Xiangyu(600057) 东吴证券·2025-03-06 08:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has completed a private placement of shares, raising a total of 3.22 billion yuan, which is expected to optimize its capital structure and support future development [7] - The introduction of strategic investors is anticipated to create synergies and enhance the company's comprehensive service capabilities in the bulk supply chain [7] - The company aims to improve its liquidity and reduce financial costs through this capital increase, which will also help meet future operational scale needs [7] - The long-term growth logic is supported by the increasing market share of leading companies in the B2B supply chain as industry concentration rises [7] - The company’s earnings forecasts have been slightly adjusted, with expected net profits for 2024-2026 being 1.36 billion, 1.50 billion, and 1.63 billion yuan respectively, reflecting a year-on-year change of -14%, +10%, and +9% [7] Financial Summary - Total revenue for 2022 was 53.81 billion yuan, with a projected decline to 38.70 billion yuan in 2024, followed by a recovery to 42.66 billion yuan in 2025 and 46.24 billion yuan in 2026 [1] - The net profit attributable to the parent company was 2.64 billion yuan in 2022, expected to drop to 1.36 billion yuan in 2024, and then gradually increase to 1.63 billion yuan by 2026 [1] - The latest diluted EPS is projected to be 0.61 yuan in 2024, increasing to 0.73 yuan by 2026 [1] - The company’s P/E ratio is currently low, with estimates of 9.65, 8.74, and 8.01 for the years 2024, 2025, and 2026 respectively [1]