Changjiu Logistics(SH:603569) China Post Securities·2025-05-15 04:25Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company is expected to see a recovery in profitability in 2024 driven by international and new energy business growth, with a projected revenue of 4.17 billion yuan, representing a year-on-year increase of 10.3%, and a net profit of 80 million yuan, up 13.1% year-on-year [4][6] - The traditional automotive logistics business is slowing down, with revenues from complete vehicle and supporting services declining by 13.4% and 20.8% respectively, while international business revenue surged by 87.5% due to the export of Chinese automobiles, particularly new energy vehicles [5] - The overall gross profit for the company increased by 19.4% to 483 million yuan in 2024, with a gross profit margin of 11.6%, up 0.9 percentage points year-on-year [5][6] Company Overview - The latest closing price of the company's stock is 8.55 yuan, with a total market capitalization of 5.2 billion yuan [3] - The company has a total share capital of 604 million shares, with an asset-liability ratio of 46.4% and a price-to-earnings ratio of 65.77 [3] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 4.94 billion yuan, 5.66 billion yuan, and 6.24 billion yuan respectively, with year-on-year growth rates of 18.3%, 14.6%, and 10.3% [6][9] - The net profit forecasts for the same years are 100 million yuan, 130 million yuan, and 150 million yuan, with growth rates of 26.8%, 31.2%, and 15.1% respectively [6][9]