研报掘金丨东兴证券：中谷物流上半年业绩略超预期，维持“推荐”评级

Core Viewpoint - Zhonggu Logistics achieved a net profit attributable to shareholders of 1.072 billion yuan in the first half of the year, representing a year-on-year increase of 41.59% [1] Financial Performance - The company's performance slightly exceeded expectations, driven by a sustained boom in foreign trade chartering [1] - The increase in profitability is primarily due to rising freight rates and an increase in foreign trade shipping capacity during the reporting period [1] - The gross profit margin improved significantly from 12.6% in the same period last year to 23.4% [1] Dividend Policy - The company's high dividend policy is considered sustainable, with an estimated dividend payout ratio of around 85% for the year [1] - Based on projected earnings for 2025, the dividend yield could reach as high as 7.8%, making it an attractive investment option [1] - The company maintains a "recommended" rating based on its strong financial performance and dividend prospects [1]