丨证券研究报告丨 公司研究丨点评报告丨海容冷链（603187.SH） [Table_Title] 2025Q1 营收规模增长提速，经营利润同步 增长 报告要点 [Table_Summary] 2024 年公司实现营业收入 28.31 亿元，同比-11.67%，实现归母净利润 3.54 亿元，同比-14.39%， 实现扣非归母净利润 3.19 亿元，同比-18.56%；其中，2024Q4 公司实现营业收入 7.21 亿元， 同比+2.09%，实现归母净利润 8172.85 万元，同比+42.56%，实现扣非归母净利润 7486.36 万 元，同比+98.74%。此外，2025Q1 公司实现营业收入 9.09 亿元，同比+6.74%，实现归母净利 润 1.04 亿元，同比-9.20%，实现扣非归母净利润 1.01 亿元，同比+3.54%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海容冷链（603187.SH） cjzqdt11111 [Table_ ...

证券代码：603187 证券简称：海容冷链 公告编号：2025-024 青岛海容商用冷链股份有限公司 关于参加 2025 年青岛辖区上市公司 投资者网上集体接待日暨 2024 年度业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 为进一步加强与投资者的互动交流，青岛海容商用冷链股份有限公司（以下 简称"公司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网 络有限公司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日暨 2024 年度业绩说明会活动"，现将相关事项公告如下： 一、说明会类型 本次说明会以网络文字互动形式召开，公司将针对 2024 年年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 5 月 12 日（周一）15:00-17:00 会议召开地点："全景路演"网站（http://rs.p5w.net） 会议召开方式：网络文字互动 预征集 ...

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]

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].

Investment Rating - The investment rating for the company is maintained at "Outperform" [6] Core Insights - The company's 2024 annual report performance met expectations, while the Q1 2025 revenue slightly exceeded expectations. The 2024 total revenue was 2,831 million yuan, down 11.67% year-on-year, with a net profit attributable to shareholders of 354 million yuan, down 14.39% year-on-year. In Q1 2025, the revenue was 909 million yuan, up 6.74% year-on-year, with a net profit of 104 million yuan, down 9.20% year-on-year [6] - The company announced a cash dividend of 0.50 yuan per share, totaling 191.18 million yuan, which represents 64.42% of the net profit attributable to shareholders for the year [6] - The company is facing short-term pressure on profitability, with a gross profit margin of 25.42% in Q1 2025, down 1.97 percentage points year-on-year, and a net profit margin of 11.38%, down 2.15 percentage points year-on-year [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3,095 million yuan, with a year-on-year growth rate of 9.3%. The net profit forecast for 2025 is 377 million yuan, with a year-on-year growth rate of 6.5% [5][6] - The company plans to maintain a cash dividend ratio of no less than 50% of the net profit for 2025, ensuring stable overall dividends [6] - The company is expanding its overseas production capacity, with a new facility expected to produce 500,000 units annually, covering four main product categories [6]

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].

国金证券股份有限公司 关于青岛海容商用冷链股份有限公司 使用非公开发行股票闲置募集资金 进行现金管理的核查意见 2、募集资金的基本情况 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为青岛海容 商用冷链股份有限公司（以下简称"海容冷链"或"公司"）非公开发行股票的保荐 机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规及 规范性文件的要求，对海容冷链使用非公开发行股票闲置募集资金进行现金管理 的事项进行了核查，核查情况如下： 一、投资情况概述 （一）投资目的 为提高闲置募集资金的使用效率，在不影响募集资金投资项目建设的前提下， 对非公开发行股票闲置募集资金进行现金管理，增加资金效益，更好的实现公司 资金的保值增值，保障公司股东的利益。 （二）投资金额 公司拟使用最高额度不超过人民币 2 亿元的非公开发行股票闲置募集资金 进行现金管理。 （三）资金来源 1、资金来源的一般情况 公司委托理财的资金来源为非公开发行股票闲置募集 ...

国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为青岛海容 商用冷链股份有限公司（以下简称"海容冷链"或"公司"）发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市 规则》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、 法规及规范性文件的要求，对海容冷链使用可转换公司债券闲置募集资金进行现 金管理的事项进行了核查，核查情况如下： 一、投资情况概述 （一）投资目的 为提高闲置募集资金的使用效率，在不影响募集资金投资项目建设的前提下， 对可转换公司债券闲置募集资金进行现金管理，增加资金效益，更好的实现公司 资金的保值增值，保障公司股东的利益。 国金证券股份有限公司 关于青岛海容商用冷链股份有限公司 使用可转换公司债券闲置募集资金进行现金管理 的核查意见 注 1：公司 2024 年度募集资金存放与实际使用情况详见同日披露在上海证券交易所 官网（www.sse.com.cn）的《关于公司 2024 年度募集资金存放与实际使用情况的专项报 告》。 （二）投资金额 ...

青岛海容商用冷链股份有限公司 2024年12月31日 内部控制审计报告 内部控制审计报告 XYZH/2025JNAA4B0042 青岛海容商用冷链股份有限公司 青岛海容商用冷链股份有限公司全体股东： 信永中和会计师事务所 北京市东城区朝阳门北大街 8号富华大厦A座9层 联系电话: telephone: +86(010)6554 2288 +86(010)6554 2288 | | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidaj ie, | | | | --- | --- | --- | --- | | ShineWing | Dongcheng District, Beij ing, | 传真: | +86(010)6554 7190 | | certified public accountants | 100027, P.R.China | facsimile: | +86(010)6554 7190 | 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 青岛海容商用冷链股份有限公司（以下简称海容冷链公司）2024 年 ...

青岛海容商用冷链股份有限公司 青岛海容商用冷链股份有限公司 对外投资管理制度 对外投资管理制度 （2025年4月修订） 第一章 总则 第一条 为加强青岛海容商用冷链股份有限公司（以下简称"公司"）对外 投资管理，防范对外投资风险，确保公司资产安全，有效、合理使用资金，根据 《中华人民共和国公司法》等有关法律法规和规章制度，结合《青岛海容商用冷 链股份有限公司章程》制定本制度。 第二条 本制度所称的对外投资，是指本公司对外进行的投资行为。即公司 将货币资金以及经资产评估后的房屋、机器、设备、物资等实物资产，以及股权、 专利权、专有技术、商标权、土地使用权等资产作价出资，进行各种形式的投资。 第三条 本制度适用于公司及公司所属全资子公司、控股子公司和拥有实际 控制权的参股公司（以下简称子公司）的一切对外投资活动，其中对子公司的投 资视同公司的对外投资。 第二章 对外投资的原则 第四条 公司的对外投资应符合国家关于投资的法律、法规以及其他规范性 法律文件，以取得较好的经济效益为目的，并应遵循以下要求： （一）符合国家产业政策；符合公司的经营宗旨及主营业务； （二）有利于公司可持续发展和全体股东利益；有利于扩大公司经 ...