Changjiu Logistics(SH:603569) Guohai Securities·2024-08-27 06:17Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The domestic vehicle business is under short-term pressure, while international business is experiencing rapid growth [2][3] - In H1 2024, the company achieved operating revenue of 1.824 billion yuan, a year-on-year decrease of 3.44%, but net profit attributable to shareholders increased by 16.74% to 53 million yuan [2][3] - The international business has shown strong development, contributing significantly to the company's performance [3][5] Financial Performance Summary - For H1 2024, the company reported operating revenue of 1.824 billion yuan, down 3.44% year-on-year, with a net profit of 53 million yuan, up 16.74% [2][3] - In Q2 2024, the company achieved operating revenue of 921 million yuan, a decrease of 8.38% year-on-year, while net profit increased by 17.13% to 38 million yuan [2][3] - The company expects operating revenues of 4.472 billion yuan, 5.120 billion yuan, and 5.844 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18%, 14%, and 14% [5][6] Profitability Forecast - The forecasted net profit for 2024, 2025, and 2026 is 198 million yuan, 262 million yuan, and 319 million yuan, respectively, with growth rates of 181%, 32%, and 22% [5][6] - The expected EPS for the same years is 0.33 yuan, 0.43 yuan, and 0.53 yuan, with corresponding P/E ratios of 19.07, 14.45, and 11.86 [5][6]