长久物流（603569）：中期大额分红超预期，彰显对后市信心

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company announced a cash dividend of 0.31 yuan per share, totaling 187 million yuan, which is 1839.82% of the net profit attributable to shareholders for the first half of 2025, indicating strong confidence in future performance [8] - The high dividend reflects the company's solid asset base and confidence in future profit recovery, especially with expected price increases in logistics due to regulatory changes [8] - The implementation of stricter regulations in the logistics sector is expected to enhance market concentration, benefiting leading companies like the report's subject [8] Financial Data and Earnings Forecast - Total revenue is projected to grow from 4,175 million yuan in 2024 to 6,546 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.2% [6] - Net profit attributable to shareholders is expected to increase from 88 million yuan in 2025 to 534 million yuan in 2027, reflecting a significant growth trajectory [6] - The report anticipates a substantial increase in gross margin from 12.1% in 2025 to 23.4% in 2027, indicating improved profitability [6]