ZFTC(SH:600794) Haitong Securities International·2025-06-17 11:12Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 5.13, based on a 2.3x PB valuation for 2025 [1][14]. Core Insights - The company's revenue is projected to decline significantly in 2024, with an expected revenue of RMB 0.90 billion, down 40.0% YoY, and a net profit of RMB 0.21 billion, down 16.8% YoY, primarily due to decreased storage utilization at its subsidiary [15]. - Smart logistics is identified as a growth area, with revenue expected to reach RMB 0.22 billion in 2024, accounting for 24.3% of total revenue, and showing a 16.9% YoY increase [16]. - The traditional logistics segment maintains stable market share, with key products holding significant national import market shares of 36% and 47% for Ethylene glycol and Diethylene glycol, respectively [17]. Financial Summary - The company’s projected financials indicate a significant drop in revenue and net profit for 2024, with revenues of RMB 0.90 billion and net profits of RMB 0.21 billion [3][15]. - EPS forecasts for 2025-2027 are RMB 0.12, 0.14, and 0.16, with corresponding YoY growth rates of -34.0%, +17.4%, and +18.3% [14]. - The company’s net asset return is expected to decline to 5.2% in 2025, before gradually improving to 6.7% by 2027 [3].