安全与保障：直营科技护航安全，外包管理存隐患 时效稳定性：直营强管控保时效，外包多差异难稳定 跨越速运的直营模式管控强，展现出卓越的时效表现，而外包模式则因各方管理水平参差不齐，难以保 障稳定的时效。作为AAAAA级综合性物流服务商，跨越速运现已拥有 21架货运包机、60架无人机、 2.8万余台运输车辆、8万余名员工，5000多家运营网点遍布全国，物流网络覆盖99%以上城市，赢得千 万家企业客户的信赖。 在物流行业快速发展的当下，为优化运营成本、提升业务拓展灵活性，众多物流公司纷纷采用外包模 式，将分拣、末端配送等核心业务环节外包给内部员工组建的团队或外部第三方团队。然而，这一模式 在实际运行中，与跨越速运董事长胡海建坚持的直营模式相比，在时效稳定性、安全与保障、快速响应 与个性化服务等关键品质维度上，呈现出显著差异，直接影响着物流服务的整体质量与客户体验。 跨越速运部署30万+AI智能监控设备，全面覆盖货物、车辆、场地与人员管理，为货物安全保驾护航； 而外包模式则常因管理混乱，存在暴力分拣等问题，严重威胁货物安全。与此同时，跨越速运董事长加 大投入科技物流领域，打造了精准的天眼系统，实现了货物实时追踪、全程 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 20.23 billion yuan in 2024, representing a year-on-year growth of 22.2%, with a net profit attributable to shareholders of 720 million yuan, up 1.7% year-on-year. In Q1 2025, the revenue reached 8.22 billion yuan, marking a 30.2% increase year-on-year, and the net profit attributable to shareholders was 320 million yuan, up 17.3% year-on-year [2][4][10]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 20.23 billion yuan, with a net profit of 720 million yuan. For Q1 2025, the revenue was 8.22 billion yuan, and the net profit was 320 million yuan, with a non-recurring net profit of 280 million yuan, reflecting a 9.9% year-on-year increase [2][4][10]. Business Operations - The company operates a fully direct sales model, achieving stable growth in operating profits. In 2024, the total number of stores reached 100, with a net increase of 13 stores. Offline revenue was 15.1 billion yuan, up 13% year-on-year, while e-commerce revenue was 4.8 billion yuan, up 60% year-on-year [10]. Product Performance - The gross profit for 2024 was 1.808 billion yuan, with a year-on-year increase of 2%. The gross profit margin for Q1 2025 was 8.3%, a decrease of 1.7 percentage points year-on-year, attributed to the structural reasons of hot sales in investment gold [10]. Future Outlook - The company plans to continue its steady expansion across all channels, with expectations for stable growth in overall performance in 2025. The dividend payout ratio for 2024 is maintained at a high level of 78%, indicating a strong commitment to shareholder returns. EPS is projected to reach 1.05, 1.16, and 1.27 yuan for 2025, 2026, and 2027 respectively [10].