DEPPON(603056) Huafu Securities·2024-11-11 07:31Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Views - The company reported a Q3 2024 net profit of 180 million yuan, a year-on-year decrease of 19.4%, while the revenue for the same period was 9.85 billion yuan, reflecting a 1.0% increase year-on-year [2][3]. - The express delivery business faced revenue pressure, with a 18.0% decline in express revenue, while the core freight business saw a 1.2% increase in revenue [2][3]. - The company is focusing on enhancing customer experience and increasing transportation resource investment, which has led to a rise in transportation costs as a percentage of revenue [3]. Financial Data Summary - For 2022A to 2026E, the company's projected revenue growth rates are 0%, 16%, 17%, 17%, and 12% respectively, with net profit growth rates of 339%, 15%, 11%, 21%, and 15% [1]. - The earnings per share (EPS) are expected to increase from 0.63 yuan in 2022A to 1.12 yuan in 2026E, with corresponding price-to-earnings (P/E) ratios decreasing from 22.6 to 12.7 over the same period [1]. - The company's asset-liability ratio is projected to be 51.65% in 2023A, with a slight increase to 55.3% in 2024E before decreasing to 51.6% in 2026E [8].