Zheng Quan Zhi Xing·2025-08-31 12:13Core Viewpoint - Zhonggu Logistics (603565) reported a significant increase in net profit for the first half of 2025, despite a decline in revenue, leading to a "buy" rating from Guojin Securities [1][4]. Financial Performance - For 1H2025, Zhonggu Logistics achieved operating revenue of 5.34 billion yuan, a year-on-year decrease of 7.0%, while net profit attributable to shareholders was 1.07 billion yuan, an increase of 41.6% [1][2]. - In Q2 2025, the company recorded operating revenue of 2.77 billion yuan, down 6.3% year-on-year, and a net profit of 530 million yuan, up 42.5% [1]. Operational Analysis - The decline in revenue was attributed to market fluctuations and a decrease in transportation container volume, while operating costs fell by 18.4%, resulting in a gross profit of 1.25 billion yuan, a 72% increase year-on-year [2]. - The increase in gross profit was driven by higher foreign trade capacity and rising domestic freight rates, with the average PDCI index for domestic trade in 1H2025 at 1195, up 10.6% year-on-year [2]. Cost and Profitability - The gross margin for 1H2025 was 23.4%, an increase of 10.7 percentage points year-on-year, influenced by increased foreign trade capacity and higher domestic freight rates [3]. - The company's expense ratio decreased to 2.69%, down 0.36 percentage points year-on-year, with financial expenses dropping to 0.19% due to increased interest income from dollar deposits [3]. Dividend Policy - Zhonggu Logistics maintained a high dividend payout ratio, proposing a cash dividend of 0.43 yuan per share, resulting in a payout ratio of 84.27% for 1H2025, exceeding the commitment of at least 60% of distributable profits for the recent three years [3]. Profit Forecast - The company maintains its net profit forecasts for 2025-2027 at 1.9 billion yuan, 1.95 billion yuan, and 2.05 billion yuan respectively, sustaining a "buy" rating [4].