中谷物流（603565）：外贸利润兑现，关注红利属性

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that foreign trade profits have been realized, and there is a focus on the company's dividend attributes [6] - The company achieved a revenue of 5.338 billion yuan in the first half of 2025, a year-on-year decrease of 6.99%, with a net profit attributable to shareholders of 1.072 billion yuan, a year-on-year increase of 41.59% [9] - The company's strategy of coordinating domestic and foreign trade is expected to support profit growth, driven by demand recovery in domestic trade and favorable conditions in foreign trade [9] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a decline from 12.439 billion yuan in 2023 to 10.974 billion yuan in 2027, with a projected growth rate of -12.46% in 2023 and a slight recovery in subsequent years [8] - Net profit attributable to shareholders is expected to grow from 1.717 billion yuan in 2023 to 2.240 billion yuan in 2027, with a year-on-year growth rate of 11.25% in 2025 [8] - Earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 1.07 yuan in 2027 [8] Dividend Policy - The company plans to distribute a dividend of 9.03 billion yuan in the first half of 2025, which is 84.27% of the net profit for that period [9]