Investment Rating - The report maintains an "Outperform" rating for the company [3][6][10]. Core Insights - In Q1 2024, the company recorded revenue of RMB 2.378 billion, representing a year-on-year increase of 15.2%, and a non-HKFRS net profit of RMB 209 million, which is a significant increase of 173.9% compared to the previous year [4][10]. - The gross margin improved to 16.1% in Q1 2024, up from 10.4% in Q1 2023, indicating a notable enhancement in profitability [4][10]. - The company is expected to see steady growth in gross margin from 2024 to 2026, driven by strategies such as optimizing freight weight structure, cost pricing mechanisms, and efficiency improvements [6][10]. Financial Performance Summary - Revenue projections for the company are as follows: RMB 11.398 billion in 2024, RMB 12.754 billion in 2025, and RMB 13.974 billion in 2026 [6][9]. - Adjusted net profit forecasts are RMB 686 million for 2024, RMB 810 million for 2025, and RMB 934 million for 2026 [6][9]. - The company’s earnings per share (EPS) are projected to be RMB 0.59 in 2024, RMB 0.70 in 2025, and RMB 0.81 in 2026 [6][9]. Operational Metrics - In Q1 2024, the total freight volume reached 2.875 million tons, an increase of 21.7% year-on-year, with the total number of shipments rising by 25.3% to 31.568 million [5][10]. - The average freight price was RMB 827 per ton, reflecting a decline of 5.4% year-on-year, attributed to competitive pricing strategies and cost reductions [5][10]. - The company achieved a reduction in unit operating costs by 11.3% year-on-year, with significant decreases in costs associated with trunk transportation and distribution centers [5][10].
安能物流：24Q1，降本增效，业绩预期