嘉诚国际：华南跨境电商仓储龙头，连续中标跨境电商平台招标项目验证成长潜力

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 21.6 CNY per share based on a PE of 18X for 2024 [17][64]. Core Insights - The company is positioned as a leading player in cross-border e-commerce warehousing in South China, benefiting from the booming cross-border e-commerce market and expected improvements in monetization capabilities [7][16]. - The company has secured multiple contracts with SHEIN, expanding its service offerings from warehousing logistics to quality inspection, indicating a diversification of its revenue streams [2][44]. - The company’s logistics assets, primarily located in Guangzhou Nansha, total nearly 700,000 square meters, providing a strategic advantage in the Guangdong-Hong Kong-Macao Greater Bay Area [27][34]. Summary by Sections 1. High-Standard Warehouse Resources - The company has acquired over 80,000 square meters of state-owned land in Panyu District, Guangzhou, for the construction of the "Greater Bay Area (South China) International E-commerce Port Project," which will serve as a modern integrated international supply chain e-commerce platform [1]. 2. Continuous Contract Wins - From 2020 to 2023, the company’s warehousing resource monetization potential was not fully realized. However, in 2024, it has won four contracts with SHEIN, enhancing its service scope and revenue potential [2][44]. 3. Embracing Cross-Border E-commerce Opportunities - The company reported a significant year-on-year increase in net profit of 52.1% in Q1 2024, reaching 65 million CNY, as it capitalized on the cross-border e-commerce export wave [7][16]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 281 million CNY, 331 million CNY, and 388 million CNY for the years 2024 to 2026, respectively. The report highlights a stable operating environment for the warehousing segment and potential for increased traffic monetization [17][64].