Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance growth is in line with expectations, and it has announced a special dividend to reward shareholders [5] - The company is a leading player in the express logistics sector, with ongoing improvements in service quality and an expanding network of franchisees driving volume growth [7] - Despite short-term pressure on unit revenue due to weak demand, the company is expected to improve its unit gross margin through refined management and cost reductions [7] Financial Summary - For 2025, the company achieved a revenue of approximately 56.25 billion RMB, a year-on-year increase of 6.4%, and an adjusted net profit of about 4.76 billion RMB, up 10.7% year-on-year [7] - The company forecasts revenue growth from 11,576 million RMB in 2024 to 16,162 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [8] - The projected net profit for 2025-2027 is 9.6 billion RMB, 10.6 billion RMB, and 12.6 billion RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 9.1x, 8.2x, and 7.0x [7][8]
安能物流（09956）：业绩增长符合预期，宣布特别分红回馈股东