公司整体经营稳健: 前三季公司各项经营数据表现良好。其中，毛利率20.88%，同比增9.23%，净利率10.29%，同比增6.66%，销售费用、管理费用、财务费用总计9945.2 万元，三费占营收比8.2%，同比增7.4%，与2023年中报中三费占比基本持平。每股净资产5.0 元，每股经营性现金流0.7 元，同比增81.62%，每股收益0.33 元。Incidents:
On October 26, 2023, the company released its report for the third quarter of 2023. Operating income for the reporting period was 411 million yuan, down 11.89% year on year; net profit attributable to shareholders of listed companies was 406.03 million yuan, down 9.79% year on year; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 377.5553 million yuan, down 9.68% year on year; basic earnings per share of 0.11 yuan/share. In the first three quarters, the company achieved revenue of 1,213 billion yuan, down 0.65% year on year; net profit of 120 million yuan, up 3.81% year on year; net profit after deducting 110 million yuan, up 1.71% year on year; and basic earnings per share of 0.33 yuan.
Key points of investment:
The overall operation of the company is steady: The company's various operating data performed well in the first three quarters. Among them, the gross profit margin was 20.88%, up 9.23% year on year, net profit margin 10.29%, up 6.66% year on year, sales expenses, management expenses, and financial expenses totaled 994.52 million yuan. Three fees accounted for 8.2% of revenue, an increase of 7.4% over the previous year, which is basically the same as the share of three fees in the 2023 interim report. Net assets per share were 5.0 yuan, operating cash flow per share was 0.7 yuan, up 81.62% year on year, and earnings per share were 0.33 yuan.
In the first half of 2023, the company continued to optimize and adjust its business structure, and its operations became healthier: through deep cultivation and layout in the medical and consumer goods sectors in recent years, the business in these two sectors has achieved significant growth. At the same time, the company further strengthens digital intelligence construction, continuously improves service capabilities through the investment and application of smart devices, and meets the individual needs of different customers.
Strategic intervention in the supply chain management field of the new energy industry: Since 2022, the company has continued to carry out new energy model library construction work, and the company's first automated standard warehouse for power batteries is expected to begin operation in the second half of 2023. Based on the company's power battery automation standard warehouse and template, the company plans to further expand the NEV warehouse coverage area and target the national NEV consumer market as the company's new energy business expansion target.
The three-quarter report shows that the company's various business developments have entered a virtuous cycle, cost control is reasonable, operating efficiency has improved, and profit expectations have been raised. The company insists on high-end consumer goods and lean manufacturing business such as high-tech electronics, medical devices and reagents, machinery and equipment parts, imported food and apparel, etc. as the company's core development areas. Through long-term, professional and in-depth services, the company effectively reduces logistics costs for customers, improves logistics efficiency, and serves the entire logistics value-added process of enterprises from raw materials to product delivery to end users. We continue to be optimistic about the profitability and growth potential of the company's lean supply chain. We expect the company to maintain a steady revenue and profit growth rate in 2023-2025. The original forecast for EPS from 2023 to 2025 was 0.55 yuan, 0.61 yuan, 0.72 yuan; now it has been raised to 0.58 yuan, 0.66 yuan, and 0.81 yuan. The current valuation of the company is reasonable, maintaining the company's “increase in holdings” rating.
Key concerns
Stock price catalyst (positive): Macroeconomic recovery exceeds expectations, monetary policy remains loose, and company performance exceeds expectations.
Risk warning (negative): Market risks brought about by increased competition in domestic and foreign markets, macroeconomic recovery falling short of expectations, risk of loss of personnel and shortages, fluctuations in upstream raw materials, and market demand falling short of expectations.
