德邦股份（603056.SH）2024 年年报及 2025 年一季报点评 快运业务驱动营收稳步增长，成本管控成效显著 2025 年 04 月 28 日 ➢ 事件概述：2025 年 4 月 25 日，公司发布 2024 年年报及 25 年一季报，营 收保持增长，25Q1 归母净利承压。 2024 年，1）收入端：公司实现营业收入 403.63 亿元，同比+11.26%；实现归 母净利润 8.61 亿元，同比+15.41%；实现毛利率 7.6%，同比-1.0pct； 2）利 润端：24 年公司实现归母净利润 8.6 亿元，同比+15.4%；实现归母净利率 2.1%； 扣非后归母净利 6.4 亿元，同比 12.2%；实现扣非归母净利率 1.6%。 2025Q1，公司 25Q1 实现营收 104.1 亿元，同比+12.0%，实现毛利率 4.0%， 同比-2.4pct；实现归母净利润-0.7 亿元，同比-173.7%。 ➢ 费用率方面，24 年及 25Q1 公司各项费用得到有效管控。1）2024 年公司 期间费用为 22.2 亿元，同比-7.0%；期间费用率为 5.5%，同比-1.1pct；财务/ 管理/研发/销售费用 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-019 德邦物流股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 序号 | 前十大股东和前十大无限售条件股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 宁波梅山保税港区德邦投资控股股份有限 | 682,890,461 | 66.96 | | | 公司 | | | | 2 | 宿迁京东卓风企业管理有限公司 | 102,067,379 | 10.01 | | 3 | 崔维星 | 15,756,888 | 1.55 | | 4 | 全国社保基金一一二组合 | 7,588,600 | 0.74 | | 5 | 德邦物流股份有限公司－第二期员工持股 | 7,133,300 | 0.70 | | | 计划 | | | | 6 | 香港中央结算有限公司 | 5,903,780 | 0.58 | | 7 | 中国农业银行股份有限公 ...

证券研究报告 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 投资评级： 买入（维持） ——业绩短期承压，经营改善下盈利有望回升 投资要点： 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com | 基本数据 | | 年 | 04 | 月 25 日 | 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 13.39 | | | | | | 一 年 最 低 | 高 | | | 17.06/11.95 | | 内 | / | 最 | | （元） | | | | | | | | | | 总市值（百万元） | | | | 13,6 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company achieved a revenue of 40.363 billion yuan in 2024, representing a year-on-year growth of 11.26%, while the net profit attributable to shareholders was 0.861 billion yuan, up 15.41% year-on-year [6]. - In Q1 2025, the company reported a revenue of 10.407 billion yuan, a year-on-year increase of 11.96%, but a net loss of 0.068 billion yuan compared to a profit of 0.093 billion yuan in the same period of 2024 [6]. - The integration project with JD Logistics is expected to accelerate in Q2-Q4 2025, potentially bringing additional revenue and performance elasticity [7]. - The company is facing short-term pressure on transportation costs, with a gross margin of 3.99% in Q1 2025, down 2.43 percentage points year-on-year, primarily due to a 34.13% increase in transportation costs [8]. - The company is implementing measures to optimize routes and reduce operational costs, which are expected to improve efficiency and reduce costs in the long term [8][11]. Financial Performance - The company forecasts revenues of 45.116 billion yuan, 48.843 billion yuan, and 52.494 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 12%, 8%, and 7% [12][13]. - The net profit attributable to shareholders is projected to be 0.957 billion yuan, 1.109 billion yuan, and 1.207 billion yuan for the same years, with growth rates of 11%, 16%, and 9% [12][13]. - The report indicates that the company's current investments and management improvements are expected to translate into long-term competitive advantages [11].

Investment Rating - The investment rating for the company is "Accumulate" [1][8]. Core Views - The company reported a revenue of 40.36 billion yuan in 2024, a year-on-year increase of 11.26%, and a net profit attributable to the parent company of 861 million yuan, up 15.41% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 10.41 billion yuan, a year-on-year increase of 11.96%, but reported a net loss of 6.8 million yuan, a significant decline of 173.69% year-on-year [2][3]. - The company is expected to benefit from the integration of its network and the support from JD Group, which is anticipated to drive revenue growth and cost optimization, enhancing overall profitability [8]. Summary by Sections Financial Performance - In 2024, the company’s operating costs were 37.29 billion yuan, an increase of 12.55% year-on-year, with a gross margin of approximately 7.62%, down 1.06 percentage points [4]. - For Q1 2025, operating costs were 9.99 billion yuan, up 14.86% year-on-year, with a gross margin of about 3.99%, down 2.43 percentage points [4]. - The company’s net profit forecast for 2025-2027 is 911 million yuan, 1.036 billion yuan, and 1.166 billion yuan, representing year-on-year growth rates of 5.8%, 13.8%, and 12.5% respectively [8]. Revenue Breakdown - In 2024, the company’s express delivery revenue was 21.92 billion yuan, a decrease of 19.67% year-on-year, while other revenues increased by 34.63% to 1.71 billion yuan [3]. - In Q1 2025, express delivery revenue was 4.83 billion yuan, down 11.00% year-on-year, while other revenues rose by 23.89% to 4.71 billion yuan [3]. Cost Structure - The company’s labor costs, freight costs, and rental expenses saw increases of 3.86%, 34.13%, and a decrease of 17.01% respectively in Q1 2025 [4]. - The freight cost as a percentage of revenue increased by 8.15 percentage points, attributed to changes in business structure and increased investment in transportation resources [4]. Strategic Initiatives - The company plans to repurchase shares worth between 75 million and 150 million yuan, representing 0.46% to 0.92% of its total share capital, indicating confidence in future growth [5][6].

Investment Rating - The investment rating for the company is "Accumulate" [1][8] Core Insights - The company reported a revenue of 40.36 billion yuan in 2024, representing a year-on-year increase of 11.26%, with a net profit attributable to the parent company of 861 million yuan, up 15.41% year-on-year [1] - In Q1 2025, the company achieved a revenue of 10.41 billion yuan, a year-on-year increase of 11.96%, but reported a net loss of 68 million yuan, a significant decline of 173.69% year-on-year [2][3] - The company's express delivery revenue decreased by 19.67% year-on-year, while other income increased by 34.63% [3] - The company is focusing on improving delivery quality and product upgrades, which has led to a 15% increase in core business volume [3] - The company plans to repurchase shares worth between 75 million to 150 million yuan, reflecting confidence in future development [5][6] Financial Performance Summary - In 2024, the company's operating costs were 37.29 billion yuan, up 12.55% year-on-year, with a gross margin of approximately 7.62% [4] - The company expects net profits for 2025-2027 to be 911 million yuan, 1.036 billion yuan, and 1.166 billion yuan, respectively, with year-on-year growth rates of 5.8%, 13.8%, and 12.5% [8] - The company's earnings per share (EPS) for 2025 is projected to be 0.89 yuan, with a price-to-earnings (P/E) ratio of 15.00 [7][8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has undergone a strategic shift in operations, focusing on network integration progress. The recent performance shows a revenue increase of 11.3% year-on-year for 2024, with a net profit growth of 15.4%. However, the first quarter of 2025 saw a net loss of 0.68 billion yuan due to seasonal impacts and business expansion [6][5] - The company's express delivery business revenue reached 36.46 billion yuan in 2024, reflecting a 12.95% increase, driven by product upgrades and improved customer experience. Key performance indicators such as complaint rates and delivery success rates have shown significant improvement [6][5] - The financial forecasts have been adjusted downwards for 2025-2026, with expected net profits of 9.22 billion yuan and 10.55 billion yuan respectively, while maintaining a competitive valuation compared to peers [6][5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 40.36 billion yuan, with a year-on-year growth of 11.3%. The first quarter of 2025 reported a revenue of 10.41 billion yuan, a 12% increase [5][6] - The net profit for 2025 is estimated at 0.92 billion yuan, reflecting a 7.1% increase from the previous year, while the profit for 2026 is projected at 1.05 billion yuan [5][6] - The gross margin is expected to stabilize around 7.4% for 2025-2027, with a return on equity (ROE) forecasted at 10% for 2025 [5][6]

证券代码：603056 证券简称：德邦股份 公告编号：2025-018 德邦物流股份有限公司关于间接控股股东 以集中竞价方式累计增持公司股份比例达到 2% 暨权益变动超过 1%的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 德邦物流股份有限公司（以下简称"公司"）于2024年11月26日在上海 证券交易所网站（www.sse.com.cn）披露了《德邦物流股份有限公司关于间接控 股股东以专项贷款和自有资金增持公司股份计划的公告》（公告编号：2024-039）。 公司间接控股股东宿迁京东卓风企业管理有限公司（以下简称"京东卓风"或"信 息披露义务人"）拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 A股股份，本次增持计划的实施期限为自2024年11月26日起12个月，拟增持总金 额不低于人民币3亿元（含），不超过人民币6亿元（含）。（以下简称"增持计 划"） 截至2025年4月25日，为实施增持计划，京东卓风通过集中竞价交易方式 以专项贷款和自有资金累计增持公司股份20,396,300股，约 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 40.36 billion RMB in 2024, representing a year-on-year growth of 11.3%, driven primarily by the express delivery business [2] - The express delivery segment saw a revenue decline of 19.7% to 2.19 billion RMB, while the freight business grew by 12.95% to 36.46 billion RMB, supported by improved delivery quality and sales capabilities [2] - In Q1 2025, the company reported a revenue of 10.41 billion RMB, a 12% increase year-on-year, but a net profit decline of 0.68 billion RMB, down 173.7% due to increased resource investment and a 34% rise in transportation costs [2] Revenue and Profit Analysis - The company’s gross margin decreased to 7.62%, down 1.06 percentage points year-on-year, primarily due to increased transportation costs [3] - The operating expense ratio improved to 5.51%, down 1.06 percentage points, with sales expenses rising by 43.04% to 686 million RMB, reflecting ongoing investments in sales capabilities [3] - Management expenses decreased by 20.40% to 1.241 billion RMB, indicating efficiency improvements in organizational functions [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 970 million RMB and 1.07 billion RMB, respectively, with a new forecast for 2027 set at 1.18 billion RMB [4] - The report highlights a projected revenue growth rate of 10.50% for 2025 and a net profit growth rate of 13.05% for the same year [9]

Core Viewpoint - 德邦股份 has demonstrated strong growth in the large parcel logistics sector, with significant increases in revenue and net profit for 2024, and continued growth in Q1 2025 [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 40.363 billion yuan, a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 861 million yuan, up 15.41% [1]. - For Q1 2025, the company reported an operating revenue of 10.407 billion yuan, reflecting a year-on-year growth of 11.96% [1]. Operational Efficiency - Since its strategic transformation in 2013, 德邦股份 has focused on enhancing its large parcel delivery capabilities, leading to a more than 15% year-on-year increase in core express business volume in 2024 [2]. - The company has implemented cost reduction and efficiency improvement measures, optimizing various business segments to enhance overall profitability [2]. Customer Experience and Service Quality - 德邦股份 has established a comprehensive cargo damage management system, resulting in a significant reduction in damage rates and a 77.5% decrease in complaints regarding end delivery services [3]. - The company has strengthened its competitive edge in high-value sectors such as home furnishings, electronics, and industrial manufacturing, leading to increased customer loyalty [3]. Shareholder Confidence - The company announced a share buyback plan with a total amount not less than 75 million yuan and not exceeding 150 million yuan, aimed at maximizing shareholder value [4]. - 京东卓风, the indirect controlling shareholder, has increased its stake in the company, reflecting confidence in its future development [4]. Strategic Collaboration - Since 京东物流 acquired 德邦股份, the collaboration has deepened, with ongoing integration projects to enhance the express network and operational efficiency [5]. - The company plans to continue focusing on improving core business competitiveness, including service experience, delivery timeliness, and cost reduction, to maintain its leading position in the industry [5].