Investment Rating - Buy (maintained) [1] Core Views - ANE Logistics achieved strong growth in both volume and profitability in H1 2024, with a 20.5% YoY increase in cargo volume and a 145.1% YoY increase in net profit attributable to shareholders [2] - The company's gross margin reached 16.6%, up 4.5 percentage points YoY, and net profit margin attributable to shareholders reached 7.4%, up 3.9 percentage points YoY [2] - ANE Logistics' "Five Best" strategy (lowest cost, best quality, most stable timeliness, fastest service response, and densest network coverage) is driving long-term growth [9] Business Performance - In H1 2024, ANE Logistics handled 642.1 million tons of cargo, a 20.5% YoY increase, and generated revenue of RMB 5.289 billion, a 16.2% YoY increase [2] - Gross profit in H1 2024 was RMB 880 million, a 59.0% YoY increase, and net profit attributable to shareholders was RMB 390 million, a 145.1% YoY increase [2] - In Q2 2024, the company handled 355 million tons of cargo, a 19.5% YoY increase, and generated revenue of RMB 2.911 billion, a 17.1% YoY increase [2] Network Expansion and Service Quality - ANE Logistics expanded its network to over 31,000 freight partners and agents in H1 2024, an 11% YoY increase, serving over 5.8 million end customers [4] - The company improved service quality, reducing average shipment time to under 68 hours (a 5.8% YoY decrease), and significantly lowering loss, damage, and complaint rates [4] - Point-to-point cargo volume per outlet increased to 207 tons in H1 2024, a 9% YoY increase [6] Product and Business Structure Optimization - ANE Logistics optimized its product structure, with 0-70kg mini parcels growing 25.6% YoY and 70-300kg small LTL growing 19.6% YoY in H1 2024 [7] - The average shipment weight decreased from 109kg in H1 2022 to 89kg in H1 2024, reflecting a shift towards higher-margin products [7] - The company plans to focus on 0-300kg products, which require higher service quality and offer better profitability [7] Cost Control and Profitability Improvement - ANE Logistics reduced unit core costs in H1 2024, with unit trunk line costs decreasing to RMB 0.306/kg and unit hub costs decreasing to RMB 0.144/kg [8] - The company's gross margin reached a record high of 17.0% in Q2 2024, up 3.5 percentage points YoY [8] - Management expense ratio decreased from 9.9% in H1 2022 to 6.4% in H1 2024, contributing to improved profitability [8] Financial Forecasts - Revenue is expected to grow to RMB 11.6 billion in 2024, RMB 13.5 billion in 2025, and RMB 15.2 billion in 2026 [9] - Net profit attributable to shareholders is forecasted to reach RMB 801 million in 2024, RMB 997 million in 2025, and RMB 1.151 billion in 2026 [9] - The company's PE ratio is projected to decrease from 9.82x in 2024 to 6.83x in 2026 [9] Industry Position and Strategy - ANE Logistics is a leading franchise-based express logistics company in China, benefiting from the accelerated penetration of LTL logistics [9] - The company's "Five Best" strategy is expected to drive long-term growth in both volume and profitability [9] - ANE Logistics is well-positioned to capitalize on the growth opportunities in the zero-load logistics market [9]
安能物流（09956）2024年半年报点评：践行“五最”战略，实现量利强势增长