相较于公司今年一季度的预期，上述调整后的全年业绩指引有了进一步增长。公司曾在今年一季度业绩说明会上表示，“全年经调整税前利润水平，会在2023年的6.54亿元的基础上上浮至8亿-9.5亿元。”Aneng Logistics expects to achieve a pre-tax profit of ¥1.05 billion for the whole year, and the annual cargo volume is expected to increase by about 15% year-on-year. The revenue growth rate is expected to be basically the same as the cargo volume growth rate, and the full-year performance expectations have been raised compared to Q1. From May to June this year, the growth of cargo volume brought by the '3300' product far exceeded the company's average level, and the growth trend continued in July and August.
On August 16, Cailian News reported that Aneng Logistics (09956.HK) has achieved 60% of the full-year performance guidance expected in Q1 this year. Based on the significant growth in cargo volume driven by the '3300' product (that fully exempts special surcharges for goods weighing less than 300 kilograms), Aneng Logistics announced today that it has raised its full-year performance expectations.
At today's Aneng Logistics performance briefing, the company's Chief Financial Officer, Xu Hao, said that the market feedback on the '3300' product launched by the company in May has been very positive, which makes the company more confident about 2024. It is expected that the pre-tax profit for the whole year will reach ¥1.05 billion. Compared with the company's performance expectations in the first quarter of this year, the above-adjusted full-year performance guidance has further increased. The company had said in the first-quarter performance briefing this year that 'the pre-tax profit level for the whole year will increase from ¥0.654 billion in 2023 to ¥0.8 to ¥0.95 billion.'
Compared with the company's performance expectations in the first quarter of this year, the above-adjusted full-year performance guidance has further increased. The company had said in the first-quarter performance briefing this year that 'the pre-tax profit level for the whole year will increase from ¥0.654 billion in 2023 to ¥0.8 to ¥0.95 billion.'
Xu Hao revealed today in response to investor inquiries that the annual cargo volume is expected to increase by about 15% year-on-year, and the revenue growth rate is expected to be basically the same as the cargo volume growth rate. The full-year gross margin will be around 16% (expected to increase from 12.8% in 2023 Q1 to 14%-15%), and the adjusted net income is expected to reach about ¥0.8 billion.
'The launch of the '3300' product helped us expand business boundaries and increase market share. Aneng Logistics had a significant increase in cargo volume brought by the '3300' product from May to June this year, which is far higher than the company's average level. Among them, the cargo volume in the 3-300 kilogram range increased by about 28% year-on-year, and the growth rate of mini tickets in the 3-70 kilogram range was even higher, exceeding 30%.' said Jin Yun, Executive Director and Chief Operating Officer of Aneng Logistics, adding that the growth is still continuing from the data in July and August.
However, some investors raised concerns about why the company's profit and revenue growth expectations for the second half of the year are more conservative than for the first half. Xu Hao explained that it is not easy to achieve high growth in the first half of the year under the current environment. At the same time, last year, Aneng gradually initiated reforms in the first half of the year, and the volume and income levels were relatively low. But since the third quarter of last year, the company completed the previous organizational restructuring, and the performance in the second half of last year was significantly better than that in the first half of last year. This has led to a higher year-on-year base for this year's second half performance outlook, so the company expects the year-on-year growth rate for the second half of the year to be lower than that for the first half.
In addition, from the perspective of the industry, many companies in the logistics industry are still competing with a low-price strategy to seize the market, which has made some investors worry that there may be a 'price war' in the future market.
Regarding this, Qin Xinghua, Co-Chairman of the Board of Directors, CEO and President of the Company, bluntly stated, 'The express delivery market can no longer afford a 'price war' and can only fight a 'value war'. The 'burning money era' of the entire express delivery industry has passed. 'In the current market competition pattern, whoever fights a price war will go bankrupt'.
According to the financial report, in the first half of 2024, Aneng Logistics achieved operating income of ¥5.289 billion, an increase of 16.2% year-on-year; gross profit reached ¥0.878 billion, an increase of 59.0% year-on-year; gross profit margin reached 16.6%, up 4.5 percentage points year-on-year; adjusted pre-tax profit was ¥0.578 billion, an increase of 84.1% year-on-year; adjusted pre-tax profit margin was 10.9%, up 4.0 percentage points year-on-year; adjusted net profit was ¥0.43 billion, an increase of 82.4% year-on-year; and adjusted net profit margin was 8.1%, up 2.9 percentage points year-on-year.
