ITG(600755) 华源证券·2025-04-25 12:26Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term performance is under pressure, awaiting demand recovery [5] - The company is a leading player in the domestic bulk commodity supply chain industry, with long-term growth potential [7] - Current valuation is considered to have high cost-effectiveness [7] Financial Summary - For 2024, the company achieved operating revenue of 354.44 billion yuan, a year-on-year decrease of 24.3% [7] - The net profit attributable to shareholders for 2024 was 626 million yuan, down 67.33% year-on-year [7] - The company plans to distribute a cash dividend of 0.33 yuan per share for 2024, with a payout ratio of 114.32% [7] - Revenue from supply chain management business was 353.22 billion yuan, a decline of 24.09% year-on-year [7] - The company aims to enhance operational quality and efficiency through strategic mergers and acquisitions [7] Earnings Forecast and Valuation - Projected net profits for 2025, 2026, and 2027 are 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan respectively [6][7] - The corresponding price-to-earnings ratios (P/E) for these years are 10.8, 8.5, and 7.1 [7] - The company is focusing on improving its main business and enhancing the quality of its operations [7]