Investment Rating - The report maintains a "Buy" rating for Yongtaiyun (001228.SZ) [2] Core Views - In the first three quarters of 2024, Yongtaiyun achieved operating revenue of 2.98 billion RMB, a year-on-year increase of 88.1%, while the net profit attributable to the parent company was 90 million RMB, a year-on-year decrease of 36.2% [2][3] - The significant revenue growth is attributed to increased container volume, recovery in shipping prices, and growth in supply chain trade services [3] - The company announced a profit distribution plan, proposing a cash dividend of 3.6 RMB per 10 shares, totaling no more than 36.64 million RMB, which accounts for 40.5% of the net profit attributable to shareholders [3] Summary by Sections Revenue and Profitability - In Q3 2024, the company reported operating revenue of 1.13 billion RMB, a year-on-year increase of 108.5%, with a net profit of 30 million RMB, down 26.0% year-on-year [2][3] - The total service container volume in Q3 was 92,700 TEU, a 30% increase year-on-year, with specific growth in various service segments [3] - The average export freight rate CCFI index in Q3 2024 was 1991 points, reflecting a year-on-year increase of 127% [3] Cost and Expenses - The gross profit margin in Q3 2024 was 9.7%, a decrease of 7 percentage points year-on-year, attributed to the increased proportion of low-margin supply chain trade revenue and weak demand in the chemical industry [3] - The company’s expense ratio improved, with a total expense ratio of 4.1%, down 3.6 percentage points year-on-year [3] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 130 million RMB, 210 million RMB, and 270 million RMB respectively [3]
永泰运：Q3业绩承压，拟分红回报股东