Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved a revenue of 1.85 billion RMB in H1 2024, representing a year-on-year growth of 77.5%, while the net profit attributable to shareholders decreased by 40% to 60 million RMB [2]. - The significant revenue growth is driven by the surge in supply chain trade services, with a notable increase of 370.6% in this segment [2]. - The company has a strong resource integration capability and advantageous geographical positioning, which are expected to ensure sustainable operational performance [2]. Summary by Relevant Sections Financial Performance - In H1 2024, the company reported a revenue of 1.85 billion RMB, up 77.5% year-on-year, with Q2 revenue reaching 1.18 billion RMB, a 110% increase [2]. - The net profit for H1 2024 was 60 million RMB, down 40% year-on-year, with Q2 net profit at 30 million RMB, a decline of 58% [2]. - The gross margin for H1 2024 was 10.4%, a decrease of 6.3 percentage points compared to the previous year [2]. Business Segments - The cross-border chemical logistics supply chain business generated 960 million RMB, a 22.76% increase year-on-year, with an operational container volume of 74,800 TEU, up 11% [2]. - Supply chain trade services revenue reached 700 million RMB, marking a 370.6% increase [2]. - Road transportation services revenue was 66 million RMB, up 126%, while warehousing services revenue was 49 million RMB, a 4.3% increase [2]. Profitability and Cost Structure - The decrease in net profit is attributed to reduced exchange gains and increased impairment provisions, with a financial expense ratio rising by 1.6 percentage points [2]. - The company’s expense ratio for H1 2024 was 4.1%, down 0.5 percentage points year-on-year, with sales and management expense ratios also declining [2]. Future Outlook - The net profit forecasts for 2024-2026 have been revised down to 140 million RMB, 210 million RMB, and 270 million RMB, respectively [2]. - The report emphasizes the company's resource integration capabilities and strategic location advantages, which are expected to support sustainable business performance [2].
永泰运：公司点评：供应链贸易收入大增净利润短期承压