upon completion, these projects are expected to enhance the company's asset quality and profitability, strengthen its core competitiveness and risk resistance, and promote sustainable and healthy development for the company and its shareholders [3].

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].