携手深耕，共建高效运输生态 交车合影留念 东风商用车&BSWL交车现场 在成渝地区双城经济圈加快建设的背景下，东风商用车持续深耕区域市场。6月20日，东风 商用车与BSWL在成都举行交车仪式，首批40台搭载龙擎3.0一体化智慧动力链的燃气危化 牵引车成功交付。这是龙擎3.0一体化智慧动力链产品首次进入BSWL运营体系，标志着双 方合作迈入新阶段，也意味着东风商用车在成渝地区危化运输领域实现重要突破，更体现了 东风商用车紧扣区域重点客户、重点运输场景精准发力的务实行动。BSWL相关领导，东风 商用车有限公司总经理刘利成，东风商用车技术中心党委书记熊博，东风商用车办公室主任 杨波，东风汽车贸易有限公司总经理刘力，东风商用车有限公司营销事业部副总经理薛林艺 共同出席仪式现场。 作为国内快运与危化品运输行业的头部企业之一，BSWL业务覆盖快运、危化、重货、新能 源等多个板块，运营车辆超1500台，具备广泛的运输网络与成熟的业务体系。面对不断变 化的行业趋势，BSWL始终重视运输装备的升级与服务效率的提升，近两年持续加大车辆采 购与品牌合作投入。 2023至2024年间，BSWL累计采购东风商用车产品超百台，双方合作基 ...

具体包括：韶关市亿广运输有限公司、云浮市锦顺运输有限公司、广东巴蜀供应链管理有限公司、广东 丰瑞运输有限公司、茂名市联丰物流有限公司、佛山市致安运输有限公司、中山市武耀废弃油回收有限 公司、南雄市成乾物流有限公司、云浮市信业运输有限公司、佛山索尔多式物流有限公司。 公安机关提醒广大危化品运输车辆驾驶人，出车前要注意休息，行车过程中保持注意力专注，切忌疲劳 驾驶、超速行驶、分心驾驶。高速公路行驶时需要按规定的车道行驶，不能随意超车、变道，注意与前 车保持安全距离，遇突发情况应立即启动紧急切断装置，按要求设置好警示标志并报警。危化品道路运 输企业要切实履行安全生产主体责任，强化车辆动态监管，定期开展驾驶人安全培训教育和车辆维护， 严禁"带病车"上路。 2024年以来，全省共发生危化品运输车责任事故44起，造成23人死亡。经统计分析，上午时段危化品车 事故较多，6时至12时造成亡人数占总死亡人数的50%；导致危化品车事故的主要原因为：超速行驶、 未保持安全距离、驾驶不符合标准车辆、疲劳驾驶等。 目前，广东已进入夏季，公路客运、货物运输频繁集中，客货运输交通安全风险增加。6月14日，广东 省公安厅交通管理局对近三月（ ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd. (盛航股份), is focusing on synergistic development in domestic and international hazardous chemical transportation following the acquisition by Wanda Holdings [1][7] - The company has seen a decline in net profit for 2024, with a reported net profit of 137.15 million yuan, down 24.67% year-on-year, while revenue increased by 18.88% to 1.5 billion yuan [7] - The company is expanding its fleet capacity, controlling 52 vessels with a total capacity of 405,000 deadweight tons as of December 2024 [7] - Shenghang has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2][9] - The net profit forecast for the same years is 137.15 million yuan, 183.13 million yuan, 208.00 million yuan, and 233.79 million yuan, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% [2][9] - Earnings per share (EPS) are projected to be 0.73 yuan, 0.97 yuan, 1.11 yuan, and 1.24 yuan for the years 2024 to 2027 [2][9] - The company’s return on equity (ROE) is expected to improve from 7.38% in 2024 to 9.90% in 2027 [2][9] Operational Insights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation and 10% for oil transportation in the coming years [8]

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd., has seen a change in its controlling shareholder to Wanda Holdings, which is expected to enhance collaboration in hazardous chemical transportation between domestic and international markets [7] - The company reported a revenue of 1.5 billion yuan in 2024, an increase of 18.9% year-on-year, while the net profit attributable to the parent company decreased by 24.7% [7] - The company is expanding its fleet, with a total of 52 vessels and a carrying capacity of 405,000 deadweight tons as of December 2024 [7] - The company has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Performance Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2] - The net profit attributable to the parent company is projected to be 137.15 million yuan in 2024, 183.13 million yuan in 2025, 208.00 million yuan in 2026, and 233.79 million yuan in 2027, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% respectively [2] - Earnings per share (EPS) are expected to be 0.73 yuan in 2024, 0.97 yuan in 2025, 1.11 yuan in 2026, and 1.24 yuan in 2027 [2] - The return on equity (ROE) is projected to increase from 7.38% in 2024 to 9.90% in 2027 [2] Operational Highlights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation in 2025, increasing to 29.5% by 2027 [8]