中金又指，安能物流单季货量营收创单季新高，定价机制稳健，成本管控有力，奖金等费用提列增加等优势。看好公司借助网络生态及产品结构持续优化，获利中长期良性增长。在新型货运结构下，预期公司可望透过推动数位化及自动化运输体系建设，进一步优化成本结构，实现盈利良性增长。CICC is bullish on ANE Logistics, continuously optimizing through network ecology and product structure for sustained and positive long-term profitability.
According to the Securities Times app, CICC released a research report stating that it has raised the target price of ANE Logistics (09956) by 10% to 11 Hong Kong dollars, maintaining an "outperform" rating in the industry. The profit forecast for the company in 2024 and 2025 remains unchanged.
CICC pointed out that the third-quarter performance in 2024 exceeded expectations. Revenue was 3.04 billion yuan, a 21% year-on-year increase; gross profit was 0.48 billion yuan, a 67% year-on-year increase; gross margin was 15.6%, a 4.3 percentage point increase year-on-year; adjusted net income was 0.22 billion yuan, a 28% year-on-year increase. Considering the impact of the value-added tax additional deduction policy resulting in higher base for other income in the third quarter (approximately 0.06 billion yuan), the company estimates that adjusted pre-tax profit increased by 76% year-on-year after excluding this impact. The third-quarter profit exceeded the bank's previous expectations (0.21 billion yuan), mainly due to better-than-expected unit prices and continued optimization of the network structure leading to cost reduction.
CICC also mentioned that ANE Logistics achieved a record high in single-quarter revenue from freight volume, with stable pricing mechanisms, effective cost control, and advantages such as increased provision for bonuses and other expenses. Optimistic about the company's continuous optimization through network ecology and product structure for sustained and positive long-term profitability. Under the new freight structure, it is expected that the company will further optimize its cost structure and achieve profitable growth by promoting digitization and automation in transportation system development.
