HIRON COLD CHAIN(603187) 华创证券·2025-04-27 03:44Investment 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].