SINOTRANS(SH:601598) SINOLINK SECURITIES·2025-03-26 04:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - In 2024, the company achieved operating revenue of 105.62 billion RMB, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 7.1% to 3.918 billion RMB [2] - The company experienced a significant decline in revenue in Q4 2024, with a 31.7% year-on-year drop to 19.75 billion RMB, although net profit increased by 3.2% to 1.09 billion RMB [2] - The logistics and freight forwarding business saw growth, with notable increases in sea freight agency (13.3%), air freight (14%), and railway agency (13.7%) volumes [2] - The company reported a gross margin of 5.25%, down 0.46 percentage points year-on-year, primarily due to decreased service prices in the professional logistics segment and intense market competition [3] - The company maintained a dividend of 0.29 RMB per share, consistent with 2023, with a payout ratio of 53.5% [4] - The company forecasts net profit attributable to shareholders of 4.39 billion RMB for 2025, 4.83 billion RMB for 2026, and 5.01 billion RMB for 2027 [5] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 105.62 billion RMB, with a growth rate of 3.85% compared to 2023 [10] - The net profit attributable to shareholders was 3.918 billion RMB, reflecting a decline of 7.2% [10] - The gross margin was 5.25%, a decrease of 0.46 percentage points year-on-year [3] - The company’s cash flow from operating activities was 4.11 billion RMB, an increase of 7.3% year-on-year [3] Business Segments - The freight forwarding and logistics business showed growth, with sea freight agency volumes increasing by 13.3% to 15.156 million TEU and air freight volumes rising by 14% to 102.8 thousand tons [2] - The e-commerce logistics segment faced challenges, with cross-border e-commerce logistics declining by 50.7% [2] Future Outlook - The company expects a gradual recovery in net profit, projecting 4.39 billion RMB for 2025, 4.83 billion RMB for 2026, and 5.01 billion RMB for 2027 [5] - The report indicates a focus on enhancing overseas market development, with overseas investment increasing by 44% and net profit from overseas operations rising by 43% in 2024 [4]