Investment Rating - The report maintains a "Buy" rating for Aneng Logistics (09956) as of June 16, 2024 [1]. Core Insights - Aneng Logistics has shown significant improvement in profitability, with a notable increase in repurchase activity reflecting management's confidence in the company's future [1][3]. - The company achieved a cargo volume of 2.88 million tons in Q1 2024, representing a year-on-year growth of 21.7%, with revenue reaching 2.378 billion yuan, up 15.2% year-on-year [4][6]. - The gross profit for Q1 2024 was 382 million yuan, marking a substantial year-on-year increase of 77.6%, with a gross margin of 16.1%, up 5.7 percentage points [4][7]. Summary by Sections Performance Metrics - Aneng Logistics outperformed the Hang Seng Index with a 1-month performance of 7.2%, 3-month performance of 38.5%, and a 12-month performance of 10.2% [4]. - The company’s net profit attributable to shareholders for Q1 2024 was 190 million yuan, a remarkable increase of 326.1% year-on-year, with a net profit margin of 7.9%, up 5.8 percentage points [4][7]. Operational Improvements - The company has focused on enhancing service quality, leading to a reduction in average delivery time to under 70 hours in March 2024, down from 72 hours in 2023 [5][6]. - The number of lost packages per 100,000 items has significantly decreased from 1.2 in 2022 to 0.06 in Q1 2024, indicating improved service reliability [5][6]. Cost Management - Aneng Logistics has successfully reduced unit costs, with core line costs decreasing from 0.337 yuan/kg to 0.310 yuan/kg, and distribution center costs dropping from 0.207 yuan/kg to 0.151 yuan/kg in Q1 2024 [7]. - The management expense ratio has also improved, decreasing from 9.6% in 2022 to 5.4% in Q1 2024, contributing to enhanced profitability [7]. Future Outlook - The report forecasts Aneng Logistics' revenue to reach 11.601 billion yuan in 2024, with net profits expected to be 697 million yuan, reflecting a P/E ratio of 9.56 [9][10]. - The company is positioned to benefit from the growing market for 0-300kg products, which is expected to enhance its business structure and profitability [6][7].
安能物流：股份回购点评：盈利大幅改善，回购彰显信心