Guangzhou Jiacheng International Logistics (603535) 浙商证券·2024-08-24 05:23Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company has shown stable revenue growth with a 5% increase in revenue and a 10% increase in net profit for the first half of 2024, driven by comprehensive logistics business [2] - The second quarter of 2024 saw a 9% increase in revenue but an 18% decrease in net profit, indicating short-term profit pressure due to fluctuations in manufacturing industry conditions [2] - The company is expanding its logistics capabilities with the upcoming launch of a smart logistics center in Hainan and plans to build overseas warehouses in various regions [2] Financial Summary - For the first half of 2024, the company reported revenue of 660 million yuan and a net profit of 120 million yuan, with a significant contribution from the comprehensive logistics business [2] - The comprehensive logistics revenue for the first half of 2024 was 400 million yuan, up 22% year-on-year, while supply chain distribution revenue decreased by 4% [2] - The company expects revenues of 1.33 billion, 1.45 billion, and 1.60 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 202 million, 252 million, and 316 million yuan [4][5]