Investment Rating - The report maintains a "Buy" rating for Yongtaiyun [2][4]. Core Views - In H1 2024, Yongtaiyun achieved operating revenue of 1.85 billion RMB, a year-on-year increase of 77.5%, while net profit attributable to shareholders decreased by 40% to 60 million RMB [2]. - The significant revenue growth is driven by a surge in supply chain trade services, with supply chain trade service revenue increasing by 370.6% to 700 million RMB [2]. - The company has a strong resource integration capability and advantageous geographical positioning, which are expected to ensure sustainable operational performance [2]. Summary by Sections Financial Performance - H1 2024 revenue reached 1.85 billion RMB, with Q2 revenue at 1.18 billion RMB, marking a 110% year-on-year increase [2]. - The gross profit margin for H1 2024 was 10.4%, down 6.3 percentage points year-on-year, primarily due to changes in revenue structure and a decline in gross margin for the cross-border chemical logistics supply chain business [2]. - The company’s net profit forecast for 2024-2026 has been revised down to 140 million RMB, 210 million RMB, and 270 million RMB respectively [2][4]. Business Segments - Revenue from cross-border chemical logistics supply chain business was 960 million RMB, up 22.76% year-on-year, with a container handling volume of 74,800 TEU, an 11% increase [2]. - Road transportation service revenue grew by 126% to 66 million RMB, while warehousing and storage service revenue increased by 4.3% to 49 million RMB [2]. Valuation Metrics - The report provides a forecast for operating revenue growth rates of 72.01% for 2024, followed by 14.17% and 18.53% for 2025 and 2026 respectively [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.04 in 2023 to 13.38 in 2024, indicating a more attractive valuation [4].
永泰运：供应链贸易收入大增，净利润短期承压