新股覆盖研究：世盟股份

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index by more than 15% over the next 6-12 months [36]. Core Insights - The company, Shimon Co., focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing enterprises, particularly in the automotive, lithium battery, and packaging sectors. It has established a strong client base, including leading companies like Mercedes-Benz and Maersk [29][30]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of 808 million, 835 million, and 1.028 billion yuan, representing year-over-year growth rates of 41.27%, 3.30%, and 23.20%, respectively. Net profit is expected to grow from 112.5 million to 170.1 million yuan during the same period [9][33]. - The company is actively expanding its customer base and has secured new contracts with global leaders in packaging and automotive parts, which is expected to strengthen its market position [30]. Financial Performance - The company achieved revenues of 808 million yuan in 2022, with a net profit of 112.5 million yuan, and is projected to reach 1.028 billion yuan in revenue and 170.1 million yuan in net profit by 2024, reflecting a growth trajectory [5][9]. - For the first nine months of 2025, the company reported revenues of 661 million yuan, a decrease of 11.30% compared to the same period in 2024, with net profit declining by 9.15% [9]. Industry Overview - The logistics industry is a critical service sector that integrates transportation, warehousing, freight forwarding, customs, trade, and information technology. It is influenced by economic changes and manufacturing trends [17]. - China's logistics industry has been expanding, with the total social logistics volume projected to grow from 177.3 trillion yuan in 2012 to 360.6 trillion yuan in 2024, indicating a robust market environment [20][23]. - The third-party logistics market in China has also seen rapid growth, with its size increasing from 749.9 billion yuan in 2012 to 2.4099 trillion yuan in 2024, showcasing significant potential for further development [23]. Competitive Positioning - Compared to its peers, Shimon Co. has a lower revenue scale but maintains a competitive gross profit margin of 24.95%, which is above the industry average of 21.53% [33][34]. - The company is positioned as a representative integrated supply chain logistics enterprise in China, leveraging its extensive experience and client relationships to enhance operational efficiency and reduce costs for its customers [29][30].