Zhonggu Logistics(SH:603565) ZHESHANG SECURITIES·2025-09-05 08:09Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a revenue of 5.338 billion yuan for the first half of 2025, a year-on-year decrease of 6.99%, while the net profit attributable to shareholders was 1.072 billion yuan, an increase of 41.59% [1] - The company has a high interim dividend payout ratio of 84.3%, reflecting its strong cash cow characteristics, with a proposed cash dividend of 4.30 yuan per 10 shares, totaling 903 million yuan [3] - The outlook for the second half of 2025 is positive, with expectations for both domestic and foreign trade businesses to maintain good performance due to economic recovery and limited new capacity in the industry [4] Summary by Sections Operating Performance - In Q2 2025, the company achieved a revenue of 2.77 billion yuan, a decrease of 6.25% year-on-year, and a net profit of 525 million yuan, an increase of 42.5%, slightly exceeding the profit expectation of 500 million yuan [1] Business Segments - The decline in revenue was primarily due to market fluctuations and a reduction in domestic shipping capacity, while profit growth was driven by increased contributions from foreign trade leasing, improved domestic freight rates, and effective cost control [2] Dividend Policy - The company has a strong cash reserve of 12.354 billion yuan, supporting its high dividend distribution capability, continuing a tradition of high dividends with a payout ratio of 90.39% in 2024 [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 2.01 billion, 2.10 billion, and 2.22 billion yuan respectively, indicating a positive outlook for profitability [5]