DEPPON(SH:603056) Hua Yuan Zheng Quan·2024-08-17 13:07Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company achieved a revenue of 18.45 billion yuan in H1 2024, representing a year-on-year growth of 17.5%. In Q2 alone, revenue reached 9.15 billion yuan, with a year-on-year increase of 10.6% [4][5]. - The net profit attributable to shareholders for H1 2024 was 330 million yuan, up 37.1% year-on-year, with Q2 net profit at 240 million yuan, reflecting a 41.2% increase [4][5]. - The company is focusing on product innovation and network integration, which are expected to sustain revenue growth. The strategic shift towards large-item delivery services aims to enhance service quality and attract core customers [5]. - The gross margin for H1 2024 was 7.62%, a decrease of 1.13 percentage points year-on-year, but Q2 gross margin improved to approximately 8.84% [5]. - The company is implementing cost control measures, resulting in a decline in expense ratios. The expense ratio for H1 2024 was about 6.11%, down 1.34 percentage points year-on-year [5]. Financial Projections - The company is projected to achieve net profits of 1.11 billion yuan, 1.38 billion yuan, and 1.63 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 11.8x, 9.5x, and 8.1x [5][6]. - Revenue forecasts for the years 2024 to 2026 are 40.74 billion yuan, 46.70 billion yuan, and 52.34 billion yuan, with year-on-year growth rates of 12.30%, 14.62%, and 12.09% respectively [6][8].