长久物流：Q3业绩同比下滑，广东迪度签署补充协议

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 2.91 billion RMB for the first three quarters of 2024, reflecting a year-on-year growth of 1.79%. However, the net profit attributable to shareholders decreased by 31.89% to 61 million RMB [1][2]. - In Q3 2024, the company achieved a revenue of 1.09 billion RMB, which is an increase of 11.98% year-on-year, but the net profit attributable to shareholders plummeted by 80.78% to 9 million RMB [1][2]. - The decline in net profit is primarily attributed to reduced domestic business profits due to changes in market demand, rising costs, and intensified competition [2]. - The gross profit margin for Q3 2024 was 10.28%, down by 0.70 percentage points year-on-year, while the expense ratio decreased to 9.39%, a decline of 0.66 percentage points [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 80 million RMB, 150 million RMB, and 170 million RMB, respectively, down from previous estimates [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 2.91 billion RMB, a 1.79% increase year-on-year, but the net profit decreased by 31.89% to 61 million RMB [1][2]. - Q3 2024 revenue was 1.09 billion RMB, up 11.98% year-on-year, while net profit fell 80.78% to 9 million RMB [1][2]. Operational Analysis - The decline in net profit is mainly due to reduced domestic business profits, influenced by market demand fluctuations, cost increases, and heightened competition [2]. - The gross profit margin for Q3 2024 was 10.28%, down 0.70 percentage points year-on-year, and the expense ratio decreased to 9.39%, down 0.66 percentage points [2]. Profit Forecast and Valuation - The company has revised its net profit forecasts for 2024-2026 to 80 million RMB, 150 million RMB, and 170 million RMB, respectively, from previous estimates of 190 million RMB, 260 million RMB, and 290 million RMB [2].