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 total service box volume of 309,600 TEU, up 25% year-on-year, and a significant increase in supply chain trade services revenue, which grew by 271% to 1.35 billion RMB [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 revenue [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, which represents 133.75% of the net profit for the year [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 increase in revenue was driven by a 25% growth in operational box volume and a 65% rise in average shipping prices, with the CCFI index reaching 1551 points [3] Financial Metrics - The company recorded a gross margin of 10.5% and a total expense ratio of 3.9%, with significant reductions in sales, management, and R&D expense ratios [4] - The net profit forecast for 2025-2027 is set at 210 million RMB, 270 million RMB, and 350 million RMB respectively [5]
永泰运（001228）：集中进行资产清查，全年净利暂时承压