Investment Rating - The report assigns an "Accumulate" rating to the company [2][10]. Core Viewpoints - The company, 德邦股份, is positioned as a leading player in the direct-operated express delivery sector, benefiting from its integration with 京东, which enhances its revenue streams and operational efficiency [5][18]. - The company's profitability has significantly improved due to the consolidation of the express delivery market and the advancement of network integration projects, with net profit growth of 76.77% in 2023 and an expected 24.65% in the first three quarters of 2024 [5][9]. - The report anticipates that the company's net profit will reach 1.02 billion yuan in 2025, reflecting a growth rate of 18.9% [9]. Summary by Sections Company Overview - 德邦股份 has been a key player in the heavy cargo sector since its establishment in 1996, transitioning into the express delivery market in 2013 and becoming publicly listed in 2018. In 2022, it was acquired by 京东, which now holds 75.40% of the company [5][19][20]. Business Structure - As of early 2024, the company's revenue composition shows that express delivery accounts for 90.2% of its income, while traditional express services contribute approximately 5.7% [5][24]. - The company has a robust operational model that includes a comprehensive logistics network and standardized service processes, which enhances its competitive edge in the market [58]. Market Dynamics - The express delivery market in China is projected to grow steadily, with the overall market size reaching approximately 1.5 trillion yuan in 2022. The report indicates a compound annual growth rate (CAGR) of 4%-8% for various segments from 2025 to 2030 [6][37]. - The demand for large-item express delivery is increasing due to the growth of e-commerce, with significant sales in large appliances expected to reach 278.9 billion yuan in 2024 [48][55]. Financial Performance - The company’s total revenue for 2024 is projected to be 40.38 billion yuan, with a year-on-year growth rate of 11.3% [11]. - The report highlights a significant improvement in the company's profitability, with net profit margins expected to stabilize around 8.3% in the coming years [11][30]. Strategic Initiatives - The integration with 京东 is expected to drive revenue growth through enhanced operational synergies and increased transaction volumes, with projected related transactions reaching 8 billion yuan in 2024 [7][9]. - The company is also focusing on cost management through network integration and resource optimization, which is anticipated to further improve its profitability [8][30].

网络融合深入推进，快运巨头利润可期 [Table_CoverStock] —德邦股份(603056)公司深度报告 [Table_ReportDate] 2025 年 04 月 01 日 [Table_CoverAuthor] 匡培钦 交通运输行业首席分析师 执业编号 S1500524070004 邮 箱 kuangpeiqin@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 德邦股份(603056) [Table_ReportDate] 2025 年 04 月 01 日 投资评级 增持 上次评级 [Table_Chart] -30% -20% -10% 0% 10% 20% 30% 24/04 24/08 24/12 德邦股份 沪深300 资料来源：聚源，信达证券研发中心 本期内容提要: [Table_Summa 我国直营制快运巨头，2022 年京东实现入主 [Table_BaseData] 公司主要数据 | 收盘价（元） | 14.61 | | --- | --- | ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-007 德邦物流股份有限公司 关于转让子公司股权的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 交易概述 德邦物流股份有限公司（以下简称"公司"）于 2023 年 10 月 20 日召开第 五届董事会第二十一次会议，审议通过《关于转让子公司股权的议案》，同意将 子公司宁波德汉供应链管理有限公司（以下简称"宁波德汉"）持有的西安德秦 物流服务有限公司（以下简称"德秦"）股权、子公司宁波德楚供应链管理有限 公司（以下简称"宁波德楚"）持有的淮安德宣供应链管理有限公司（以下简称 "德宣"）股权、子公司宁波德晋供应链管理有限公司（原名为"上海德晋供应 链有限公司"，已于 2023 年 11 月 23 日更名为现名称，以下简称"宁波德晋"） 持有的厦门德咸供应链有限公司（以下简称"德咸"）股权、子公司宁波德基供 应链管理有限公司（以下简称"宁波德基"）持有的青岛德金供应链管理有限公 司（以下简称"德金"）股权转让给厦门永邦企业管理有限公司（以下简称"厦 门 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-006 德邦物流股份有限公司关于间接控股股东 增持股份暨权益变动超过 1%的提示性公告 本次权益变动为京东卓风通过集中竞价交易方式增持公司股份，本次权 益变动不触及要约收购。 公司控股股东宁波梅山保税港区德邦投资控股股份有限公司（以下简称 "德邦控股"）系京东卓风控制的公司，本次权益变动后，德邦控股及京东卓风 合计持有公司股份的比例从75.4047%增加到76.0000%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 公司于 2025 年 3 月 20 日收到公司间接控股股东京东卓风出具的《关于增持 股份暨权益变动超过 1%的告知函》,现将有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 名称：宿迁京东卓风企业管理有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 德邦物流股份有限公司（以下简称"公司"）间接控股股东宿迁京东卓 风企业管理有限公司（以下简称"京东卓风"或"信息披露义务人"）于202 ...

Financial Performance - The total operating revenue for 2024 reached RMB 4,037,886.98 million, representing a year-on-year increase of 11.30%[4] - The net profit attributable to shareholders of the listed company was RMB 86,060.36 million, up 15.41% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 63,998.34 million, reflecting a growth of 12.73% year-on-year[4] - The earnings per share (EPS) for the period was RMB 0.85, an increase of 14.86% compared to RMB 0.74 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were RMB 1,697,778.11 million, a decrease of 3.06% from the beginning of the period[5] - Shareholders' equity attributable to the listed company increased to RMB 846,338.69 million, marking a growth of 10.14%[5] Operational Efficiency - The company has implemented cost control measures and improved operational efficiency, contributing to stable profit growth[10] - The network integration project is progressing steadily, further promoting revenue growth[10] - The company has enhanced delivery quality and customer experience, leading to significant improvements in service metrics[10] Reporting Accuracy - There are no major uncertainties affecting the accuracy of the performance report[11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Views - The company is a leading player in the direct express logistics sector, with expected growth from network integration and market expansion [4][8] - The overall market for express logistics is projected to grow, driven by increasing penetration rates and the recovery of the macroeconomic environment [5][28] Summary by Relevant Sections Financial Performance - Revenue is forecasted to grow from 36,279 million RMB in 2023 to 48,399 million RMB in 2026, with a CAGR of approximately 10.39% [4] - Net profit attributable to shareholders is expected to increase from 746 million RMB in 2023 to 1,388 million RMB in 2026, reflecting a CAGR of 29.64% [4][6] - The company’s earnings per share (EPS) is projected to rise from 0.73 RMB in 2023 to 1.35 RMB in 2026 [4] Market Position and Strategy - The company has established a comprehensive logistics network, enhancing its service capabilities and competitive edge [49] - The direct operation model allows for better control over service quality and operational efficiency [52] - The acquisition by JD.com has led to a more stable competitive landscape, reducing the intensity of competition in the direct express logistics market [40][44] Industry Outlook - The express logistics market is expected to see a compound annual growth rate (CAGR) of approximately 9.0% from 2022 to 2027, with the market size projected to reach 1,798.1 billion RMB by 2027 [5][31] - The direct express logistics segment is anticipated to grow to 824 billion RMB by 2027, with a CAGR of about 7.4% from 2024 to 2027 [44] Operational Efficiency - The company has made significant improvements in operational efficiency, with a reduction in costs and an increase in service quality through technology and process optimization [61] - The logistics network includes 7,956 service points and 165 distribution centers, ensuring extensive coverage and efficient service delivery [49][50] Collaboration with JD.com - The partnership with JD.com is expected to yield significant synergies, with projected service revenue of 80.5 billion RMB by 2025 [64]

证券代码：603056 证券简称：德邦股份 公告编号：2025-004 德邦物流股份有限公司 关于注销回购股份暨控股股东被动增持的公告 一、已回购股份注销的决策与信息披露 公司分别于 2024 年 12 月 10 日和 12 月 27 日召开第六届董事会第四次会议、 第六届监事会第四次会议和 2024 年第二次临时股东大会，审议通过了《关于变 更回购股份用途并注销暨减少注册资本的议案》。根据《公司法》《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》《上市公司股份回购规则》的 有关规定，同意公司拟注销回购专用证券账户中的 7,139,877 股股份，并相应减 少公司注册资本，办理相关注销手续。具体内容详见公司于 2024 年 12 月 11 日 在上海证券交易所网站(www.sse.com.cn)披露的《德邦物流股份有限公司关于变 更回购股份用途并注销暨减少注册资本的公告》（公告编号：2024-045）。 公司已依据相关法律规定就本次股份注销事项履行通知债权人程序，具体内 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-003 德邦物流股份有限公司关于间接控股股东 增持股份暨权益变动超过 1%的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 德邦物流股份有限公司（以下简称"公司"）间接控股股东宿迁京东卓 风企业管理有限公司（以下简称"京东卓风"或"信息披露义务人"）于2025年 2月6日通过大宗交易方式以自有及自筹资金增持公司股份16,500,000股，约占公 司总股本的1.6067%。 本次权益变动为京东卓风通过集中竞价交易方式、大宗交易方式增持公 司股份，本次权益变动不触及要约收购。 公司控股股东宁波梅山保税港区德邦投资控股股份有限公司（以下简称 "德邦控股"）系京东卓风控制的公司，本次权益变动后，德邦控股及京东卓风 合计持有公司的比例从73.0235%增加到74.8805%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 公司于 2025 年 2 月 6 日收到公司间接控股股东京东卓风出具的《关于增持 股份暨权益变动超过 1%的告知函》 ...

北京世辉律师事务所 关于宿迁京东卓风企业管理有限公司增持德邦物流股份 有限公司股份的 法律意见书 二〇二五年二月 | 一、增持人的主体资格 | 1 | | --- | --- | | 二、本次增持的情况 | 2 | | 三、本次增持属于《收购管理办法》规定的免于发出要约的情形 | 2 | | 四、结论意见 | 3 | 北京世辉律师事务所 关于宿迁京东卓风企业管理有限公司 增持德邦物流股份有限公司股份的 法律意见书 致：宿迁京东卓风企业管理有限公司 （二）仅为出具本法律意见书之目的，本所律师特作如下声明： 北京世辉律师事务所（以下简称"本所"）为具有从事法律业务资格的律师事务所。 本所接受宿迁京东卓风企业管理有限公司（以下简称"京东卓风"或"增持人"）的委 托，指派本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"） 等有关法律、法规、规范性文件（以下统称"法律法规"）的规定，就京东卓风以大宗 交易方式增持德邦物流股份有限公司（以下简称"公司"）股份事宜（以下简称"本次 增持"）出具本法律意见书。 仅为出具本法律意见书 ...

德邦股份 20250113 摘要 Q&A 德邦股份作为快运行业的龙头，曾经一度陷入电商困境的原因是什么？ 德邦股份陷入电商困境的原因主要有两方面。一方面是外部竞争环境的变化。自 2018 年起，包括京东物流、顺丰在内的大型物流公司纷纷进入中高端快运市场， 导致行业竞争加剧。此外，低端快递公司通过加盟模式扩展货量，也进一步加剧 了市场竞争。另一方面，公司内部管理出现问题。从 2017 年到 2021 年，公司实 施轮值 CEO 制度，管理层频繁变动，战略执行和内部管理出现波动。同时，公司 在战略上错位，将更多精力聚焦于快递业务，而非其核心产品快运业务。这些因 • 德邦股份曾因外部竞争加剧（京东物流、顺丰等进入中高端快运市场）和 内部管理问题（轮值 CEO 制度导致战略执行波动，资源错配）导致业绩下 滑，陷入电商困境。 • 2023 年以来，宏观经济需求疲软压制德邦业绩，但 2024 年 9 月底以来宏 观经济政策转向积极，为德邦带来增长机遇。中高端快运市场已形成德邦、 顺丰、京东物流三足鼎立的格局。 • 德邦股份近年来积极调整内部管理，稳定管理层，重新聚焦中高端快运核 心业务，提升运营效率和服务质量，利润分位数 ...