DEPPON(603056) 国海证券·2025-04-27 04:38Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company achieved a revenue of 40.363 billion yuan in 2024, representing a year-on-year growth of 11.26%, while the net profit attributable to shareholders was 0.861 billion yuan, up 15.41% year-on-year [6]. - In Q1 2025, the company reported a revenue of 10.407 billion yuan, a year-on-year increase of 11.96%, but a net loss of 0.068 billion yuan compared to a profit of 0.093 billion yuan in the same period of 2024 [6]. - The integration project with JD Logistics is expected to accelerate in Q2-Q4 2025, potentially bringing additional revenue and performance elasticity [7]. - The company is facing short-term pressure on transportation costs, with a gross margin of 3.99% in Q1 2025, down 2.43 percentage points year-on-year, primarily due to a 34.13% increase in transportation costs [8]. - The company is implementing measures to optimize routes and reduce operational costs, which are expected to improve efficiency and reduce costs in the long term [8][11]. Financial Performance - The company forecasts revenues of 45.116 billion yuan, 48.843 billion yuan, and 52.494 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 12%, 8%, and 7% [12][13]. - The net profit attributable to shareholders is projected to be 0.957 billion yuan, 1.109 billion yuan, and 1.207 billion yuan for the same years, with growth rates of 11%, 16%, and 9% [12][13]. - The report indicates that the company's current investments and management improvements are expected to translate into long-term competitive advantages [11].