WZJT(SH:600368) Guohai Securities·2024-08-18 05:09Investment Rating - The report assigns an "Accumulate" rating for Wuzhou Transportation (600368) [2][6][9] Core Views - The company has shown steady growth in its commercial logistics segment, with a year-on-year revenue increase of 2.90% to 790 million yuan in the first half of 2024 [3][4] - The company is actively investing in infrastructure projects, including the expansion of the G80 Guangkun Expressway, which is expected to enhance traffic flow and user experience [4][6] - The reduction in foreign exchange losses has positively impacted the company's financial performance, contributing to a net profit increase of 2.07% to 353 million yuan in the first half of 2024 [3][4] Financial Performance Summary - In H1 2024, Wuzhou Transportation achieved operating revenue of 790 million yuan, a 2.90% increase year-on-year, while net profit attributable to shareholders reached 353 million yuan, up 2.07% [3][4] - The company's toll revenue decreased by 1.93% to 576 million yuan due to increased free travel days and adverse weather conditions [4] - The financial expenses decreased by 29.65% to 59 million yuan, primarily due to reduced foreign exchange losses [4] Future Earnings Forecast - The company is projected to achieve operating revenues of 1.633 billion yuan in 2023, with expected growth rates of 3% in 2024, 4% in 2025, and 4% in 2026 [7][9] - Net profit forecasts for the next three years are 680 million yuan in 2024, 696 million yuan in 2025, and 710 million yuan in 2026, with corresponding growth rates of 3%, 2%, and 2% respectively [6][7]