Easttop(SZ:002889) Southwest Securities·2024-06-21 12:30Investment Rating - The investment rating for the company is "Neutral," indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [27]. Core Views - The company is expected to benefit from the recovery of the economy and the gradual implementation of its self-built warehouses, which will enhance its digital strategy and potentially lead to higher returns. The company is also actively expanding into new sectors such as lithography machine logistics services, which could create new growth points for performance [2][4]. - The company has successfully expanded into the semiconductor manufacturing sector, obtaining the first batch of consignment repair bonded warehouse qualifications in Shenzhen, providing integrated supply chain services for leading international chip manufacturing equipment manufacturers [5][17]. - The company aims to increase its own warehouse holdings to enhance the stability and security of its supply chain services, with plans to expand its total operational warehouse area from over 150,000 square meters to 450,000-600,000 square meters within two years [17]. Financial Summary - The company reported a revenue of 2.7 billion yuan in 2023, a decrease of 4.6% year-on-year, with a net profit attributable to the parent company of 158.93 million yuan, a slight increase of 0.5% [17]. - For 2024, the company is projected to achieve revenues of 3.69 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 226.11 million yuan, reflecting a growth of 42.27% [22]. - The company's earnings per share (EPS) are expected to increase from 0.59 yuan in 2023 to 1.37 yuan by 2026, with a corresponding increase in return on equity (ROE) from 7.71% to 13.04% over the same period [3][22]. Business Development - The company is focusing on enhancing its supply chain capabilities in the semiconductor sector and healthcare, with strategic plans to improve local service capabilities for international semiconductor manufacturers [5][17]. - The company is also looking to align with market demands and national policy directions to enhance its international logistics services, particularly in countries along the Belt and Road Initiative and major logistics hubs in Europe and the United States [17].