DEPPON(SH:603056) Guohai Securities·2024-04-29 15:00Investment Rating - The report maintains a "Buy" rating for Debon Logistics (德邦股份) [1] Core Views - The company's revenue and performance are expected to grow significantly due to the ongoing network integration project, with a projected revenue increase of over 20% for 2024 [5][11] - The first quarter of 2024 saw a revenue of 9.295 billion yuan, a year-on-year increase of 25.31%, and a net profit attributable to shareholders of 92.79 million yuan, up 27.74% year-on-year [4][11] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 9.295 billion yuan, with a year-on-year growth of 25.31% and a net profit of 92.79 million yuan, reflecting a 27.74% increase [4] - The company's non-net profit attributable to shareholders reached 15.58 million yuan, marking a substantial growth of 254.03% year-on-year [4] Business Segments - The express delivery segment generated 542 million yuan in revenue, a decrease of 22.04% year-on-year - The freight business reported revenue of 8.373 billion yuan, an increase of 29.64% year-on-year - Other business segments contributed 380 million yuan, growing by 44.45% year-on-year [4] Growth Drivers - The revenue growth is primarily driven by the freight business, supported by the integration of internal and external resources and the orderly advancement of the network integration project [5] - The company plans to provide 7.8 billion yuan in services to JD Group and its controlled enterprises in 2024, which is expected to account for 21.5% of the company's revenue in 2023 [5] Profitability and Cost Management - The gross margin for Q1 2024 was 6.42%, a decrease of 1.24 percentage points year-on-year, mainly due to cost fluctuations [10] - Operating costs increased by 26.99% year-on-year to 8.698 billion yuan, slightly outpacing revenue growth [10] - The company has implemented management optimizations, resulting in a decrease in the ratio of selling, administrative, and financial expenses to revenue by 1.16 percentage points year-on-year [10] Future Projections - The report projects revenues of 44.385 billion yuan, 48.649 billion yuan, and 52.566 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.152 billion yuan, 1.513 billion yuan, and 1.813 billion yuan [11][13]