嘉诚国际年报点评报告：符合预期，归母净利+25%，AI深化5大跨境平台合作

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's performance met expectations, with a revenue increase of 10% and a net profit increase of 25% for 2024. Excluding convertible bond interest expenses, the net profit is approximately 234 million yuan, reflecting a year-on-year growth of about 43% [2][4] - The company has deepened strategic cooperation with five major cross-border e-commerce platforms, enhancing service capabilities through AI [3][4] - The business structure has been optimized, with a gross margin increase of 3 percentage points, and the logistics business is experiencing accelerated growth [4][8] Financial Overview - For 2024, the company reported a revenue of 1.35 billion yuan and a net profit of 205 million yuan. The projected revenues for 2025, 2026, and 2027 are 1.449 billion yuan, 1.592 billion yuan, and 1.778 billion yuan, respectively, with corresponding net profits of 241 million yuan, 290 million yuan, and 341 million yuan [10][12] - The company is expected to maintain a growth rate of 8% to 12% in revenue and 18% to 20% in net profit over the next three years [4][10] Business Structure - The comprehensive logistics segment generated 780 million yuan in revenue, accounting for 58% of total revenue, while the supply chain distribution segment generated 570 million yuan, accounting for 42% [8] - The company has established a three-tier warehousing system for Temu, providing a one-stop solution for cross-border logistics, which has reduced inventory redundancy by 20% [8][9] Strategic Initiatives - The company is planning to build dedicated Amazon supply chain centers in southern China and Hainan, aiming to improve inventory turnover efficiency by 25% [8][9] - A pilot program for TikTok Shop is being tested in Hainan, aiming to compress delivery times to five days for Southeast Asian merchants [8][9]