SINOTRANS(601598) Guolian Securities·2024-09-01 07:13Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company demonstrated resilience in operations and is expected to continue providing stable returns to shareholders. The projected net profit for 2024-2026 is estimated at 42.40 billion, 43.71 billion, and 48.01 billion respectively, with a CAGR of 4.38% over three years [3][10] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 56.368 billion, a year-on-year increase of 17.19%. However, the net profit attributable to shareholders was 1.945 billion, a decrease of 11.02% year-on-year. The non-recurring net profit was 1.799 billion, down 6.82% year-on-year [3][10] - The freight forwarding business showed stable profitability, with revenue from agency and related services reaching 35.028 billion, up 22.44% year-on-year. The segment profit remained stable at 1.229 billion [10] - The professional logistics segment faced challenges, with revenue of 15.214 billion, a year-on-year increase of 3.02%, but a segment profit decline of 26.77% [10] Shareholder Returns - The company plans to distribute an interim cash dividend of 0.145 yuan per share (including tax), totaling 1.053 billion (including tax), with a payout ratio of 54.17%, up from 50% in the previous year [10] Future Profit Projections - The projected net profits for 2024, 2025, and 2026 are 42.40 billion, 43.71 billion, and 48.01 billion respectively, with year-on-year growth rates of 0.42%, 3.11%, and 9.82% [3][10]