TRANSFAR ZHILIAN(SZ:002010)2024-10-31 03:09Investment Rating - The report maintains a "Buy" rating for the company, with an expected EPS of 0.18, 0.19, and 0.20 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 24.33X, 22.94X, and 21.52X [1]. Core Insights - The company reported a total revenue of 19.385 billion in Q1-Q3 2024, a year-on-year decline of 24.76%, and a net profit attributable to shareholders of 237 million, down 52.75% year-on-year [1]. - The logistics segment has negatively impacted overall revenue, while the chemical segment has shown stable performance amidst macroeconomic fluctuations [1]. - The gross margin improved to 14.3% due to effective cost control, despite a 25.11% decrease in operating costs year-on-year [1]. - The company continues to expand its core business in smart highway ports, with 73 operational ports and a platform revenue of 29.84 billion [1]. - Joint ventures have performed well, contributing investment income of 463.3 million from profitable operations [1]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 28.441 billion, with a revenue growth rate of -15.45% [5]. - The net profit for 2024 is estimated at 4.92 billion, reflecting a profit decline of 16.82% [5]. - The gross margin is expected to rise to 13.75% in 2024, with a gradual increase to 14.05% by 2026 [5]. - The company’s total assets are projected to reach 422.1 billion by 2024, with total liabilities at 229.01 billion [8].