Group 1 - The core viewpoint of the report is that Aneng Logistics (09956) is a leading company in the express delivery industry, with continuous optimization in its business structure and profitability [1] - The adjusted profit forecast for Aneng Logistics indicates expected net profits attributable to shareholders for 2025, 2026, and 2027 to be 8.88 billion, 10.40 billion, and 12.08 billion respectively, with corresponding EPS of 0.75, 0.88, and 1.03 [1] - The valuation for Aneng Logistics is set at a 14 times PE ratio for 2025, leading to a target price of 11.60 HKD, maintaining an "outperform the market" rating [1] Group 2 - Aneng Logistics reported a revenue of 56.25 billion for the first half of 2025, reflecting a year-on-year growth of 6.4% [1] - The gross profit for the same period was 8.80 billion, showing a slight increase of 0.2% year-on-year [1] - The adjusted net profit reached 4.76 billion, representing a year-on-year growth of 10.7%, aligning with market expectations [1] - The company declared an interim dividend of 0.1572 HKD per share and a special dividend of 0.0393 HKD per share, totaling 0.1965 HKD per share, with a total payout ratio of 54%, exceeding market expectations and demonstrating management's commitment to shareholder returns [1]
海通国际：维持安能物流“优于大市”评级 目标价11.60港元