DEPPON(603056) 信达证券·2025-04-25 12:28Investment Rating - The investment rating for the company is "Accumulate" [1][8]. Core Views - The company reported a revenue of 40.36 billion yuan in 2024, a year-on-year increase of 11.26%, and a net profit attributable to the parent company of 861 million yuan, up 15.41% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 10.41 billion yuan, a year-on-year increase of 11.96%, but reported a net loss of 6.8 million yuan, a significant decline of 173.69% year-on-year [2][3]. - The company is expected to benefit from the integration of its network and the support from JD Group, which is anticipated to drive revenue growth and cost optimization, enhancing overall profitability [8]. Summary by Sections Financial Performance - In 2024, the company’s operating costs were 37.29 billion yuan, an increase of 12.55% year-on-year, with a gross margin of approximately 7.62%, down 1.06 percentage points [4]. - For Q1 2025, operating costs were 9.99 billion yuan, up 14.86% year-on-year, with a gross margin of about 3.99%, down 2.43 percentage points [4]. - The company’s net profit forecast for 2025-2027 is 911 million yuan, 1.036 billion yuan, and 1.166 billion yuan, representing year-on-year growth rates of 5.8%, 13.8%, and 12.5% respectively [8]. Revenue Breakdown - In 2024, the company’s express delivery revenue was 21.92 billion yuan, a decrease of 19.67% year-on-year, while other revenues increased by 34.63% to 1.71 billion yuan [3]. - In Q1 2025, express delivery revenue was 4.83 billion yuan, down 11.00% year-on-year, while other revenues rose by 23.89% to 4.71 billion yuan [3]. Cost Structure - The company’s labor costs, freight costs, and rental expenses saw increases of 3.86%, 34.13%, and a decrease of 17.01% respectively in Q1 2025 [4]. - The freight cost as a percentage of revenue increased by 8.15 percentage points, attributed to changes in business structure and increased investment in transportation resources [4]. Strategic Initiatives - The company plans to repurchase shares worth between 75 million and 150 million yuan, representing 0.46% to 0.92% of its total share capital, indicating confidence in future growth [5][6].