Investment Rating - The investment rating for the company is "Hold" [1][2]. Core Views - The company has shown stable growth in domestic demand and is gradually enhancing its overseas logistics capabilities. It has been recognized in various rankings, including the "Top 100 Enterprises in Chongqing" and "Top 100 Logistics Companies in Western China" [1]. - For the first half of 2024, the company reported a revenue of 4.165 billion yuan, an increase of 4.54% year-on-year, and a net profit attributable to shareholders of 29.26 million yuan, up 4% year-on-year. The main revenue sources include vehicle transportation, commodity sales, and supply chain management for automotive raw materials and parts [1]. - The company benefits from national policy support and promotional measures from automotive manufacturers, leading to stable growth in domestic automotive production and sales. The company's main client, Changan Automobile, also reported growth that outperformed the industry average [1]. - The company plans to raise funds through a directed issuance of shares to enhance its overseas logistics capabilities and invest in smart logistics and supply chain management [1]. Financial Performance and Forecast - The company is expected to achieve net profits of 72.75 million yuan, 82.15 million yuan, and 90.59 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.45 yuan, 0.51 yuan, and 0.56 yuan [2][3]. - Revenue projections for the years 2024 to 2026 are 7.969 billion yuan, 8.359 billion yuan, and 8.836 billion yuan, with growth rates of 4.9%, 5.7%, and 6.3% respectively [3]. - The company maintains a high dividend payout, distributing a final dividend of 0.2 yuan per share in September 2024 [1].
长安民生物流：国内需求稳定增长，海外物流能力逐步加强