Investment Rating - The report maintains an "Outperform" rating for ANE (Cayman) (9956 HK) with a target price of HKD 11.55, up from the previous target of HKD 8.95 [4][7] Core Views - ANE Logistics demonstrated strong growth in 24Q2, with revenue increasing by 16.2% YoY to RMB 5.289 billion and adjusted net profit surging by 82.4% YoY to RMB 430 million [3][7] - The company's profitability improved significantly, with gross margin reaching 16.6% in 24Q2, a 4.5 percentage point increase from 12.1% in 23Q2 [3][7] - ANE Logistics is expected to achieve total revenue of RMB 12.35 billion in 2024, representing a 24.6% YoY growth, with an adjusted net profit margin of 6.8% and net profit of RMB 840 million [4][7] Financial Performance - In 24H1, ANE Logistics' total freight volume reached 6.42 million tons, up 20.5% YoY, with 24Q2 volume at 3.55 million tons, a 19.7% YoY increase [3] - The company optimized its freight structure, increasing the proportion of high-margin goods and reducing the average weight per ticket by 5.3% [3] - Unit operating costs decreased by 8.4% YoY in 24Q2, with trunk line transportation costs down 6.4% and sorting center costs down 23.4% [3] Network and Infrastructure - As of 24H1, ANE Logistics operated 83 self-owned sorting centers, optimizing its network by focusing on main hubs and eliminating inefficient small sorting centers [3] - The company's increased network density improved coverage and service quality [3] Valuation and Forecast - The report values ANE Logistics at 10X based on current market value, but suggests a fair valuation of 15X, corresponding to the target price of HKD 11.55 [4][7] - Gross margin is expected to improve further, reaching 14.0% in 2024E, 15.3% in 2025E, and 16.2% in 2026E [6] - Adjusted EBIT margin is projected to grow from 7.3% in 2023 to 11.5% in 2026E, while net margin (non-HKFRS) is expected to increase from 5.1% in 2023 to 8.6% in 2026E [6]
安能物流：网络竞争力加强，富生态成果显著24H1量利高增