嘉诚国际：2024年年报点评：“出海四小龙”服务商，高标仓启用促业绩高增-20250227

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 16.26 CNY over the next six months, based on a current price of 12.79 CNY [1][33]. Core Insights - The company achieved a revenue of 1.346 billion CNY in 2024, representing a year-on-year growth of 9.83%, while the net profit attributable to shareholders was 205 million CNY, up 24.53% year-on-year [7][18]. - The significant growth in performance is attributed to the full operation of the Jiacheng International Port and the expansion of new export logistics business areas in collaboration with major global e-commerce platforms [7][18]. - The company has established a comprehensive logistics service model, providing customized logistics solutions and integrated supply chain services, primarily targeting the cross-border e-commerce market [8][25]. Financial Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 1.346 billion CNY in 2024 to 1.698 billion CNY by 2027, with annual growth rates of 9.83%, 8.13%, 8.12%, and 7.89% respectively [2][32]. - Net profit is expected to increase from 205 million CNY in 2024 to 348 million CNY by 2027, with growth rates of 24.53%, 22.75%, 18.17%, and 17.18% respectively [2][32]. - Earnings Per Share (EPS): - EPS is forecasted to rise from 0.59 CNY in 2024 to 1.01 CNY in 2027 [2][32]. - Valuation Metrics: - The company’s price-to-earnings (PE) ratio is projected to decrease from 22 in 2024 to 13 in 2027, while the price-to-book (PB) ratio is expected to decline from 1.69 to 1.36 over the same period [2][32]. Business Development - The company has expanded its logistics capabilities with the Jiacheng International Port, which has significantly enhanced operational efficiency and business capacity [7][18]. - It has developed partnerships with four major global e-commerce platforms, providing over 1.72 million square meters of warehousing space and a range of logistics services [25][28]. - Future plans include the construction of additional high-standard warehouses and overseas warehouses, particularly in the RCEP region, to further enhance its logistics network [28][29].