编号：2024-006 证券代码：603056 证券简称：德邦股份 德邦物流股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|-------------------------|--------------------------------------------|------------------------------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | 投资者关系活动 | □ | 媒体采访 √业绩说明会 | | | | | □新闻发布会 □路演活动 | | | 类别 | □ 现场参观 | | | | | □ | 其他 （请文字说明其他活动内容） | | | | | | 中金公司、长江证券、兴业证券、海通证券、景顺长城基金、星展证券、招商证券、西 | | 参与单位名称及 | | | 部证券、苏州云阳宜品投资管理有限公司、平安养老保险股份有限公司、圆信永丰基 | | 人员姓名 | | | 金、宝盈基金管 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.18 CNY per share, compared to the current price of 13.39 CNY per share [4]. Core Insights - The company reported a revenue of 18.446 billion CNY for the first half of 2024, representing a year-on-year increase of 17.54%. The net profit attributable to shareholders was 333 million CNY, up 37.08% year-on-year, while the net profit excluding non-recurring items was 198 million CNY, an increase of 51.03% year-on-year [2]. - Cost control measures are being effectively implemented, with the second quarter's performance meeting expectations. The express delivery business generated revenue of 16.635 billion CNY, a year-on-year increase of 21.13%, with a core business volume of 6.0336 million tons, up 7.67% year-on-year [2]. - The ongoing business integration with JD Logistics is expected to enhance operational synergies, with the company's revenue growth outpacing the industry average despite a general slowdown in the logistics sector [2]. Financial Summary - For the first half of 2024, the company achieved a revenue of 18.446 billion CNY, with a net profit of 333 million CNY and a net profit excluding non-recurring items of 198 million CNY [2]. - The company’s revenue for the second quarter of 2024 was 9.151 billion CNY, reflecting a year-on-year growth of 10.58%, with a net profit of 240 million CNY, up 41.07% year-on-year [2]. - The company’s operating expenses ratio decreased by 1.34 percentage points to 6.11%, indicating improved management efficiency [2]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.01 CNY, 1.32 CNY, and 1.47 CNY respectively. The report suggests a price-to-earnings (P/E) ratio of 15 times for 2024, leading to a target price of 15.18 CNY per share [2][4].

业绩说明电话会议感谢大家一直对德光的关注和支持那下面的话我就分两部分第一部分的话就是先对2024年上半年核心财务的指标做一个简要的解读那第二部分的话也讲一下基于现在的这种环境那2024年下半年公司的一些经营规划上的一些变化 首先的话,就第一部分,那2024年上半年,那核心的一些财务指标的一个说明,啊,在第一在营业收入上,那24年上半年的话,公司总的收入是184.5亿,同比的话是增长17.5%,那剔除网络融合带来的收入,公司内征的话,上半年的收入增长大概三个点左右。 那其中的话分业务来看的话快运的收入是166.4亿同比是增长21.1%那占收入比的话是90.2%那剔除掉网络融合的收入的话公司内生的快运收入上半年同比增长约五个点那从货量的角度不含融合不含整车那上半年的话公司快运业务实现的这个货量是603万吨 同比增长约8%那如果把融合就把网络融合的货量合并进来那上半年的话公司全网的这个运营的货量是超850万吨那德巴目前运营的网络操作货量应该是全网宽运公司最高的 那总结上半年的整个的收入的表现其实上半年从收入增长来讲的话其实是有点沉压的尤其是二季度公司在货量跟收入的增长上是低于预期的那对于上半年的话首先的话我们觉得在 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The report highlights stable revenue and profit growth, with expectations for performance elasticity driven by network integration [2][3]. - In the first half of 2024, the company achieved operating revenue of 18.446 billion yuan, a year-on-year increase of 17.54%, and a net profit attributable to shareholders of 333 million yuan, up 37.08% [3]. - The second quarter of 2024 saw operating revenue of 9.151 billion yuan, a year-on-year growth of 10.58%, and a net profit attributable to shareholders of 240 million yuan, reflecting a 41.07% increase [3][4]. Summary by Sections Financial Performance - The company reported a gross margin of 8.85% in Q2 2024, a decrease of 1.04 percentage points year-on-year, with costs accounting for 91.16% of revenue, down 1.05 percentage points [5]. - The company expects revenue growth of over 15% for 2024, supported by stable internal growth and the advancement of network integration projects [4][5]. Operational Highlights - Key drivers for revenue growth include enhanced product competitiveness, operational model transformation, and steady progress in network integration projects [4][5]. - The company has seen a significant reduction in damage rates by 28.3% and complaint rates by 43.6% in the first half of 2024 [4]. Earnings Forecast - The earnings forecast for 2024-2026 estimates operating revenues of 42.048 billion yuan, 46.284 billion yuan, and 50.834 billion yuan, with year-on-year growth rates of 16%, 10%, and 10% respectively [6][7]. - Net profits attributable to shareholders are projected to be 1.056 billion yuan, 1.270 billion yuan, and 1.431 billion yuan for the same period, with growth rates of 42%, 20%, and 13% respectively [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18][19]. Core Insights - The company achieved a net profit attributable to shareholders of 333 million yuan in H1 2024, representing a year-on-year increase of 37.1% [1]. - Revenue for H1 2024 reached 18.45 billion yuan, up 17.5% year-on-year, with Q2 revenue at 9.15 billion yuan, reflecting a 10.6% increase [1]. - The gross profit for H1 2024 was 1.41 billion yuan, with a gross margin of 7.6%, down 1.3 percentage points year-on-year [1]. - The company continues to enhance its collaboration with JD Logistics, leading to improved operational synergies [1]. Financial Performance Summary - **Revenue Growth**: H1 2024 revenue was 18.45 billion yuan, a 17.5% increase year-on-year, with Q2 showing a 10.6% growth [1]. - **Net Profit**: The net profit attributable to shareholders for H1 2024 was 333 million yuan, a 37.1% increase year-on-year, with Q2 profit at 240 million yuan, up 41.1% [1]. - **Cost Management**: The company reported a total operating cost of 17.04 billion yuan in H1 2024, with significant increases in transportation costs by 54.2% year-on-year [1]. - **Business Segmentation**: The express delivery business generated 1.07 billion yuan in revenue, down 23.9% year-on-year, while the fast delivery business saw a 21.1% increase in revenue to 16.64 billion yuan [1]. Future Earnings Forecast - The report adjusts the earnings forecast for 2024-2026 to 1.01 billion, 1.22 billion, and 1.45 billion yuan respectively, with corresponding EPS of 0.98, 1.19, and 1.41 yuan [1][2]. - The target price is set at 17.8 yuan, suggesting a potential upside of 33% from the current price of 13.39 yuan [3]. Operational Improvements - The company has optimized its logistics network, reducing the number of operating points to 7,956, maintaining a rural coverage rate of 93.7% [1]. - The integration with JD Logistics is expected to enhance service efficiency and customer satisfaction, as evidenced by a 43.6% reduction in customer complaints [1]. Market Position - The company holds a total market capitalization of approximately 137.51 billion yuan, with a total share capital of 1.03 billion shares [3]. - The asset-liability ratio stands at 52.59%, indicating a moderate level of financial leverage [3]. Valuation Metrics - The report provides a projected PE ratio of 14, 11, and 10 for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook on the company's profitability [2][10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company achieved a revenue of 18.45 billion yuan in H1 2024, representing a year-on-year growth of 17.5%. In Q2 alone, revenue reached 9.15 billion yuan, with a year-on-year increase of 10.6% [4][5]. - The net profit attributable to shareholders for H1 2024 was 330 million yuan, up 37.1% year-on-year, with Q2 net profit at 240 million yuan, reflecting a 41.2% increase [4][5]. - The company is focusing on product innovation and network integration, which are expected to sustain revenue growth. The strategic shift towards large-item delivery services aims to enhance service quality and attract core customers [5]. - The gross margin for H1 2024 was 7.62%, a decrease of 1.13 percentage points year-on-year, but Q2 gross margin improved to approximately 8.84% [5]. - The company is implementing cost control measures, resulting in a decline in expense ratios. The expense ratio for H1 2024 was about 6.11%, down 1.34 percentage points year-on-year [5]. Financial Projections - The company is projected to achieve net profits of 1.11 billion yuan, 1.38 billion yuan, and 1.63 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 11.8x, 9.5x, and 8.1x [5][6]. - Revenue forecasts for the years 2024 to 2026 are 40.74 billion yuan, 46.70 billion yuan, and 52.34 billion yuan, with year-on-year growth rates of 12.30%, 14.62%, and 12.09% respectively [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved rapid growth in Q2 2024, with revenue reaching 18.45 billion yuan (+17.5%) and net profit attributable to shareholders at 333 million yuan (+37.1%). In Q2 alone, revenue was 9.15 billion yuan (+10.6%) and net profit was 240 million yuan (+41.1%) [1][13]. - The network integration project is progressing steadily, with Q2 revenue showing double-digit year-on-year growth. Despite a slowdown in revenue growth due to macroeconomic challenges, the company has adapted by adjusting pricing strategies, innovating products, and transforming operational models, ensuring stable growth in its core express delivery business [1][13]. - The company’s gross margin has slightly declined due to various factors, but net profit margin has significantly improved thanks to lean management practices. The gross margin for H1 2024 was 7.62%, down 1.25 percentage points year-on-year, while the net profit margin increased to 1.81%, up 0.26 percentage points year-on-year [1][15]. Financial Summary - For H1 2024, the company reported a revenue of 18.45 billion yuan, with a year-on-year growth of 17.5%. The core express delivery business volume reached 6.0336 million tons, growing by 7.67% year-on-year [1][13]. - The company’s financial forecasts for 2024-2026 project net profits of 1.022 billion yuan, 1.312 billion yuan, and 1.575 billion yuan respectively, with year-on-year growth rates of 37%, 28%, and 20% [2][15]. - Key financial metrics include a projected revenue of 40.705 billion yuan in 2024, with a net profit margin of 3.4% and a return on equity (ROE) of 12.1% [3][15].

来源：公司年报、国金证券研究所 邦股份 (603056.SH) 业绩简评 2024 年 8 月 15 日，德邦股份发布 2024 年半年度报告。2024 年上 半年公司实现营业收入 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%。其中，2Q2024 公司实现营业 收入 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%。 经营分析 营收保持增长，快运业务为主要增长驱动。2024 年上半年公司营 业收入同比增长，主要系快运业务收入同比增长驱动。分业务看： （1）快递业务 2024 年上半年营业收入为 10.73 亿元，同比减少 23.90%；其中 2Q2024 营收为 5.31 亿元，同比减少 25.7%。（2）快 运 2024 年上半年营业收入为 166.25 亿元，同比增长 21.13%，其 中 2Q2024 营业收入为 82.62 亿元，同比增长 13.6%，主要系公司 持续提升收派服务质量，推进产品创新与运营模式变革以满足客户 多元化需求。同时，网络融合项目稳步推进，共同促进快运业务规 模进一步增长。 ...

证券代码：603056 证券简称：德邦股份 公告编号：2024-034 德邦物流股份有限公司 关于会计政策变更的公告 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： （二）变更前采用的会计政策 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他 相关规定。 （三）变更后采用的会计政策 本次会计政策变更后，公司将对变更部分按照财政部发布的第17号解释要求 执行。其他未变更部分，仍按照财政部前期颁布的《企业会计准则——基本准则》 1 本次会计政策变更是根据财政部发布的最新企业会计准则及相关通知等 要求进行的合理变更，不会对德邦物流股份有限公司（以下简称"公司"）损益、 总资产、净资产等产生重大影响。 一、会计政策变更概述 （一）变更原因及变更日期 2023年10月25日，财政部发布了《企业会计准则解释第17号》（财会〔2023〕 21号，以下简称"第17号解释"），规定"关于流动负债与非流动负债的划分" "关于供应商融资安排的 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥18.45 billion, an increase of 17.54% compared to ¥15.69 billion in the same period last year[12]. - Net profit attributable to shareholders was ¥332.91 million, up 37.08% from ¥242.85 million in the previous year[12]. - The net cash flow from operating activities was ¥1.83 billion, reflecting a 16.38% increase from ¥1.57 billion in the same period last year[12]. - The basic earnings per share for the first half of 2024 was ¥0.33, a 37.50% increase compared to ¥0.24 in the same period last year[13]. - The total assets of the company at the end of the reporting period were ¥16.65 billion, a decrease of 4.93% from ¥17.51 billion at the end of the previous year[12]. - The company's net assets attributable to shareholders increased to ¥7.88 billion, up 2.52% from ¥7.68 billion at the end of the previous year[12]. - The company reported a weighted average return on equity of 4.26%, an increase of 0.81 percentage points compared to 3.45% in the previous year[13]. - Non-recurring gains totaled 135,307,857.18 yuan, with significant contributions from non-current asset disposal gains and government subsidies[15]. Market and Economic Context - In the first half of 2024, China's GDP reached 61.68 trillion yuan, with a year-on-year growth of 5.0%[16]. - The total social logistics cost in China for the first half of 2024 was 8.8 trillion yuan, reflecting a year-on-year increase of 2.0%[16]. - The ratio of social logistics costs to GDP in China was 14.2% in the first half of 2024[16]. - The transportation costs accounted for over 50% of the total social logistics costs, with road transportation making up more than 70% of the logistics system[18]. - The revenue share of the top 10 companies in the zero cargo transport market increased from 69.3% in 2017 to 85.6% in 2023, indicating rising market concentration[20]. - The online penetration rate of home appliances in China rose from 38.7% in 2019 to 56.0% in 2023, highlighting the growth in e-commerce for large items[22]. Operational Developments - The company is focusing on enhancing service quality and transportation efficiency in response to the growing demand for large item deliveries[22]. - The company is adapting to the increasing demand for flexible supply chains and digitalization in logistics services[22]. - The company has expanded its logistics service coverage to 93.73% in rural areas, with a total of 32,574 delivery vehicles in operation[27]. - The company has implemented 48 automated equipment sites and 97 immediate loading and unloading sites, resulting in a 28.3% year-on-year decrease in the main business damage rate[27]. - The company has established a comprehensive international business network covering over 220 countries and regions, with 1,338 operational routes[29]. - The company has upgraded its product services and eliminated long-distance delivery fees to enhance customer experience in its fast delivery business[26]. - The company has focused on digital transformation across all logistics sectors, improving efficiency and reducing costs[23]. Challenges and Risks - There are no significant risks or non-operational fund usage reported by the controlling shareholder[3]. - The logistics industry is closely correlated with macroeconomic growth, indicating a strategic importance for national economic development[16]. - The logistics industry faces intense competition with low entry barriers, particularly in the less-than-truckload and full truckload sectors, leading to a risk of market share decline if the company fails to adapt effectively[74]. - Labor costs are a major expense for the company, and rising labor costs could impact profitability[73]. - The company faces risks from potential changes in regulatory policies affecting the logistics and express delivery sectors[70]. - The logistics sector is vulnerable to natural disasters and unforeseen events, which can disrupt operations and lead to customer loss if not properly managed[76]. Environmental and Social Responsibility - The company is actively promoting green initiatives, including the installation of distributed photovoltaic systems and the use of electric forklifts to enhance resource recycling efficiency[94]. - The company has implemented measures to reduce paper waste and promote energy conservation in its operations[95]. - The company is committed to achieving national "dual carbon" goals by integrating green and circular economy concepts into its logistics processes[94]. - The company promotes green packaging materials, including recycled fiber bags and intelligent recycling boxes, to reduce secondary packaging during logistics[97]. Governance and Compliance - The company has established a governance structure with a board of directors and several committees, enhancing its operational efficiency[148]. - The company has not faced any significant changes in its environmental compliance status beyond the reported fines[93]. - The company has committed to improving governance and transparency to mitigate stock price volatility caused by various uncontrollable factors[77]. - The company has established a clear framework for managing related transactions to minimize unnecessary conflicts and ensure compliance with market principles[104]. Shareholder and Capital Structure - The company issued 66,957,470 restricted shares to Yunda Holdings Co., Ltd., which will be released for trading on April 22, 2024[117]. - The largest shareholder, Ningbo Meishan Bonded Port Area Debang Investment Holding Co., Ltd., holds 682,890,461 shares, accounting for 66.50% of total shares[119]. - The company has not reported any other significant shareholder changes or related party transactions[120]. - The total number of shares with limited sales conditions is 66,957,470, which has been fully released[118].