点评报告：连续中标希音公司合同，成长逻辑不断兑现

Investment Rating - The investment rating for the company is "Buy" (Maintain) [3][4]. Core Views - The company has achieved significant breakthroughs in cross-border e-commerce logistics, providing nearly one million square meters of warehouse services for four major global platform enterprises by the end of 2023 [1]. - The newly planned multi-functional smart logistics center in Hainan, with a total area of 213,300 square meters, has completed its topping-out work and is about to be completed and put into use [1]. - The company is capitalizing on the cross-border e-commerce boom, with new capacity rapidly being utilized to contribute to performance growth, maintaining a positive outlook on the company's growth attributes [1][4]. Financial Performance Summary - The company’s projected revenue for 2024-2026 is estimated to be 1.53 billion, 1.76 billion, and 1.96 billion yuan, respectively, with corresponding net profits of 281 million, 325 million, and 375 million yuan [5][7]. - The revenue growth rates are expected to be 25% in 2024, 15% in 2025, and 12% in 2026, while net profit growth rates are projected at 71%, 16%, and 15% for the same years [5][7]. - The company’s P/E ratios for 2024-2026 are projected to be 14.93, 12.91, and 11.19, indicating a favorable valuation trend [5][7]. Market Performance Summary - As of May 13, 2024, the company's stock price is 18.01 yuan, with a 52-week price range of 11.67 to 20.79 yuan [4]. - The company has outperformed the CSI 300 index with a 1-month performance of 16.6%, 3-month performance of 32.0%, and a 12-month performance of 7.8% [4].