DEPPON(603056) 信达证券·2025-04-25 12:23Investment Rating - The investment rating for the company is "Accumulate" [1][8] Core Insights - The company reported a revenue of 40.36 billion yuan in 2024, representing a year-on-year increase of 11.26%, with 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 68 million yuan, a significant decline of 173.69% year-on-year [2][3] - The company's express delivery revenue decreased by 19.67% year-on-year, while other income increased by 34.63% [3] - The company is focusing on improving delivery quality and product upgrades, which has led to a 15% increase in core business volume [3] - The company plans to repurchase shares worth between 75 million to 150 million yuan, reflecting confidence in future development [5][6] Financial Performance Summary - In 2024, the company's operating costs were 37.29 billion yuan, up 12.55% year-on-year, with a gross margin of approximately 7.62% [4] - The company expects net profits for 2025-2027 to be 911 million yuan, 1.036 billion yuan, and 1.166 billion yuan, respectively, with year-on-year growth rates of 5.8%, 13.8%, and 12.5% [8] - The company's earnings per share (EPS) for 2025 is projected to be 0.89 yuan, with a price-to-earnings (P/E) ratio of 15.00 [7][8]