业绩简评 2025 年 4 月 24 日，永泰运发布 2024 年年度报告。2024 年公司实 现营业收入 39 亿元，同比增长 77%；实现归母净利润 0.9 亿元， 同比下降 41%。其中 Q4 公司实现营业收入 9.2 亿元，同比增长 49%；实现归母净利润-0.03 亿元，同比下降 133%。 经营分析 货代业务量价齐升，供应链贸易收入大幅增长。2024 年公司营收 同比增长 77%，主要系：（1）操作箱量增长：2024 年公司各业务板 块合计服务箱量为 30.96 万 TEU，同比增长 25%，其中跨境化工 物流供应链操作箱量 16.45 万 TEU，同比增长 13%；（2）海运价格 回升：受红海事件持续影响，集运运价同比大涨，2024 年 CCFI 均 值为 1551 点，同比增长 65%，公司跨境化工物流供应链单箱收入 同比增长 22%；（3）供应链贸易服务业务增长：公司积极发展供应 链贸易服务，2024 年该板块收入为 13.5 亿元，同比增长 271%。 毛利率同比下降，信用及公允价值损失影响净利。2024 年公司实 现毛利率 10.5%，同比下降 4.8pct，主要原因系低毛利率的供应 链 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 847 million RMB in 2024, a year-on-year decline of 18.97%, and a net loss attributable to shareholders of 236 million RMB, primarily due to decreased revenue and increased credit impairment and asset impairment losses [2]. - In Q1 2025, the company generated revenue of 105 million RMB, down 42.40% year-on-year, attributed to longer delivery cycles and complex project requirements, resulting in delayed acceptance [2]. - The company has made significant progress in securing orders from state-owned enterprises, with a 20.8% increase in contract amounts from central state-owned enterprises and a 44.3% increase in contracts for its specialized products [3]. - The company has upgraded its overseas strategy, achieving localized breakthroughs in Hong Kong and the Middle East, with a 45.8% increase in overseas revenue [3]. - The company launched a new AI product line, CoMi, and a one-stop AI service platform, integrating over 50 mainstream models, which supports private deployment and industry adaptation [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 847 million RMB, down 18.97% year-on-year, with a net loss of 236 million RMB due to revenue decline and increased impairment losses [2]. - Q1 2025 revenue was 105 million RMB, a 42.40% decline year-on-year, with a net loss of 67 million RMB [2]. Operational Analysis - Orders from enterprise clients increased by 8.7%, with contracts over one million RMB growing by 27.2%. Notably, contracts from central state-owned enterprises grew by 20.8% [3]. - The company has made strides in the overseas market, with a 45.8% increase in overseas revenue and a 25.5% increase in contract amounts [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 895 million RMB, 1,006 million RMB, and 1,156 million RMB, with expected growth rates of 5.78%, 12.32%, and 14.89% respectively [5]. - The net profit forecast for the same period is -93 million RMB, -17 million RMB, and 38 million RMB, with corresponding price-to-sales ratios of 3.49, 3.11, and 2.71 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 1.461 billion RMB, showing a quarter-on-quarter decline of 17.43% and a year-on-year decline of 11.58%. The net profit attributable to the parent company was 0.13 billion RMB, reflecting a significant quarter-on-quarter drop of 75.05% but a year-on-year turnaround from a loss [2] - The decline in performance is attributed to falling prices, with Q1 2025 revenue, gross profit, and gross margin decreasing by 17.41%, 36.18%, and 2.56 percentage points, respectively. The overall cost of rare earth materials increased, leading to a significant drop in gross margin [3] - The company is expected to benefit from rising rare earth prices due to export controls and a contraction in overseas mining supply. The demand for rare earths is anticipated to improve, particularly in the fields of humanoid robots and low-altitude economies [4] Summary by Sections Financial Performance - Q1 2025 revenue was 1.461 billion RMB, with a gross profit of 0.127 billion RMB and a gross margin of 8.69% [2][3] - The company's debt-to-asset ratio improved to 25.70%, with a decrease in operating expenses by 30.92% year-on-year to 0.105 billion RMB [3] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 6.548 billion RMB, 6.802 billion RMB, and 7.151 billion RMB, respectively. The net profit attributable to the parent company is expected to be 0.93 billion RMB, 1.74 billion RMB, and 1.96 billion RMB for the same period [5] Market Outlook - The report highlights a favorable market environment for rare earths, with expected demand growth driven by technological advancements and supply constraints. The company is well-positioned to capitalize on these trends due to its significant use of heavy rare earths in its product structure [4]

业绩简评 4 月 24 日，公司发布 24 年报&25 一季报，24 年实现营业收入 146.0 亿元，同比+27.4%,归母净利润 22.6 亿元，同比+18.7%，扣非归 母净利润 22.0 亿元，同比+31.9%；25Q1 实现营业收入 36.3 亿元， 同比+20.0%；归母净利润 4.9 亿元，同比+34.3%，扣非归母净利 润 4.6 亿元，同比+22.6%，Q1 业绩略超预期。在手订单方面，24 年 132.0 亿元，同比+25.8%；25 年一季度 157.2 亿元，同比+26.1%。 公司发布 2025-2027 年股东分红回报规划，计划每年现金分红比 例拟不低于 45%，在有条件的情况下可以进行中期利润分配。 经营分析 海外配用电深化本地化经营、推进配电、新能源桩逆储业务出海。 海外已形成 5 生产基地+11 销售中心的业务布局，辐射 70 多个国 家/地区，海外生产基地产能在海外业务中的占比达 50%，24 年海 外实现营收 27.1 亿元，同比+38.4%，海外在手订单 57.5 亿元， 同比+27.0%。1）用电：高端市场持续深耕，24 年德国市场累计取 得电表订单约 5000 万元 ...

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 business saw a revenue decline of 19.7% in 2024, 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 173.7% to -0.68 billion RMB 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% in 2024, down 1.06 percentage points, 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] - The company successfully reduced labor costs as a percentage of revenue by 4.37 percentage points through service upgrades and improved delivery coverage [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 indicates a projected revenue growth rate of 10.50% for 2025 and a net profit growth rate of 13.05% [9]

业绩简评 4 月 24 日，公司发布 24 年报&25 一季报，24 年实现营业收入 146.0 亿元，同比+27.4%,归母净利润 22.6 亿元，同比+18.7%，扣非归 母净利润 22.0 亿元，同比+31.9%；25Q1 实现营业收入 36.3 亿元， 同比+20.0%；归母净利润 4.9 亿元，同比+34.3%，扣非归母净利 润 4.6 亿元，同比+22.6%，Q1 业绩略超预期。在手订单方面，24 年 132.0 亿元，同比+25.8%；25 年一季度 157.2 亿元，同比+26.1%。 公司发布 2025-2027 年股东分红回报规划，计划每年现金分红比 例拟不低于 45%，在有条件的情况下可以进行中期利润分配。 经营分析 海外配用电深化本地化经营、推进配电、新能源桩逆储业务出海。 海外已形成 5 生产基地+11 销售中心的业务布局，辐射 70 多个国 家/地区，海外生产基地产能在海外业务中的占比达 50%，24 年海 外实现营收 27.1 亿元，同比+38.4%，海外在手订单 57.5 亿元， 同比+27.0%。1）用电：高端市场持续深耕，24 年德国市场累计取 得电表订单约 5000 万元 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 847 million RMB in 2024, a year-on-year decline of 18.97%, and a net loss attributable to shareholders of 236 million RMB, primarily due to decreased revenue and increased credit and asset impairment losses [2]. - In Q1 2025, the company generated revenue of 105 million RMB, down 42.40% year-on-year, attributed to longer delivery cycles and complex project requirements, resulting in delayed acceptance [2]. - The company has made significant progress in securing orders from state-owned enterprises, with a 20.8% increase in contract amounts from central state-owned enterprises and a 44.3% increase in contracts for its specialized products [3]. - The company has upgraded its overseas strategy, achieving localized breakthroughs in Hong Kong and the Middle East, with a 45.8% increase in overseas revenue [3]. - The company launched a new AI product line, CoMi, and a one-stop AI service platform, integrating over 50 mainstream models, which supports private deployment and industry adaptation [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 847 million RMB, down 18.97% year-on-year, with a net loss of 236 million RMB due to revenue decline and increased impairment losses [2]. - Q1 2025 revenue was 105 million RMB, a 42.40% decline year-on-year, with a net loss of 67 million RMB [2]. Operational Analysis - Orders from enterprise clients increased by 8.7%, with contracts over one million RMB growing by 27.2%. Notably, contracts from central state-owned enterprises grew by 20.8% [3]. - The company has made strides in the overseas market, with a 45.8% increase in overseas revenue and a 25.5% increase in contract amounts [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 895 million RMB, 1,006 million RMB, and 1,156 million RMB, with year-on-year growth rates of 5.78%, 12.32%, and 14.89% respectively [5]. - The net profit forecast for the same period is -93 million RMB, -17 million RMB, and 38 million RMB, with corresponding price-to-sales ratios of 3.49, 3.11, and 2.71 [5].

业绩简评 2024 年公司实现营业收入 30.45 亿元，同比增长 16.77%；实现归 母净利润 6.15 亿元，同比增长 80.75%；实现扣非归母净利润 4.30 亿元，同比增长 44.85%。分季度看，2024 年第四季度公司实现营 业收入 8.00 亿元，同比增长 13.95%；实现归母净利润 1.07 亿元， 同比增长 45.94%；实现扣非归母净利润 1.20 亿元，同比增长 63.92%。2025 年第一季度公司实现营业收入 9.85 亿元，同比增长 75.76%；实现归母净利润 3.12 亿元，同比增长 224.90%；实现扣 非归母净利润 2.15 亿元，同比增长 1150.17%。 经营分析 量价齐升协同效应初显，国内制剂业务快速增长。2024 年，公司 积极参加了国家组织的全国药品集中采购（胰岛素专项接续）的投 标工作，所有产品均成功中选， 且本次集采公司中选产品价格适 当回调。随着新一轮胰岛素集采政策的逐步执行，量价齐升的协同 效应已初步显现，2024 年公司原料药及制剂产品销售收入增加 3.15 亿元，毛利率上涨 2.71 个百分点。2025 年一季度公司国内 胰岛素制剂产品 20 ...

业绩简评 2025 年 4 月 24 日，永泰运发布 2024 年年度报告。2024 年公司实 现营业收入 39 亿元，同比增长 77%；实现归母净利润 0.9 亿元， 同比下降 41%。其中 Q4 公司实现营业收入 9.2 亿元，同比增长 49%；实现归母净利润-0.03 亿元，同比下降 133%。 经营分析 货代业务量价齐升，供应链贸易收入大幅增长。2024 年公司营收 同比增长 77%，主要系：（1）操作箱量增长：2024 年公司各业务板 块合计服务箱量为 30.96 万 TEU，同比增长 25%，其中跨境化工 物流供应链操作箱量 16.45 万 TEU，同比增长 13%；（2）海运价格 回升：受红海事件持续影响，集运运价同比大涨，2024 年 CCFI 均 值为 1551 点，同比增长 65%，公司跨境化工物流供应链单箱收入 同比增长 22%；（3）供应链贸易服务业务增长：公司积极发展供应 链贸易服务，2024 年该板块收入为 13.5 亿元，同比增长 271%。 毛利率同比下降，信用及公允价值损失影响净利。2024 年公司实 现毛利率 10.5%，同比下降 4.8pct，主要原因系低毛利率的供应 链 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant performance pressure, with a revenue decline of 33.0% in 2024, resulting in a revenue of 5.22 billion and a net profit drop of 63.8% to 970 million. The first quarter of 2025 shows a revenue of 910 million, down 10.4% year-on-year and 38.6% quarter-on-quarter, with a net profit of 60 million, down 42.6% year-on-year and 82.0% quarter-on-quarter. However, the company is expected to see a turnaround in performance in 2025 as the military industry recovers [2][3][4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 52.2 billion (down 33.0%) and a net profit of 9.7 billion (down 63.8%). For Q1 2025, revenue was 9.1 billion (down 10.4% year-on-year, down 38.6% quarter-on-quarter) with a net profit of 0.6 billion (down 42.6% year-on-year, down 82.0% quarter-on-quarter). The expected operating indicators for 2025 are a revenue of 57 billion and a total profit of 11.45 billion [1][2] Operational Analysis - The company's performance has been under pressure due to delayed orders and price declines. The subsidiaries also faced challenges, with significant revenue drops. However, the subsidiary Zhihua Yongguang showed resilience, with a profit decline of 48.8%, which is significantly lower than the overall company decline of 63.8%, indicating a strong market position in semiconductor discrete devices [2][3] Profitability Analysis - The company’s gross margin for 2024 was 49.7% (down 9.6 percentage points), and the net margin was 18.6% (down 15.9 percentage points). For Q1 2025, the gross margin was 42.5% (down 5.1 percentage points year-on-year, down 7.5 percentage points quarter-on-quarter), and the net margin was 6.4% (down 3.6 percentage points year-on-year, down 15.6 percentage points quarter-on-quarter). The report anticipates an improvement in profit margins as orders recover in 2025 [3][4] Forecast and Valuation - The company is projected to achieve net profits of 1.28 billion, 1.63 billion, and 1.97 billion from 2025 to 2027, representing year-on-year growth rates of 31.62%, 27.93%, and 20.43%, respectively. The corresponding price-to-earnings ratios are expected to be 23.4, 18.3, and 15.2 times. The company is positioned as a leading platform for military components, with significant performance elasticity and sustainability advantages as the industry recovers [4]