ITG(600755) 华源证券·2025-02-24 12:43Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [4][6]. Core Views - The company is recognized as one of the leading players in the bulk supply chain sector, with a diversified layout that builds a competitive moat [4][5]. - The report highlights the company's strong market position and its ability to optimize business structure, which is expected to enhance its resilience and profitability despite current market challenges [8][36]. Summary by Relevant Sections Company Overview - The company, Xiamen International Trade Group Co., Ltd., was founded in 1980 and is a leader in the domestic bulk supply chain industry. It has diversified into health technology and supply chain management, with a significant portion of its revenue derived from these sectors [5][15]. Financial Performance - The company reported a total revenue of 521,918 million RMB in 2022, with a projected decline to 370,336 million RMB in 2024, followed by a recovery to 411,111 million RMB in 2026 [4][6]. - The net profit attributable to shareholders is expected to decrease from 3,589 million RMB in 2022 to 1,123 million RMB in 2024, before rising to 1,878 million RMB in 2026 [4][6]. Market Position and Industry Dynamics - The bulk commodity supply chain market in China has been expanding, with a compound annual growth rate (CAGR) of 7.62% from 2018 to 2022. The market is transitioning from fragmented competition to a more concentrated structure, with the top four companies (CR4) increasing their market share from 2.19% in 2018 to 4.18% in 2022 [5][34]. - The company is positioned to benefit from this trend, leveraging its resource network, financial tools, and digital capabilities to enhance its competitive edge [8][34]. Business Strategy - The company is focused on optimizing its supply chain management services and expanding into high-value sectors, including health technology. The health technology segment is expected to grow significantly, contributing to the overall revenue [19][36]. - The report emphasizes the company's commitment to digital transformation and risk management, which are crucial for maintaining operational efficiency and enhancing service offerings [55][56]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the company are projected to be 12.2x in 2024, 8.9x in 2025, and 7.3x in 2026, indicating a favorable valuation compared to its peers [4][6].