scratchfootball| Hairong Cold Chain (603187): Q1 performance is slightly under pressure and medium-and long-term growth logic remains unchanged

Core point of view the company released the first quarterly report of 2024, and 24Q1 achieved operating income of 8%.Scratchfootball. 5.2 billion yuan, down 4% from the same period last yearScratchfootball.34%, short-term order revenue is under pressure. Q1 achieved a gross profit margin of 27.49%, an increase in 0.36pct over the same period last year, and a net profit margin of 11.47%, a decrease of 1.03pct over the same period last year. 24Q1 realized net profit belonging to the parent company of 115 million yuan, down 1.67% from the same period last year. The company's short-term order revenue is under pressure, but the medium-and long-term growth logic remains unchanged. Future freezers, smart cabinets, merchant super cabinets and other categoriesScratchfootballThe volume and the continuous development of overseas markets will bring considerable room for growth for the company in the long term. The event company released its quarterly report for 2024. 24Q1 realized operating income of 852 million yuan, down 4.34% from the same period last year, realized net profit of 115 million yuan belonging to shareholders of the parent company, down 1.67% from the same period last year, and realized net profit of 98 million yuan after deducting non-recurrent profits and losses, down 12.22% from the same period last year. From a profit point of view, the company's 24Q1 achieved a gross profit margin of 27.49%, an increase in 0.36pct over the same period last year, and a net profit margin of 11.47%, down 1.03pct from the same period last year. Brief comment 1, revenue level: domestic sales are affected by weather factors, short-term pressure company 24Q1 revenue fell 4.34% year-on-year, short-term pressure. Split point of view: 1) domestic orders for frozen products are put on the domestic side since the beginning of the year, the pace of delivery of downstream customers is relatively slow, and export sales continue to grow, but it is expected that the year-on-year growth rate will slow down under a higher base, which is expected to be in the single digits; 2) refrigerated products, the export end has a good year-on-year growth under the low base last year, and the domestic sales end is expected to have good growth performance under the low base of 23Q1. Second, profitability from the perspective of gross profit margin, the company's 24Q1 gross profit margin is 27.49%, an increase of 0.36pct over the same period last year, and a slight improvement as a whole. According to the analysis of the reasons, it is expected to be mainly due to the optimization of product structure (an increase in the proportion of overseas orders) and contributions from the raw materials side. From the perspective of expense rate, the sales / management / R & D / financial expense rate of 24Q1 Company is + 2.16%, 0.21%, 0.22%, 1.06%, respectively, compared with the same period last year. The increase in sales and management expense rate is expected to be mainly due to overseas market development and short-term team building factors. From the perspective of net profit, 24Q1 achieved a net profit of 115 million yuan, down 1.67% from the same period last year, the net interest rate was 11.47%, decreased 1.03pct, deducted the non-net interest rate 13.53%, and increased 0.47pct over the same period last year, and the overall net interest rate of the company remained stable. Investment advice:ScratchfootballWe expect the company to achieve operating income of 34.61,38.42 and 4.265 billion yuan respectively from 24 to 26, an increase of 8%, 11% and 11% respectively over the same period last year, and the net profit attributed to the parent company is 4.40,4.83 and 540 million yuan respectively, up 6.54%, 9.75% and 11.75% respectively over the same period last year. Be optimistic about the continuous improvement of the company's market share in refrigeration, intelligence, merchant super-counter and the continuous development of overseas markets, and maintain the buying rating. Risk tips: 1) the risk of market competition and the risk that new products can not be developed in time: the company focuses on the research, development, production and sales of commercial display cabinets, and grows into a strong competitor in the industry through specialized, differentiated and customized products. At present, the competition in the industry where the company is located is becoming increasingly fierce, and the downstream customers in the industry are constantly introducing new marketing methods, and the demand for customization and differentiation of the company's products is more urgent. if the company can not timely grasp the changes in market demand and effective new product development, it will affect the development of the company's business. 2) risk of raw material price fluctuation: the company's main raw materials and key parts include steel (mainly cold-rolled coil, PCM plate, etc.), isocyanate, composite polyether, compressor and glass door body, etc. Among them, the purchase prices of steel, isocyanate, composite polyether and compressors are greatly affected by the prices of commodities such as steel and crude oil. Once the prices of major raw materials and spare parts fluctuate greatly, it will affect the stability of the company's business performance. 3) seasonal fluctuation risk of main products: the company's customers are mainly concentrated in the cold drink industry, quick-frozen food industry and beverage industry, and the end consumption of cold drinks and beverages has obvious seasonality. Therefore, customers purchase commercial refrigerated display cabinets also show a certain seasonality. Usually the first half of each year and the end of the year is the peak season of production and marketing, and the period from July to October is the off-season. Therefore, the company's business is affected by seasonal characteristics, there are mainly the following risks: first, in the peak production season, there is a risk that insufficient capacity can not meet customer demand; second, in the off-season, it is difficult to fully utilize the production capacity. 4) the risk of relative concentration of customers: the top five customers account for a large proportion of the total income in the company's main business. Although the company generally maintained the stability of its key customers and expanded a number of new customers during the reporting period, if there are changes in existing key customers, it will have a greater impact on the company's performance. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

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