Fulin Transportation(SZ:002357) Huachuang Securities·2026-02-04 00:25Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1][11]. Core Insights - Fulin Transportation is the leading road passenger transport company in Sichuan Province, actively pursuing three strategic transformation directions: integration of transportation and tourism, low-altitude economy, and unmanned logistics [7][11]. - The company has recovered its revenue to pre-pandemic levels, with passenger transport income accounting for over 70% of total revenue, and it is expected to achieve a net profit of 165 to 196 million yuan in 2025, representing a year-on-year growth of 35% to 60% [5][30][37]. Company Overview - Fulin Transportation is the only special-grade passenger transport enterprise in Sichuan, with a total of 31,348.90 million shares and a market capitalization of 40.06 billion yuan [2][14]. - The company operates 6,179 vehicles and 846 passenger routes, with a focus on passenger transport services and the operation of passenger transport stations [5][17]. Financial Performance - The company's revenue has stabilized around 8.6 billion yuan in recent years, recovering to 2019 levels, with a projected net profit of 1.81 billion yuan in 2025 [30][37]. - Investment income has been a significant source of profit, accounting for over 75% of total profit from 2020 to 2024, primarily from investments in Mianyang Commercial Bank and Santai Rural Commercial Bank [42][43]. Strategic Transformation Transportation and Tourism Integration - The integration of transportation and tourism is supported by the growing population in Chengdu, which is expected to contribute 67.87% of the company's revenue by 2024 [8][58]. - The company has launched convenient bus lines and established partnerships to enhance service offerings in tourist areas [5][8]. Low-Altitude Economy - The low-altitude economy is seen as a promising area for development, combining logistics and tourism, with potential partnerships with drone logistics companies [9][10]. - The company is exploring opportunities in low-altitude logistics, leveraging its operational experience in road passenger transport [9][10]. Unmanned Logistics - The unmanned logistics sector is gaining traction, with the company actively seeking partnerships to implement unmanned delivery services [10]. - The company has initiated pilot projects for unmanned vehicles, marking a significant step in its logistics transformation [10]. Investment Outlook - The company is expected to achieve net profits of 1.8 billion, 2.2 billion, and 2 billion yuan from 2025 to 2027, with corresponding EPS of 0.6, 0.7, and 0.6 yuan, indicating a favorable valuation compared to peers [11][30].