Investment Rating - The report initiates coverage on Aneng Logistics (9956 HK) with a "Buy" rating, citing its position as a leading player in the franchised LTL (Less-than-Truckload) express market and its potential for growth driven by service quality improvements [3][5] Core Views - The LTL express market is expected to grow steadily, with the franchised LTL express market projected to reach RMB 97 3 billion by 2027, growing at a CAGR of 9 1% from 2022 to 2027 [3] - Aneng Logistics, as the leader in the franchised LTL express market, has shown significant profit improvement under its strategic transformation, with gross margin increasing from 8% in 2022 to 16% in Q1 2024 [3] - The company's strategic focus on quality and profit-driven growth has led to enhanced franchisee loyalty and improved unit revenue and cost efficiency [3] Industry Overview - The LTL market is segmented into full-network, regional, and dedicated line models, with the full-network model expected to account for 10% of the LTL market by 2027, up from 7 2% in 2022 [15] - The franchised model, which allows for rapid network expansion, is expected to dominate the full-network LTL market, with the top 5 players increasing their market share from 2 6% in 2018 to 5 6% in 2022 [17] Company Strategy and Performance - Aneng Logistics has undergone a strategic transformation since 2022, focusing on quality and profit-driven growth, which has resulted in improved operational efficiency and cost optimization [21][29] - The company's unit LTL revenue increased to RMB 818/ton in 2023, up 6 6% YoY, and further improved to RMB 827/ton in Q1 2024 [29] - Aneng Logistics has optimized its cost structure through route planning, fleet management, and hub layout adjustments, leading to a reduction in unit transportation and hub costs [30] Financial Projections - The report forecasts Aneng Logistics' adjusted net profit to be RMB 848 million, RMB 1 027 billion, and RMB 1 179 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9 3x, 7 7x, and 6 7x [3][5] - Revenue is expected to grow at a CAGR of 12 5% from 2023 to 2026, driven by volume growth, pricing improvements, and cost optimization [36] Key Assumptions - The company's business volume is expected to grow steadily, benefiting from industry consolidation and optimized franchisee ecosystems [6] - Pricing improvements are anticipated due to the company's focus on the LTL express market, with enhanced service capabilities driving unit revenue growth [6] - Cost optimization is expected to continue, with unit costs projected to decline as the company benefits from economies of scale and operational efficiency improvements [6]

Investment Rating - Buy (maintained) [1] Core Views - ANE Logistics achieved strong growth in both volume and profitability in H1 2024, with a 20.5% YoY increase in cargo volume and a 145.1% YoY increase in net profit attributable to shareholders [2] - The company's gross margin reached 16.6%, up 4.5 percentage points YoY, and net profit margin attributable to shareholders reached 7.4%, up 3.9 percentage points YoY [2] - ANE Logistics' "Five Best" strategy (lowest cost, best quality, most stable timeliness, fastest service response, and densest network coverage) is driving long-term growth [9] Business Performance - In H1 2024, ANE Logistics handled 642.1 million tons of cargo, a 20.5% YoY increase, and generated revenue of RMB 5.289 billion, a 16.2% YoY increase [2] - Gross profit in H1 2024 was RMB 880 million, a 59.0% YoY increase, and net profit attributable to shareholders was RMB 390 million, a 145.1% YoY increase [2] - In Q2 2024, the company handled 355 million tons of cargo, a 19.5% YoY increase, and generated revenue of RMB 2.911 billion, a 17.1% YoY increase [2] Network Expansion and Service Quality - ANE Logistics expanded its network to over 31,000 freight partners and agents in H1 2024, an 11% YoY increase, serving over 5.8 million end customers [4] - The company improved service quality, reducing average shipment time to under 68 hours (a 5.8% YoY decrease), and significantly lowering loss, damage, and complaint rates [4] - Point-to-point cargo volume per outlet increased to 207 tons in H1 2024, a 9% YoY increase [6] Product and Business Structure Optimization - ANE Logistics optimized its product structure, with 0-70kg mini parcels growing 25.6% YoY and 70-300kg small LTL growing 19.6% YoY in H1 2024 [7] - The average shipment weight decreased from 109kg in H1 2022 to 89kg in H1 2024, reflecting a shift towards higher-margin products [7] - The company plans to focus on 0-300kg products, which require higher service quality and offer better profitability [7] Cost Control and Profitability Improvement - ANE Logistics reduced unit core costs in H1 2024, with unit trunk line costs decreasing to RMB 0.306/kg and unit hub costs decreasing to RMB 0.144/kg [8] - The company's gross margin reached a record high of 17.0% in Q2 2024, up 3.5 percentage points YoY [8] - Management expense ratio decreased from 9.9% in H1 2022 to 6.4% in H1 2024, contributing to improved profitability [8] Financial Forecasts - Revenue is expected to grow to RMB 11.6 billion in 2024, RMB 13.5 billion in 2025, and RMB 15.2 billion in 2026 [9] - Net profit attributable to shareholders is forecasted to reach RMB 801 million in 2024, RMB 997 million in 2025, and RMB 1.151 billion in 2026 [9] - The company's PE ratio is projected to decrease from 9.82x in 2024 to 6.83x in 2026 [9] Industry Position and Strategy - ANE Logistics is a leading franchise-based express logistics company in China, benefiting from the accelerated penetration of LTL logistics [9] - The company's "Five Best" strategy is expected to drive long-term growth in both volume and profitability [9] - ANE Logistics is well-positioned to capitalize on the growth opportunities in the zero-load logistics market [9]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 5,288,871 thousand, a 16.2% increase from RMB 4,550,157 thousand in the same period of 2023[2] - Gross profit for the same period was RMB 877,972 thousand, representing a significant increase of 59.0% compared to RMB 552,282 thousand in 2023[2] - Adjusted net profit reached RMB 429,961 thousand, an increase of 82.4% from RMB 235,770 thousand year-on-year[2] - Operating profit increased from RMB 287.7 million for the six months ended June 30, 2023, to RMB 579.8 million for the same period in 2024, with an operating margin rising from 6.3% to 11.0%[27] - Net profit for the six months ended June 30, 2024, was RMB 402.4 million, with a net profit margin of 7.6%, compared to RMB 169.3 million and 3.7% for the same period in 2023[31] - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 1,027.0 million, compared to RMB 886.7 million for the same period in 2023[32] - Basic and diluted earnings per share for the parent company were both RMB 0.34, compared to RMB 0.14 in the same period last year, reflecting a 142.9% increase[46] - The company's net profit attributable to ordinary shareholders for 2024 was RMB 390,662,000, compared to RMB 159,385,000 in 2023, representing a significant increase[71] Operational Metrics - The total cargo volume for the first half of 2024 was 6.4 million tons, a 20.5% increase from 5.3 million tons in the same period of 2023[3] - The average weight per shipment decreased from 94 kg in the first half of 2023 to 89 kg in the first half of 2024[3] - The company expanded its network to serve over 5.8 million end customers, up from 5.0 million in the previous year[3] - The company increased its number of freight partners and agents to over 31,000, compared to over 28,000 a year earlier[5] - The average delivery time improved to within 68 hours, a 5.8% reduction from the previous year[6] - The total freight volume increased by 20.5% to 6.4 million tons in the first half of 2024, compared to 5.3 million tons in the same period of 2023[16] - The average daily handling volume at core transfer hubs was approximately 4,529 tons, with a total freight handling volume of about 21.7 million tons in the first half of 2024[10] Cost Management - Operating costs rose by 10.3% from RMB 3,997.9 million to RMB 4,410.9 million, with significant increases in trunk transportation costs from RMB 1,739.3 million to RMB 1,964.5 million and value-added service costs from RMB 176.7 million to RMB 223.4 million[21] - The average unit transportation cost decreased by 6.4% to RMB 306 per ton, while the average unit cost of distribution centers dropped by 23.4% to RMB 144 per ton[14] - The unit operating cost decreased by 8.4% from RMB 750 per ton to RMB 687 per ton, reflecting improved fleet efficiency[21] - The company has implemented cost optimization strategies through centralized procurement and route optimization, contributing to improved cost efficiency[21] Strategic Initiatives - The company aims to enhance service quality and operational efficiency while expanding its market share in the logistics sector[4] - The company plans to pilot an automated sorting system at distribution centers to enhance sorting efficiency in response to the growth of e-commerce[13] - The company is focusing on less-than-truckload (LTL) business while treating full truckload (FTL) as a supplementary service to better utilize its fleet[18] - Future strategies include enhancing operational efficiency and service quality, focusing on customer value, and accelerating digital investments[40][41][42] - The company aims to expand its product matrix and explore potential growth opportunities while adhering to sustainable development practices[43] Financial Position - Total assets as of June 30, 2024, were RMB 5,583,577,000, compared to RMB 5,776,054,000 as of December 31, 2023[49] - Current assets increased to RMB 3,199,871,000 from RMB 3,116,315,000, showing a growth of 2.7%[49] - Current liabilities decreased to RMB 1,997,776,000 from RMB 2,156,462,000, indicating a reduction of 7.4%[50] - The net asset value increased to RMB 3,050,242,000 from RMB 2,974,219,000, reflecting a growth of 2.5%[51] - The debt-to-equity ratio as of June 30, 2024, was approximately 7.7%, down from 19.1% as of December 31, 2023[36] - The company reported cash and cash equivalents of RMB 1,400.8 million as of June 30, 2024, compared to RMB 1,407.9 million as of December 31, 2023[36] Governance and Compliance - The company has maintained compliance with corporate governance codes and has no changes in the board of directors during the reporting period[76] - The company has established various committees, including a remuneration committee and a strategic committee, to enhance governance[88] - The audit committee has reviewed the interim financial performance for the six months ending June 30, 2024, and confirmed compliance with relevant accounting standards[87] - The independent auditor, Ernst & Young, conducted a review of the interim financial data and did not issue a certification for the preliminary announcement[87] Employee and Community Engagement - The company employed 3,031 staff as of June 30, 2024, a decrease of 3.5% from 3,142 employees at the end of 2023[79] - The company’s incentive plans are linked to employee performance, ensuring alignment with strategic goals and objectives[79] - The board expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[89]

2024 年 06 月 16 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 盈利大幅改善，回购彰显信心 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——安能物流（ ）股份回购点评 09956 最近一年走势 事件 : 2024年6月13日，安能物流发布股份回购公告： 2024年1月1日至2024年6月13日，公司已回购约300万股股份， 共计花费自有闲置资金约0.14亿港元。 同时，公司拟进一步于市场回购股份，2024年年度回购总金额预计不超 过1.5亿港元。 投资要点 : 相对恒生指数表现 2024/06/14 表现 1M 3M 12M  品质精益求精，为规模持续增长及货物结构优化创造条件 安能物流 7.2% 38.5% 10.2% 恒生指数 -5.9% 5.8% -7.6% 2024Q1，公司实现货量288万吨，同比增长21.7%；营业收入23.78 亿元，同比增长15.2%；实现毛利润3.82亿元，同比增长77.6%。 市场数据 2024/06/14 毛利率16.1%，同比增长5.7pcts；实现归母净利润1.9亿元，同比 ...

今天我们会带来第一场的电话会议是请到了港股的商业公司安能物流也是国内的宽容投资公司那我首先先开场简单讲一下就是为什么我们会举办这样的一个电话会议那主要还是因为在近期的交易当中我们发觉 这个投资人大家对于港股的公司这边关注度确实是有提升那这个提升我觉得几个方面那一方面的话是因为这个在可能今年的话市场也预期就是从整个这上下的角度来说的话可能美联储会进入一个就是降息的这样的一个通道所以的话呢可能这个对于一些这个非美的这个新兴的市场 对他的资金的流入股市会有一个带动其次在亚太地区聚焦来说的话可能因为最近日元的贬值导致港股的资金有确实明显的流入避险第三 确确实实从基本面的角度来说可能经过了过去一年多的波动调整其实我们也看到整个港股市场目前呈现的估值更低基本面更强的 从4月19号中国证监会也发布了五项资本市场对于香港合作的一个措施那我相信这个也是给到了香港市场一个很大的提振所以我们看到其实从4月20号开始恒生指数就是从底部开始反弹大概到可能这周一就是昨天的话累计反弹有15%这个指标的话基本上在全球的股市当中是能够排到 前三名 第一名的这样的一个情况所以可能基于以上的几个原因我们也是一方面可能后续会推出从交易板块来看哪些港 ...

研究报告 Research Report 27 May 2024 安能物流（开曼） ANE (Cayman) (9956 HK) 24Q1，降本增效，业绩预期 Earnings Beat with Cost and Efficiency Optimization in 24Q1 [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------------------------|-----------|--------------------------------|-----------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | HK$6.31 | | 目标价 | | | | HK$8.95 | | HTI ESG | | | | 5.0 ...

[Table_Page] 公告点评|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 5.90港元 （09956.HK） 合理价值 9.06港元 前次评级 买入 网络强化与管理改善共振，利润弹性释放 报告日期 2024-05-24 [ 核Tabl 心e_Su 观mm 点ary] ： （如无特殊说明，本报告货币单位均为人民币，1RMB=1.0783HKD） [相Tab对le_P市icQ场uote表] 现 ⚫ 安能物流发布24年一季度报告。24Q1，公司完成营收23.78亿元，同 30% 16% 比+15.2%，实现归母净利润1.88亿元，同比+326.1%，实现经调整净 1% 利润2.09亿元，同比+173.9%，业绩超预期。 05/23 07/23 09/23 11/23 01/24 03/24 05/24 -13% ⚫ 网络强化货量高增，成本优化释放利润弹性。据公司财报，24Q1 公司 -28% 完成货运量287.5万吨，同比+21.7%，得益于货运合作商数量及点均货 -42% 安能物流 恒生指数 量的增长， ...

尊敬的各位投资者 分析师 媒体朋友 大家上午好我是安能物流的IR前专家在此我请代表安能物流集团有限公司欢迎各位参加公司24年一季度业绩发布会本次发布会将通过线上直播的方式进行接下来有请会议助理播报会议通知下面开始播报声明 本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布暗能物流未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权暗能物流将保留追究其法律责任的权利暗能物流不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策 专门在23年的一系列战略转型动作取得了丰硕的成果在优异的23年全年业绩的基础上我们在24年继续深化改革同时围绕舞队布局长期战略夯实快运龙头地位为了加深与市场的沟通我们从24年开始将进行自愿性季度披露将公司的发展成果更为及时地同步给市场24年一季度业绩将是公司第一次季度披露 我们很高兴能够以本场业绩会为契机将安能在过去三个月所取得的成绩与未来的发展策略同大家一起分享第三章请允许我介绍今天出席本次会议的管理层他们分别是安能物流董事会联席主席程伟豪先生安能物流执行董事兼首席运营官金云先生安能物流首席财务官徐 ...

总互量达到288万吨同比增长21.7%票卷中进一步下降至91公斤同比下降2.9%反映了我们的股票结构高单价高毛利的小根基段占比进一步得到提高的趋势其中0到70根基段互量增速最为突出 70公里以上的户量也实现了高速增长从22年四季度开始我们启动了网络渠道拓展项目聚焦网点拓展成而通过打造健康网络生态驱动户量增长截止24年3月31日我们共有6412个呼应合作商及一级网点比22年同期增长了542个 网点的增长也为我们的互联提供了强劲的增长动能同时随着网点密度的提升我们的服务水平成本能力也进一步得到优化量与力形成强劲的正向循环作用带动阿伦的业绩增长阿伦在过去的一年多里接近地挂车并执行了5Z战略通过连续度过业绩期的业绩持续交付 印证了这一战略的可实现性与我们塔队在策略陆地的稳定性和有效性在过去的一季度我们围绕五寨做出了持续的改善首先我们关注长期增长和服务质量重视网络建设推进网络覆盖最密截止一季度末我们全国网点数量突破了29500家在所有加盟制全网快运网络中 稳定排名第一其中一级网点数量同比增加542个渠道拓展效应显著其次我们提升了操作标准化力求产品品质最好一季度阿伦平均每十万件铺售867件疑似0.06件在品质上在加盟网络 ...

在过去三个月所取得的成绩与未来的发展策略同大家一起分享接下来请允许我介绍今天出席本次会议的管理层他们分别是安能物流董事会联席主席程伟豪先生安能物流执行董事兼首席运营官金云先生安能物流首席财务官徐浩先生 本场发布会将先由管理层为大家进行业绩展示金总 许总及陈总将依次为大家展示公司的业绩概览业务回顾以及经营策略与未来展望管理层展示结束后将进入问答环节我们将开放线上提问线上参会者可在进门财经页面接入语音或者同源提问接下来让我们首先欢迎金总为大家进行业绩展示 各位投资人分析师和媒体朋友大家上午好欢迎各位出席阿伦的业绩发布会公司在20年一季度坚持稳健的业务经营策略并脚踏实地的保证了策略的执行从而实现了优秀的财务业绩一季度整营收达到23.78亿元同比增长15.2%毛利3.82亿元同比增长77.6% 毛利率达到16.1%同比提升5.7个百分点毛利及毛利率均再度上升以来最高水平毛利以下我们继续节持了精准的费用控制和审慎的财务规划节降了一般行政支出及财务费用使得我们的精调整税前利润和精调整金利润也实现了成倍增长 分别达到2.8亿元和2.09亿元其中经调整利润率达到8.8%接近历史期间最高水平财务层面的优异表现背后是我们扎实的业 ...