海容冷链（603187）：25Q1收入略超预期，盈利能力短期承压

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]