DEPPON(SH:603056) Guolian Securities·2024-08-20 13:40Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 18.446 billion yuan for H1 2024, representing a year-on-year growth of 17.54%, and a net profit attributable to shareholders of 333 million yuan, which is a 37.08% increase year-on-year [2][6] - In Q2 2024, the company achieved a revenue of 9.151 billion yuan, with a year-on-year growth of 10.58%, and a net profit of 240 million yuan, reflecting a 41.07% increase year-on-year [2][6] - The company has seen a 7.67% increase in cargo volume and a 21.13% increase in express revenue in H1 2024, driven by continuous product innovation and operational model transformation [6] - The company has optimized costs and improved service quality, with a 19.16% increase in operating costs, while the proportion of labor costs decreased by 6.44 percentage points [6] - The company’s period expense ratio decreased by 1.34 percentage points year-on-year, indicating effective lean management [6] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 41.853 billion yuan, 47.895 billion yuan, and 53.535 billion yuan, with year-on-year growth rates of 15.36%, 14.44%, and 11.78% respectively [6][7] - The net profit attributable to shareholders is projected to be 1.054 billion yuan, 1.390 billion yuan, and 1.650 billion yuan for the same period, with growth rates of 41.28%, 31.90%, and 18.78% respectively [6][7] - The company’s earnings per share (EPS) are expected to be 1.03 yuan, 1.35 yuan, and 1.61 yuan for 2024, 2025, and 2026 respectively [6][7] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 21.2 in 2022 to 13.1 in 2024, indicating improved valuation [7]