该行上调公司2024-25年每股盈利预测8-25%，净利润率预期上调1个百分点至约4%，同时下调销量和平均售价估算，估值由2023年伸延至2024年，对今年审慎乐观，料公司今年纯利将升至44.6亿元人民币，主要风险是贸易需求低于预期。Daiwa expects the net profit of Sinotrans (00598) to rise to 4.46 billion yuan this year.
The Zhitong Finance App learned that Yamato released a research report saying that it raised the target price of Sinotrans (00598) by 38% to HK$4.15, indicating that the 2023 performance was better than expected, but the rating was lowered from “buying” to “outperforming the market.”
According to the report, Sinotrans revenue fell 6.9% to 101.7 billion yuan last year, but declared profit increased 3.5% to 4.2 billion yuan, better than expected. Gross margin increased 0.1 percentage points to 5.7%, and net margin increased 0.4 percentage points to 4.2%.
The bank raised the company's 2024-25 earnings forecast per share by 8-25%, and the net profit margin forecast was raised by 1 percentage point to about 4%. The valuation was extended from 2023 to 2024. It is cautiously optimistic about this year. It is expected that the company's net profit will rise to 4.46 billion yuan this year. The main risk is that trade demand will fall short of expectations.
