Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.9 billion RMB in 2024, representing a year-on-year growth of 77%, while the net profit attributable to shareholders decreased by 41% to 90 million RMB [2] - The growth in revenue is attributed to increased operational volume and rising shipping prices, with a 25% increase in total container volume to 309,600 TEU and a 65% increase in average shipping prices [3] - The gross margin decreased to 10.5%, down 4.8 percentage points year-on-year, primarily due to the rapid growth of low-margin supply chain trade services [4] - The company announced a profit distribution plan, proposing a cash dividend of 3 RMB per 10 shares, totaling up to 29.79 million RMB [4] Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 920 million RMB, a 49% increase year-on-year, but a net profit of -3 million RMB, a decline of 133% [2] Operational Analysis - The operational volume increased by 25% to 309,600 TEU, with the cross-border chemical logistics segment growing by 13% [3] - The supply chain trade services revenue surged by 271% to 1.35 billion RMB [3] Financial Metrics - The gross margin for 2024 was 10.5%, with a significant drop attributed to the low-margin supply chain trade services [4] - The company recorded credit impairment losses of 60 million RMB and fair value losses of 70 million RMB, impacting net profit [4] Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 are 210 million RMB, 270 million RMB, and 350 million RMB, respectively [5]
永泰运：集中进行资产清查 全年净利暂时承压-20250425