DEPPON(SH:603056) GF SECURITIES·2024-08-19 01:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.18 CNY per share, compared to the current price of 13.39 CNY per share [4]. Core Insights - The company reported a revenue of 18.446 billion CNY for the first half of 2024, representing a year-on-year increase of 17.54%. The net profit attributable to shareholders was 333 million CNY, up 37.08% year-on-year, while the net profit excluding non-recurring items was 198 million CNY, an increase of 51.03% year-on-year [2]. - Cost control measures are being effectively implemented, with the second quarter's performance meeting expectations. The express delivery business generated revenue of 16.635 billion CNY, a year-on-year increase of 21.13%, with a core business volume of 6.0336 million tons, up 7.67% year-on-year [2]. - The ongoing business integration with JD Logistics is expected to enhance operational synergies, with the company's revenue growth outpacing the industry average despite a general slowdown in the logistics sector [2]. Financial Summary - For the first half of 2024, the company achieved a revenue of 18.446 billion CNY, with a net profit of 333 million CNY and a net profit excluding non-recurring items of 198 million CNY [2]. - The company’s revenue for the second quarter of 2024 was 9.151 billion CNY, reflecting a year-on-year growth of 10.58%, with a net profit of 240 million CNY, up 41.07% year-on-year [2]. - The company’s operating expenses ratio decreased by 1.34 percentage points to 6.11%, indicating improved management efficiency [2]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.01 CNY, 1.32 CNY, and 1.47 CNY respectively. The report suggests a price-to-earnings (P/E) ratio of 15 times for 2024, leading to a target price of 15.18 CNY per share [2][4].