DEPPON(SH:603056) Guoxin Securities·2024-08-16 03:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved rapid growth in Q2 2024, with revenue reaching 18.45 billion yuan (+17.5%) and net profit attributable to shareholders at 333 million yuan (+37.1%). In Q2 alone, revenue was 9.15 billion yuan (+10.6%) and net profit was 240 million yuan (+41.1%) [1][13]. - The network integration project is progressing steadily, with Q2 revenue showing double-digit year-on-year growth. Despite a slowdown in revenue growth due to macroeconomic challenges, the company has adapted by adjusting pricing strategies, innovating products, and transforming operational models, ensuring stable growth in its core express delivery business [1][13]. - The company’s gross margin has slightly declined due to various factors, but net profit margin has significantly improved thanks to lean management practices. The gross margin for H1 2024 was 7.62%, down 1.25 percentage points year-on-year, while the net profit margin increased to 1.81%, up 0.26 percentage points year-on-year [1][15]. Financial Summary - For H1 2024, the company reported a revenue of 18.45 billion yuan, with a year-on-year growth of 17.5%. The core express delivery business volume reached 6.0336 million tons, growing by 7.67% year-on-year [1][13]. - The company’s financial forecasts for 2024-2026 project net profits of 1.022 billion yuan, 1.312 billion yuan, and 1.575 billion yuan respectively, with year-on-year growth rates of 37%, 28%, and 20% [2][15]. - Key financial metrics include a projected revenue of 40.705 billion yuan in 2024, with a net profit margin of 3.4% and a return on equity (ROE) of 12.1% [3][15].