DEPPON(SH:603056) Changjiang Securities·2025-05-18 15:25Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 40.36 billion yuan in 2024, representing a year-on-year growth of 11.3%, with a net profit attributable to shareholders of 0.86 billion yuan, up 15.4% year-on-year [4][10]. - In Q1 2025, the company reported a revenue of 10.41 billion yuan, a 12.0% increase year-on-year, but the net profit turned to a loss of 0.07 billion yuan, a decline of 173.7% year-on-year due to product structure adjustments [2][4]. - The company is recognized as a rare full-network express enterprise, with expectations for continued market share growth and effective integration with JD Logistics' express business [2][10]. Summary by Sections Revenue and Profitability - In 2024, the company's revenue grew by 11.3% year-on-year, with express and other business revenues increasing by 13.0% and 34.6%, respectively, while the express delivery business saw a decline of 19.7% [2][10]. - The gross profit margin decreased by 0.9 percentage points due to a shift in business structure towards lower-margin operations and increased investment in transportation resources [10]. - The company maintained effective cost control, with total expenses decreasing by 7.1% year-on-year, leading to a net profit growth of 15.4% [10]. Quarterly Performance - In Q4 2024, the company achieved a revenue of 12.07 billion yuan, a year-on-year increase of 11.4%, with a net profit of 0.34 billion yuan, up 25.2% year-on-year [4][10]. - The first quarter of 2025 saw a revenue increase of 12.0% year-on-year, but the net profit turned negative due to increased costs and structural adjustments [10]. Future Outlook - The company is expected to continue increasing its market share and improve profitability through ongoing integration with JD Logistics and steady growth in cargo volume [10]. - Forecasted net profits for 2025, 2026, and 2027 are 0.90 billion yuan, 1.02 billion yuan, and 1.15 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.7, 13.1, and 11.6 [10].