Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 28.296 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 11.21%. The net profit attributable to shareholders was 517 million yuan, up 9.71% year-on-year. However, in Q3 2024, revenue was 9.850 billion yuan, a slight increase of 1.03%, while net profit decreased by 19.40% to 184 million yuan [1]. Revenue Analysis - The revenue growth is primarily driven by the express delivery business, which saw a decline of 18% in Q3 2024, generating 535 million yuan. In contrast, the fast freight business reported a revenue of 8.879 billion yuan, up 1.23% year-on-year, with a core business volume of 3.4097 million tons, increasing by 9.37% [1]. Profitability Metrics - The gross margin for Q3 2024 was 7.42%, down 0.71 percentage points year-on-year, attributed to increased transportation costs. The expense ratio decreased to 5.26%, down 0.98 percentage points year-on-year, with sales expenses rising by 47.34% to 187 million yuan, while management expenses fell by 32.69% to 260 million yuan [1]. Cost Control and Efficiency - The company has made significant progress in cost control, with labor costs as a percentage of revenue decreasing by 2.05 percentage points due to lean management initiatives and optimization of business structure. The coverage rate for rural delivery has improved to 94.18% [1]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 820 million yuan, 1.05 billion yuan, and 1.29 billion yuan, respectively, down from previous estimates of 1.11 billion yuan, 1.37 billion yuan, and 1.65 billion yuan [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 28.296 billion yuan for Q1-Q3 2024, representing a year-on-year growth of 11.21%, and a net profit attributable to shareholders of 517 million yuan, up 9.71% year-on-year. However, Q3 revenue was 9.85 billion yuan, showing a slight increase of 1.03% year-on-year, while net profit decreased by 19.4% [1][3] - The company is experiencing pressure on demand, leading to a decline in unit revenue. The core business of express delivery volume increased by approximately 9.37% year-on-year, but the average price per kilogram fell by about 1.3% due to adjustments in pricing strategy and changes in product structure [1][3] - The company is focusing on cost control, with a decrease in expense ratio to approximately 5.2%, down 0.98 percentage points year-on-year. This improvement is attributed to process optimization and organizational flattening [4][3] Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 812.86 million yuan, with a year-on-year growth rate of 9.00%. The projected earnings per share (EPS) for 2024 is 0.79 yuan, with a price-to-earnings (P/E) ratio of 18.12 [3][6] - The company's revenue is forecasted to grow from 36.28 billion yuan in 2023 to 38.64 billion yuan in 2024, representing a growth rate of 6.52% [6][3] - The gross profit margin for Q3 2024 was approximately 7.42%, a decrease of 0.71 percentage points year-on-year, primarily due to increased transportation costs and changes in business structure [3][4]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 9.85 billion, a year-on-year increase of 1.03%, and CNY 28.30 billion for the year-to-date, up 11.21% compared to the previous year[3]. - Net profit attributable to shareholders for Q3 2024 was CNY 184.16 million, a decrease of 19.40% year-on-year, while year-to-date net profit reached CNY 517.07 million, up 9.71%[3]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was CNY 153.70 million, an increase of 1.79% year-on-year, with a year-to-date figure of CNY 351.30 million, up 24.65%[3]. - Total operating revenue for the first three quarters of 2024 reached ¥28.30 billion, a 11.03% increase from ¥25.44 billion in the same period of 2023[27]. - Net profit for the first three quarters of 2024 was ¥518.46 million, representing a 10.35% increase compared to ¥469.81 million in 2023[29]. - Basic earnings per share for the first three quarters of 2024 were ¥0.51, up from ¥0.46 in the same period of 2023[30]. Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 16.71 billion, a decrease of 4.56% from the end of the previous year, while net assets attributable to shareholders increased by 4.95% to CNY 8.06 billion[4]. - The company's current assets totaled CNY 9.15 billion, down from CNY 9.38 billion at the end of 2023, indicating a decrease of about 2.4%[24]. - The total liabilities decreased to CNY 8.63 billion from CNY 9.81 billion, reflecting a reduction of approximately 12.0%[26]. - The total equity attributable to shareholders rose to CNY 8.06 billion from CNY 7.68 billion, an increase of approximately 4.9%[26]. - The company's total assets as of September 30, 2024, included cash and cash equivalents of ¥1.01 billion[33]. Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 2.30 billion, an increase of 2.89% compared to the previous year[3]. - Cash flow from operating activities for the first three quarters of 2024 was ¥2.30 billion, slightly up from ¥2.23 billion in 2023[31]. - The company reported a net cash outflow from investing activities of ¥2.14 billion in 2024, compared to a net outflow of ¥448.83 million in 2023[32]. - The net cash flow from investment activities was -¥965,854,474.64 in 2024, contrasting with a positive cash flow of ¥711,381,583.13 in 2023[39]. - Cash inflow from operating activities was ¥1,008,401,063.61 in the first three quarters of 2024, down from ¥1,126,730,231.29 in 2023, reflecting a decline of 10.5%[38]. Operational Efficiency - The express delivery business revenue for Q3 2024 was CNY 5.35 billion, a decrease of 18.00% year-on-year, while the revenue from other businesses, mainly warehousing and supply chain, increased by 33.82% to CNY 4.35 billion[8]. - The transportation cost for Q3 2024 was CNY 4.36 billion, a year-on-year increase of 12.30%, with the cost ratio rising by 4.44 percentage points[11]. - The company's period expenses for Q3 2024 were 5.18 billion RMB, a decrease of 14.88% year-on-year[15]. - The gross profit margin decreased by 0.71 percentage points to 7.42% in Q3 2024 from 8.13% in Q3 2023[14]. - The management expenses decreased by 32.69% year-on-year to 2.60 billion RMB, reflecting improved operational efficiency[13]. Strategic Initiatives - The company plans to continue enhancing its network coverage and customer service experience through strategic investments and operational improvements[11]. - The company achieved a delivery success rate improvement of 2.6 percentage points year-on-year, with a significant reduction in customer complaints related to delivery[17]. - The company has enhanced its large-item delivery capabilities, achieving a rural coverage rate of 94.18%[17]. Research and Development - Research and development expenses decreased to ¥141.47 million in 2024 from ¥175.20 million in 2023, a reduction of 19.31%[27]. - Research and development expenses for the first three quarters were CNY 918,396.60, compared to CNY 780,451.66 in the same period last year, indicating a 17.7% increase[36].

证券代码：603056 证券简称：德邦股份 公告编号：2024-038 德邦物流股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 （三）会议召开方式：上证路演中心网络互动 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： 投资者可于 2024 年 10 月 28 日（星期一）至 11 月 1 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@deppon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 德邦物流股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布 《德邦物流股份有限公司 2024 年第三季度报告》，为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果及财务状况等具体情况，公司计划于 2024 年 11 月 4 日（星期一）上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就 投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 20 ...

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 二〇二四年九月 | 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 2. 所有提供给本所及本所律师的文件的原件都是真实的； 3. 所有提供给本所及本所律师的文件的复印件都与其原件一致； 4. 该等文件中所陈述的事实均真实、准确、完整，没有任何重大遗漏和/或误导。 致：宿迁京东卓风企业管理有限公司 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，就京东卓风增持德 邦物流股份有限公 ...

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将从71.9278%增加至72.9748%。 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 2024 年 9 月 18 日收到公司持股 5%以上股东京东卓风出具的《关于 通过大宗交易方式增持股份的告知函》。现将有关权益变动情况公告如下： 证券代码：603056 证券简称：德邦股份 公告编号：2024-037 德邦物流股份有限公司关于 持股 5%以上股东增持股份 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： 本次权益变动为德邦物流股份有限公司（以下简称"公司"）持股5%以 上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"）通过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。 本次京东卓风增持公司股份10,752,296股，占公司总股本的1.0470%。本 次权益变动后，京东 ...

北京世辉律师事务所 关于德邦物流股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：德邦物流股份有限公司 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。本所接受德邦物流股份有限公司（以下简称"公司"）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》"）《上市公司股东大会规则》等有关法律、法规、规范性文件（以下统称 "法律法规"）及《德邦物流股份有限公司章程》（以下简称"《公司章程》"）的 规定，就公司 2024 年第一次临时股东大会（以下简称"本次股东大会"）相关事 宜出具本法律意见书。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 本法律意见书仅供德邦物流股份有限公司为本次股东大会之目的 ...

证券代码：603056 证券简称：德邦股份 公告编号：2024-036 德邦物流股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 会议由公司董事会召集，董事长胡伟先生主持会议，会议采用现场投票和网 络投票相结合的方式表决，符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 9 月 4 日 (二) 股东大会召开的地点：上海市青浦区徐泾镇徐祥路 316 号 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 7 人，出席 5 人，董事黄华波先生、李学军女士因工作原因未 出席； 2、公司在任监事 3 人，出席 3 人； 3、董事会秘书出席了本次会议；部分高管列席了本次会议。 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 120 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） ...

2024 年第一次临时股东大会会议资料 德邦物流股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 9 月 4 日 2024 年第一次临时股东大会会议资料 目录 | 会议须知： | 1 | | --- | --- | | 会议议程： | 2 | | 议案一:《关于续聘 2024 年度审计机构的议案》 | 3 | | 议案二:《关于签署保理业务合作协议暨关联交易的议案》 | 6 | | 议案三:《关于修订<德邦物流股份有限公司董事、监事、高级管理人员薪酬与考 | | | 核管理制度>的议案》 | 9 | 2024 年第一次临时股东大会会议资料 德邦物流股份有限公司 2024 年第一次临时股东大会 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据中国证券监督管理委员会《上市公司股东大会规则（2022 年修订）》《德邦物流股份有限公司章程》的有关规定，特制定会议须知如下，望 出席股东大会的全体人员遵守执行： 三、出席股东大会的股东依法享有发言权、质询权、表决权等各项权利，股 东要求发言时不得打断会议报告人的报告或其他股东的发言，股东要求发言时请 先 ...

证券研究报告 非金融公司|公司点评|德邦股份（603056） 精益管理成效显著，2024H1 业绩同比 增长 37% 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024 年 H1，公司实现营收 184.46 亿元，同比增长 17.54%，实现归 母净利润 3.33 亿元，同比增长 37.08%。2024Q2 公司实现营收 91.51 亿元，同比增长 10.58%， 实现归母净利润 2.40 亿元，同比增长 41.07%。 |分析师及联系人 李蔚 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 德邦股份(603056) 精益管理成效显著，2024H1 业绩同比增长 37% | --- | --- | |----------------------------|-------------------------| | | | | 行 业： | 交通运输/物流 | | 投资评级： 当前价格： | 增持（维持） 13. ...