Shenwan Hongyuan Securities·2025-08-28 09:41Investment Rating - The report maintains a "Buy" rating for China National Freight Forwarding Co., Ltd. (601598) [1] Core Views - The company's performance aligns with expectations, with a reported revenue of 50.5 billion yuan in H1 2025, a year-on-year decline of 10%, and a net profit attributable to shareholders of 1.95 billion yuan, showing a slight increase of 0.1% [6] - The issuance of REITs and the sale of a 25% stake in Luhai International are expected to enhance asset liquidity and improve net profit [6] - The company emphasizes shareholder returns, with dividends and buybacks accounting for 77% of net profit in H1 2025 [6] - The profit forecast for 2025 has been raised due to the positive impact of asset management activities, with expected net profit of 6.3 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 114.225 billion yuan, with a year-on-year growth rate of 8.1% [5] - The net profit attributable to shareholders is forecasted to reach 6.257 billion yuan in 2025, reflecting a significant increase of 59.7% compared to the previous year [5] - The earnings per share (EPS) is expected to be 0.86 yuan in 2025, with a projected PE ratio of 7 [5] - The company's gross margin is anticipated to be 5.8% in 2025, with a return on equity (ROE) of 14.4% [5]