出口运价同比增长，营收同比大增。2024 年前三季度公司营收同比增长88.1%，主要系操作箱量增长、海运价格回升，及供应链贸易服务业务增长所致。（1）量：2024Q3 公司各业务板块合计服务箱量为9.27 万TEU，同比增长30%，其中跨境化工物流供应链服务箱量为4.54 万TEU（同比+17%）、仓储堆存服务箱量为2.35 万TEU（同比+37%）、道路运输服务箱量为2.38 万TEU（同比+56%）。Brief performance review
On October 29, 2024, Yongtaiyun released its report for the third quarter of 2024. In the first three quarters of 2024, the company achieved operating income of 2.98 billion yuan, an increase of 88.1% year on year; net profit to mother was 0.09 billion yuan, a year-on-year decrease of 36.2%. Among them, Q3 achieved operating income of 1.13 billion yuan, a year-on-year increase of 108.5%; realized net profit to mother of 0.03 billion yuan, a year-on-year decrease of 26.0%.
Management analysis
Export freight rates increased year on year, and revenue increased significantly year over year. The company's revenue increased 88.1% year-on-year in the first three quarters of 2024, mainly due to the increase in the number of operating boxes, the recovery in shipping prices, and the growth of the supply chain trade service business. (1) Volume: The total number of service boxes in each business segment of 2024Q3 was 0.0927 millionteU, an increase of 30% over the previous year. Among them, the cross-border chemical logistics supply chain service box volume was 0.0454 millionteU (+17% year over year), the storage service volume was 0.0235 millionTEU (+37% year over year), and the road transport service box volume was 0.0238 millionTEU (+56% year over year).
(2) Price: The impact of the Red Sea incident at the end of 2023 continues. The average value of the 2024Q3 export rate CCFI index was 1991 points, an increase of 127% over the previous year.
Profitability declined year over year, and expense ratio improved year over year. 2024Q3 achieved a gross profit margin of 9.7%, a year-on-year decrease of 7 pct, or due to an increase in the share of supply chain trade revenue due to low gross margin and weak demand in the chemical industry. The 2024Q3 company's cost rate for the period was 4.1%, down 3.6 pct year on year. Among them, the sales expense ratio was 1.2%, down 1 pct year on year; the management expense ratio was 2.1%, down 1.6 pct year on year; the R&D expense ratio was 0.04%, down 0.2 pct year on year; and the financial expense ratio was 0.8%, down 0.8 pct year on year. The year-on-year decline in gross margin was significant. The net profit margin of 2024Q3 company was 2.5%, down 4.6pct year on year.
The profit distribution plan for the first three quarters was announced, and shareholders were positively rewarded. On October 29, the company announced its profit distribution plan for the first three quarters of 2024. It plans to distribute a cash dividend of 3.6 yuan (tax included) to all shareholders for every 10 shares based on 101,787,209 shares, with a total cash dividend of no more than 36.6434 million yuan (tax included). The current profit distribution amount accounts for 40.50% of the net profit attributable to shareholders of listed companies for the current period, reflecting the company's principle of actively returning shareholders and sharing the company's operating results with all shareholders.
Profit Forecasts, Valuations, and Ratings
Maintain the company's 2024-2026 net profit forecast of 0.13 billion yuan, 0.21 billion yuan, and 0.27 billion yuan. Maintain a “buy” rating.
Risk warning
Risk of falling freight rates beyond expectations; risk of fluctuations in the chemical industry; risk of safe operation; risk of policy regulation; risk of mergers and acquisitions falling short of expectations.
