Core Viewpoint - Huayuan Securities has initiated a "buy" rating for Changjiu Logistics (603569.SH) at a latest price of 8.35 yuan, citing a rebound in freight rates driven by policy support and expected recovery in the transportation business [1] Group 1: Rating Justification - Policy-driven freight rates are expected to rebound, leading to a potential recovery in the full truckload transportation business [1] - Q3 profit growth is primarily attributed to government stockpiling and the advancement of highway overload control policies, with Q4 profits anticipated to improve [1] Group 2: Risks - Risks include macroeconomic fluctuations that may lead to lower-than-expected revenue growth [1] - Potential risks related to the enforcement of overload control policies not meeting expectations [1] - Operational risks associated with international business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Government storage policies are expected to improve performance, and the profitability in Q4 is anticipated to rebound due to highway regulation enforcement [5][7] - The company reported a significant increase in Q3 2025 revenue and net profit, driven by government storage and policy initiatives [7] - The forecast for net profit growth from 2025 to 2027 is substantial, with expected increases of 82.5%, 92.3%, and 20.1% respectively [7] Financial Performance Summary - For 2023, the company expects revenue of 3,783 million yuan, with a year-on-year decline of 4.41% [6] - Projected revenue for 2024 is 4,175 million yuan, reflecting a growth rate of 10.36% [6] - The estimated net profit for 2025 is 145 million yuan, with a year-on-year growth of 82.47% [6] - The company’s earnings per share (EPS) is projected to increase from 0.12 yuan in 2023 to 0.24 yuan in 2025 [6] - The return on equity (ROE) is expected to rise from 2.39% in 2023 to 4.75% in 2025 [6] Market and Policy Impact - The Ministry of Transport, Ministry of Public Security, and Ministry of Industry and Information Technology are implementing a special governance action for vehicle transportation, which is expected to lead to a rebound in transportation prices [7] - The company’s Q3 2025 net profit growth was primarily due to non-recurring gains from government storage, amounting to approximately 44.12 million yuan [7] - The ongoing enforcement of highway regulations is anticipated to improve transportation prices and volumes, positively impacting profitability in Q4 [7]

证券代码:603569 证券简称:长久物流 公告编号：2025-068 北京长久物流股份有限公司 关于控股股东部分股份解除质押的公告 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个别及连带责任。 重要内容提示： 长久集团本次解除质押股份后若再发生质押事项，后续将根据实际质押情况 及时履行告知义务，公司将按照相关法律法规要求及时履行信息披露义务。 二、上市公司控股股东及其一致行动人股份质押情况 | | | | | | 占其所 | 占公司 | 已质押股份情况 | 已质押 | 未质押 | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 | 持股比 | 本次解质前累 | 本次解质后累 | 持股份 | 总股本 | 已质押股 | 股份中 | 股份中 | 未质押股 | | | | 例 | 计质押数量 | 计质押数量 | 比例 | | 份中限售 | | | 份中冻结 | | | | | | | | 比例 | 股份数量 ...

Core Viewpoint - Longjiu Logistics reported a decline in net profit for the first three quarters of 2025 despite an increase in revenue, indicating potential challenges in profitability management [1] Financial Performance - For the first three quarters of 2025, Longjiu Logistics achieved a revenue of approximately 3.591 billion yuan, representing a year-on-year growth of 23.38% [1] - The net profit attributable to shareholders for the same period was approximately 48.49 million yuan, which reflects a year-on-year decrease of 20.73% [1]

Core Insights - Long-term logistics company reported a total revenue of 3.591 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.38% [1] - The net profit attributable to shareholders decreased to 48.49 million yuan, reflecting a year-on-year decline of 20.73% [1] - Basic earnings per share stood at 0.08 yuan [1]

Group 1 - The core point of the article is that Changjiu Logistics held its 16th meeting of the 5th Board of Directors on October 27, 2025, to discuss the proposal for the third extraordinary general meeting of shareholders in 2025 [1] - For the year 2024, the revenue composition of Changjiu Logistics is reported to be 99.47% from logistics transportation and 0.53% from other businesses [1] - As of the time of reporting, the market capitalization of Changjiu Logistics is 5 billion yuan [1]

Group 1 - Longjiu Logistics reported a revenue of approximately 3.591 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.38% [1] - The net profit attributable to shareholders of the listed company was approximately 48.49 million yuan, a year-on-year decrease of 20.73% [1] - Basic earnings per share were 0.08 yuan, reflecting a year-on-year decrease of 27.27% [1] Group 2 - As of the report, Longjiu Logistics has a market capitalization of 5 billion yuan [1]

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