Guangzhou Jiacheng International Logistics (603535) 太平洋·2025-03-05 03:20Investment Rating - The report maintains an "Accumulate" rating for the company, Jiacheng International (603535) [1][6]. Core Views - Jiacheng International's 2024 annual report shows a total revenue of 1.346 billion, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 205 million, up 24.53% year-on-year [4][5]. - The significant profit growth is attributed to the phased operation of the "Jiacheng International Port" project, which is the largest automated intelligent warehouse in Asia [5][6]. - The company is actively expanding partnerships with major cross-border e-commerce platforms and has signed a strategic agreement with Guangdong Port and Shipping Group [5]. - The core competitive advantages include a cross-border digital customs clearance technology system, a logistics industry internet platform, and an operational system that integrates intelligent algorithms with physical networks [5]. Financial Summary - The company reported a basic earnings per share of 0.59 yuan and a weighted ROE of 8.06% for 2024 [4]. - The proposed dividend policy includes a distribution of 0.9 yuan per 10 shares (tax included) and a capital increase of 4.8 shares for every 10 shares held, totaling 31 million, which accounts for 15.18% of the net profit for 2024 [4]. - Financial forecasts indicate a revenue increase to 1.409 billion in 2025, with a net profit of 213 million, reflecting a year-on-year growth of 4.3% [7].