[Table_Page] 公司深度研究|运输 证券研究报告 [【Table_T广itle] 发 交 运 & 海 外 】 安 能 物 流 [公Tab司le_I评nves级t] 买入 当前价格 4.83港元 （09956.HK） 合理价值 7.27港元 报告日期 2024-04-22 先向管理要利润，再向产业要空间 基[Ta本ble数_B据ase Info] [Table_Summary] 核心观点： （如无特殊说明，本报告货币单位均为人民币，1RMB=1.0814HKD） 总股本/流通股本（百万股） 1162.61/1162.61 总市值/流通市值（百万港元） 5615.38/5615.38 ⚫ 聚焦主线，加盟制快运龙头重回盈利通道。作为中国全网加盟制快运赛 一年内最高/最低（港元） 7.30/3.37 道的创始人之一，安能物流用十余年时间夯实自身龙头地位。18-23年， 30日日均成交量/成交额（百万） 1.21/5.83 公司货量CAGR 10%，收入CAGR 13%。值得注意的是，过去两年安 近3个月/6个月涨跌幅（%） 11.29/-21.97 能以提质增效为核心，在业务上做减法，在盈利上做加法，23年 ...

2024 年 03 月 30 日 公司研究 评级：买入 (上调 ) 研究所： [Table_Title] 改革成效显著，加盟快运龙头基本面大幅改善 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——安能物流（ ） 年年度业绩公告点 09956 2023 评 最近一年走势 事件 : 2024年3月26日，安能物流发布2023年年度业绩公告： 2023年，公司实现营业收入99.17亿元，同比增长6.23%；实现毛利 润12.68亿元，同比增长73.61%。毛利率12.79%，同比增长4.96pcts； 实现归母净利润3.92亿元，同比扭亏为盈（2022年同期为亏损4.00 亿元）。归母净利率3.96%，2022年同期为-4.28%。 2023H2，公司实现营业收入53.67亿元，同比增长3.29%；实现毛利 相对恒生指数表现 2024/03/28 润7.16亿元，同比增长56.84%。毛利率13.34%，同比增长4.55pcts； 表现 1M 3M 12M 实现归母净利润2.33亿元，同比扭亏为盈（2022年同期为亏损5.75 安能物流 29.2% -10.5% 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） 截至2023年12月31日止年度的全年業績公告 安能物流集團有限公司（「本公司」、「公司」或「安能」）董事（「董事」）會（「董事 會」）欣然公佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2023年12月31 日止年度（「報告期間」）經審計綜合業績，連同2022年度的比較數字。除非本公告 另有界定，否則本公告所用詞彙應具有本公司日期為2021年10月30日的招股章程 （「招股章程」）所界定的涵義。 | --- | --- | --- | --- | |--------------------------|--------------------------------------|-------------------------|----------| | | | | | | 財務摘 ...

ANE (Cayman) Inc. 安能物流集團有限公司 (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 9956 2023 中期報告 Interim Report 安能ane ANE endless possibilities 無限可能 安能 安能7 CONTENTS 目錄 2 Corporate Information 公司資料 6 Management Discussion and Analysis 管理層討論與分析 35 Corporate Governance and Other Information 企業管治及其他資料 75 Independent Review Report 獨立審閱報告 77 Interim Condensed Consolidated Statement of Profit or Loss 中期簡明綜合損益表 78 Interim Condensed Consolidated Statement of Compre ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） (1) 截至2023年6月30日止六個月的中期業績公告 及 (2) 有關2022年報的補充資料及澄清 安能物流集團有限公司（「本公司」或「安能」）董事（「董事」）會（「董事會」）欣然公 佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2023年6月30日止六個月 （「報告期間」）未經審計綜合業績，連同2022年同期的比較數字。除非本公告另有 界定，否則本公告所用詞彙應具有本公司日期為2021年10月30日的招股章程（「招 股章程」）所界定的涵義。 | --- | --- | --- | --- | |--------------------------|------------------------------------------|------------------------- ...

| --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ANE (Cayman) Inc. 安能物流集團有限公司 | | | | | | | | (A company incorporated in the Cayman Islands with limited liability) | | | | | | | | （於開曼群島註冊成立的有限公司） | | | | | | | | Stock Code 股份代號 : 9956 | | | | | | | 6 ANE安能 endless possibilities 無限可能 Annual Report 2022 年度報告 CONT ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ANE (Cayman) Inc. 安能物流集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9956） 截至2022年12月31日止年度的全年業績公告 安能物流集團有限公司（「本公司」或「安能」）董事（「董事」）會（「董事會」）欣然 公佈本公司及其附屬公司（統稱「本集團」或「我們」）截至2022年12月31日止年度 （「報告期間」）經審計綜合業績，連同2021年度的比較數字。除非本公告另有界 定，否則本公告所用詞彙應具有本公司日期為2021年10月30日的招股章程（「招股 章程」）所界定的涵義。 | --- | --- | --- | --- | |--------------------------|--------------------------------------|---------------------------------|----------| | | | | | | ...

Financial Performance - Revenue increased to RMB 9,645,366 thousand in 2021, up from RMB 7,081,791 thousand in 2020, representing a growth of 36.2%[17] - Gross profit for 2021 was RMB 1,066,197 thousand, slightly up from RMB 1,051,466 thousand in 2020[17] - Operating profit decreased to RMB 257,190 thousand in 2021 from RMB 578,322 thousand in 2020[17] - Net loss for the year 2021 was RMB 2,007,071 thousand, compared to a net profit of RMB 218,181 thousand in 2020[17] - Adjusted net profit for 2021 was RMB 408,438 thousand, down from RMB 654,316 thousand in 2020[17] - Adjusted EBITDA for 2021 was RMB 1,342,303 thousand, up from RMB 1,199,570 thousand in 2020[17] - Total assets increased to RMB 6,335,586 thousand in 2021 from RMB 3,710,788 thousand in 2020[17] - Net cash flows from operating activities increased to RMB 1,084,519 thousand in 2021 from RMB 722,555 thousand in 2020[17] - Total revenue increased by 36.2% from RMB7,081.8 million in 2020 to RMB9,645.4 million in 2021, driven by network expansion and increased freight volume[65] - Dispatch revenue increased significantly due to a change in revenue recognition from net to gross basis since July 2020[65] - Unit dispatch price increased from RMB176/ton in the second half of 2020 to RMB184/ton in 2021 on a gross basis[65] - Unit revenue for the second half of 2020 was RMB764/ton, compared to RMB765/ton in 2021, reflecting seasonal pricing trends[66] - Value-added services revenue grew due to business expansion and the acquisition of Zhongka Logistics Industrial Park Investment Co., Ltd. in 2021[66] - Unit line-haul transportation cost increased by 10.2% from RMB694/ton in 2020 to RMB765/ton in 2021[60] - Unit sorting centre cost increased by 5.7% from RMB299/ton in 2020 to RMB316/ton in 2021[60] - Unit gross profit decreased by 18.3% from RMB104/ton in 2020 to RMB85/ton in 2021[60] - Total revenue increased by 42.3% from RMB6,030.3 million in 2020 to RMB8,579.2 million in 2021, driven by growth in dispatch, line-haul transportation, sorting center, and value-added services[70] - Dispatch cost surged by 113.5% from RMB964.8 million in 2020 to RMB2,060.3 million in 2021 due to a full year of gross dispatch cost recognition in 2021 compared to only half a year in 2020[70] - Line-haul transportation cost rose by 30.3% from RMB3,057.5 million in 2020 to RMB3,985.1 million in 2021, driven by increased freight volume, higher fuel costs, and investment in self-operated fleet[70] - Sorting center cost increased by 25.8% from RMB1,762.3 million in 2020 to RMB2,217.2 million in 2021, primarily due to higher freight volume[70] - Value-added services cost grew by 28.9% from RMB245.7 million in 2020 to RMB316.6 million in 2021, in line with increased freight volume and expanded service scope[70] - Unit line-haul transportation cost increased by 5.7% from RMB299/ton in 2020 to RMB316/ton in 2021, mainly due to rising fuel costs and lower-than-expected freight volume growth[71] - Self-operated fleet operating costs surged significantly, with toll costs increasing by 391.4%, fuel costs by 414.8%, and driver compensation by 387.9% from 2020 to 2021[73] - Labour costs accounted for 60.1% of sorting center costs in 2021, increasing by 27.3% from RMB1,046.7 million in 2020 to RMB1,332.5 million in 2021[76] - Gross profit increased to RMB1,066.2 million in 2021 from RMB1,051.5 million in 2020, while gross profit margin decreased to 11.1% from 14.8% due to changes in revenue recognition and increased costs[78][80] - Unit gross profit decreased from RMB104/ton in 2020 to RMB85/ton in 2021[78][80] - General and administrative expenses increased by 50.3% to RMB791.0 million in 2021, driven by share-based compensations (RMB140.6 million increase), salaries and benefits (RMB68.9 million increase), and professional fees (RMB32.3 million increase)[81][82] - Other income and gains decreased to a net loss of RMB18.0 million in 2021 from a net gain of RMB53.2 million in 2020, primarily due to increased asset impairment (RMB38.1 million) and reduced government grants (RMB24.6 million decrease)[84][85] - Operating profit decreased to RMB257.2 million in 2021 from RMB578.3 million in 2020, with operating profit margin dropping to 2.7% from 8.2%[86][88] - Finance costs increased by 88.1% to RMB152.4 million in 2021, mainly due to higher interest on bank loans (RMB35.9 million increase) and transaction costs for convertible redeemable preferred shares (RMB21.0 million increase)[89][90] - Fair value change of financial assets and liabilities increased significantly to RMB2,042.7 million in 2021 from RMB396.2 million in 2020, driven by IPO-related revaluation[91][93] - The expected redemption amount related to put option liabilities increased significantly from RMB 18.3 million in 2020 to RMB 191.5 million in 2021, primarily due to the revaluation of the company's equity value based on the offer price in the IPO[94] - The company recorded an income tax credit of RMB 122.4 million in 2021, compared to RMB 135.3 million in 2020, mainly due to the recognition of deferred tax assets as major subsidiaries are expected to generate profits[95][97] - The company reported a profit of RMB 218.2 million with a net profit margin of 3.1% for the year ended December 31, 2020, but a loss of RMB 2,007.1 million with a net loss margin of 20.8% for the year ended December 31, 2021, largely due to non-recurring fair value changes of financial liabilities and changes in expected redemption amount related to put option liabilities[96][98] - Adjusted profit for the year was RMB 408.4 million in 2021, compared to RMB 654.3 million in 2020, after adding back non-cash and non-recurring items such as share-based payment expenses, fair value changes of financial liabilities, and listing expenses[102] - The fair value change of financial liabilities at fair value through profit or loss was RMB 2,043.9 million in 2021, compared to RMB 396.2 million in 2020, primarily due to the revaluation of preferred shares and convertible loans, which are non-cash and non-recurring items[102][103] - Net loss for the year 2021 was RMB 2,007,071 thousand, compared to a profit of RMB 218,181 thousand in 2020[106] - Adjusted EBITDA for 2021 was RMB 1,342,303 thousand, an increase from RMB 1,199,570 thousand in 2020[106] - Net loss margin for 2021 was -20.8%, compared to a net profit margin of 3.1% in 2020[107] - Adjusted EBITDA margin for 2021 was 13.9%, down from 16.9% in 2020[107] - Cash and cash equivalents as of December 31, 2021, were RMB 954.3 million, a 91.3% increase from RMB 498.7 million in 2020[112] - Net cash generated from operating activities in 2021 was RMB 1,084.5 million[112] - The company acquired a 90% equity interest in Zhongka Logistics Industrial Park Investment Co., Ltd. for RMB 65.7 million[115] - Bank loans and other borrowings were secured by mortgages over motor vehicles with a net carrying amount of RMB 51.6 million and RMB 566.7 million[116] - The company guaranteed bank loans to customers amounting to RMB 20.6 million as of December 31, 2021[117] - The company did not use any derivative financial instruments to hedge against foreign currency risk during the reporting period[121] - Outstanding secured borrowings of approximately RMB50.0 million and unsecured borrowings of approximately RMB958.1 million as of December 31, 2021[126] - Gearing ratio of approximately 37.8% as of December 31, 2021, calculated as total borrowings divided by total equity attributable to equity holders[126] - No significant investments, acquisitions, or disposals during the reporting period[127] - No plans for material investments and capital assets as of December 31, 2021[128] - The company's distributable reserves as of December 31, 2021, amounted to nil[188] - No final dividend was recommended for the reporting period[179] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[189] Market and Industry Position - ANE achieved 96% county and township coverage in 2021[19] - ANE went public on November 11, 2021, marking a significant milestone in its growth journey[20] - The company achieved a revenue growth of over 30% in 2021, significantly higher than the average growth of the express freight LTL industry[26] - The retention rate of the company's top partners, contributing more than 50% of revenue, remained above 98% in 2021[26] - The company invested approximately RMB 1.9 billion to build a fleet of around 4,000 high-capacity modern trucks, meeting over 80% of its line-haul transportation needs[22][24] - The self-operated fleet achieved a 9% reduction in unit trucking cost per kilometer compared to outsourced fleets in 2021[28] - The company operates more than 160 sorting centers and over 3,000 line-haul routes, covering approximately 96% of townships in China[22][24] - The China LTL market size is approximately RMB 1.5 trillion, with high potential for consolidation and growth[23][24] - The company's "Compass System" integrates operational management and digital technology, enabling real-time decision-making based on operational data[22][24] - The company's platform ecosystem sustained healthy development, with a focus on efficiency and long-term strategic direction[23][24] - The company's leadership position strengthened during the volatile macroeconomic environment of 2021 due to flexible responses and strategic advancements[26] - The company's self-operated fleet, built in just over 1.5 years, is the largest in the industry, enhancing fleet management and truck utilization optimization[27][28] - The company's self-operated fleet reduced unit trucking costs by 9% in 2021 compared to outsourced fleets[29] - Freight volume growth slowed in 2H 2021 due to macroeconomic factors, leading to a dip in load factor and increased unit line-haul transportation costs[29] - Oil prices rose approximately 30% in 2021 and continued to rise rapidly in Q1 2022, impacting the logistics industry but the company managed the impact through centralized fuel procurement and cost transfer to customers[30][32] - The company completed shipment of 12.6 million tons of freight volume in 2021, a 23.4% increase from 10.2 million tons in 2020[35] - The company's express freight network held a 17.3% market share in China's LTL market in 2020[35] - The company plans to focus on building and upgrading key infrastructure, including transit hubs and sorting centers, in 2022[33][34] - The company aims to enhance fleet management and technology systems to improve real-time decision-making capabilities for its self-operated fleet[33][34] - The company is launching a more customized pricing mechanism and digital solutions for freight agents to better manage and motivate frontline outlets[33][34] - The company's freight partner platform model aims to integrate local operators into its network to serve as infrastructure for China's new commerce landscape[36] - The company achieved a compound annual growth rate (CAGR) of approximately 31.0% in total freight volume from 2015 to 2020[35] - The company operates 162 self-operated sorting centers across China, covering approximately 96% of counties and townships as of December 31, 2021[44][45] - The company served approximately 3.9 million shippers (end-customers) as of December 31, 2021, through its freight partners and agents[41] - The company added 15 new sorting centers in 2021, located in economically vibrant regions such as Yueqing, Yuhang, Yangzhou, Binzhou, and Ezhou[50] - The company's key transit hubs handled an average freight volume of approximately 1.6 million tons in 2021[48] - The company's line-haul network consists of approximately 3,100 well-planned routes, with 96% being two-way routes as of December 31, 2021[51] - The company added approximately 400 line-haul routes in 2021 to optimize its network and reduce transit ratios[51] - The company had approximately 29,100 freight partners and agents as of December 31, 2021, with a top freight partner retention rate of 98.7% in both 2020 and 2021[40] - The company's key transit hubs are located in major commercial centers such as Shanghai, Hangzhou, Guangzhou, Shenzhen, Chengdu, and Suzhou[48] - The company's transit hubs are directly connected to an average of 17 provinces each as of December 31, 2021[48] - The company's sorting centers include 11 key transit hubs and 44 transit hubs, with the latter primarily responsible for inter-provincial freight transfer[47] - The company's self-operated fleet increased from approximately 1,500 high-capacity line-haul trucks and over 2,700 trailers in 2020 to approximately 4,000 high-capacity line-haul trucks and over 4,600 trailers in 2021, representing a significant expansion in fleet size[53] - The company invested RMB 1,119.9 million in its self-operated fleets in 2021, focusing on upgrading short-haul and long-haul transportation capabilities[53] - The average monthly mileage of the company's 17.5-meter high-capacity trucks reached over 21,000 kilometers in 2021, driven by optimized route planning and an extensive line-haul network[53] - The company's network outlets are owned and operated by approximately 29,100 freight partners and agents, covering 96% of counties and townships in China as of December 31, 2021[54] - The company's digitalisation tools, including the Compass System and Luban system, enable real-time data tracking, smart outlet management, and route planning, enhancing operational efficiency[54] - The upgraded pricing system allows real-time adjustments to prices, considering the live situation of freight partners and agents, improving customization and responsiveness[55] - The company developed a comprehensive truck control system integrated with its TMS system, enabling efficient dispatch of truck tractors and trailers based on live data and cost estimation[55] - Total freight volume increased by 23.4% from 10.2 million tons in 2020 to 12.6 million tons in 2021[60][61] - Unit price for transportation and value-added services increased by 0.9% from RMB576/ton in 2020 to RMB581/ton in 2021[60] - The company operates a leading express freight network in China's less-than-truckload (LTL) market, providing nationwide coverage and comprehensive freight transportation services[174] - The company aims to provide the most efficient logistics infrastructure for commerce in China[174] - There were no significant changes in the nature of the Group's principal activities during the year ended December 31, 2021[175] - The company's shares were listed on the Main Board of the Stock Exchange on the Listing Date[173] - The company was incorporated in the Cayman Islands on July 31, 2014 as an exempted company with limited liability[173] - The company mainly provides transportation services, value-added services, and dispatch services to freight partners and direct customers[174] - An analysis of the Group's revenue and operating profit for the Reporting Period by principal activities is set out in the "Management Discussion and Analysis" section of the annual report[175] - The company's principal activities include transportation services, value-added services, and dispatch services[174] - The company's express freight network operators deliver timely and comprehensive freight transportation services[174] - The company's financial statements and principal activities of its subsidiaries are detailed in note 1 to the financial statements[175] Future Strategy and Investments - The company plans to focus on building and upgrading key infrastructure, including transit hubs and sorting centers, in 2022[33][34] - The company aims to enhance fleet management and technology systems to improve real-time decision-making capabilities for its self-operated fleet[33][34] - The company is launching a more customized pricing mechanism and digital solutions for freight agents to better manage and motivate frontline outlets[33][34] - The company's freight partner platform model aims to integrate local operators into its network to serve as infrastructure for China's new commerce landscape[36] - COVID-19 resurgence in Q1 2022 led to operational disruptions and potential decline in freight volume compared to 2021[131][132] - Future strategy focuses on meeting demand for comprehensive transportation services, accelerating consolidation in China's LTL industry, and sustaining profitable growth[133][135] - Expansion of sorting capacity and establishment of more sorting centers in economically vibrant regions[138] - Long-term investment plan for modern and high-capacity tractors and trailers, with a focus on autonomous driving and clean fuel technologies[139] - Enhancement of operational efficiency through cost leadership, network scale, and optimization