Xiangyu(600057) 东吴证券·2025-03-06 08:47Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu (600057) [1] Core Views - The completion of the private placement is expected to optimize the capital structure and benefit future development [7] - The private placement raised a total of 3.22 billion yuan, with a net amount of 3.18 billion yuan, aimed at supplementing working capital and repaying debts [7] - Strategic investors such as China Merchants Group and Shandong Port have been introduced, which may lead to effective collaboration and enhance the company's supply chain capabilities [7] - The company is expected to benefit from the increasing market share as the B2B supply chain in China continues to improve [7] - The report adjusts profit forecasts for 2024-2026, with net profits projected at 1.36 billion yuan, 1.50 billion yuan, and 1.63 billion yuan respectively, reflecting a year-on-year change of -14%, +10%, and +9% [7] Financial Summary - Total revenue for 2022 was 53.81 billion yuan, with a projected decline to 45.90 billion yuan in 2023, followed by a recovery to 42.66 billion yuan in 2025 [1] - The net profit attributable to the parent company was 2.64 billion yuan in 2022, expected to drop to 1.57 billion yuan in 2023, and recover to 1.63 billion yuan by 2026 [1] - The latest diluted EPS is projected to be 0.70 yuan in 2023, increasing to 0.73 yuan in 2026 [1] - The current P/E ratio is 8.31 for 2023, decreasing to 8.01 by 2026 [1]