满帮：交易抽佣驱动收入高增，货主&单量持续增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $13.20 per ADS, compared to the current price of $10.56 [5]. Core Insights - The company, Manbang Group, has shown significant revenue growth driven by transaction commissions, with a reported revenue of 30.31 billion RMB for Q3 2024, representing a year-over-year increase of 33.9% [2]. - The growth in revenue is attributed to a substantial increase in transaction service income, which rose by 68.6% year-over-year, driven by increased order volume and commission rates [2]. - The company's gross margin improved to 55.0%, up 5.4 percentage points year-over-year, and the net profit margin also saw an increase, reaching 36.5% [2]. - The operational metrics indicate a 22.1% year-over-year growth in fulfillment orders, reaching 51.9 million orders, and a 33.6% increase in monthly active users (MAU), totaling 2.84 million [3]. Financial Projections - Revenue projections for the company are as follows: 110.49 billion RMB in 2024, 135.61 billion RMB in 2025, and 164.96 billion RMB in 2026, with year-over-year growth rates of 31.0%, 22.7%, and 21.6% respectively [3][4]. - Non-GAAP adjusted net profit is expected to be 39.69 billion RMB in 2024, 41.86 billion RMB in 2025, and 50.49 billion RMB in 2026 [3][4]. - The report anticipates an EPS of 3.8 RMB in 2024, increasing to 4.0 RMB in 2025 and 4.8 RMB in 2026 [4]. Business Segmentation - The revenue from freight matching services was 25.52 billion RMB in Q3 2024, with a year-over-year growth of 34.0%. This includes freight brokerage income of 12.81 billion RMB, which grew by 19.7% year-over-year [2]. - Value-added services contributed 4.80 billion RMB to the revenue, marking a 33.4% increase [2].