非洲一直以来是长久重点的关注地区，公司的梯次利用储能产品具有高性能、低成本的特点，契合非洲市场需求。比如刚果民主共和国是非洲人口第四多的国家，有非常旺盛的用电需求，但电网设施建设存在较大缺口，影响了很多地区的生产生活。非洲地区虽然光照资源丰富，但目前很多国家的电网也无法支撑大容量的光伏集中式电站，且大型电力项目还有融资周期长，施工期长等缺点。而长久生产高性价比储能产品，致力于服务弱电网地区的居民，让每一户普通居民更便捷地用上清洁能源，完全匹配了当地居民的用电需求，存在大量的合作机会。The price war continues to have an impact, and the company's performance is under pressure in the short term. In the first three quarters of 2024, Changjiu Logistics achieved operating income of 2.91 billion yuan, YoY +1.79%; net profit to mother of 0.061 billion yuan, YoY -31.89%.
Looking at a single quarter, 2024Q3 achieved revenue of 1.087 billion, YoY +11.98%; net profit to mother of 0.009 billion, YoY -80.78%. The main reason is that domestic business was affected by the price war of upstream OEMs, and freight rates were under pressure and traffic volume declined; the recovery of the new energy business fell short of expectations; however, the international business benefited from increased capacity and maintained steady growth. At the same time, the company's business expansion led to a slight increase in expenses, a decrease in investment income compared to the same period, and the company's profit declined slightly in the face of a slight increase in revenue.
The energy storage business continues to go overseas, and we are looking forward to the layout of the African market. With the acceleration of the globalization process and the deepening implementation of the “Belt and Road” initiative, China-Africa cooperation has ushered in unprecedented development opportunities.
Africa has always been a key focus region for a long time. The company's tiered energy storage products have the characteristics of high performance and low cost to meet the needs of the African market. For example, the Democratic Republic of the Congo is the fourth-most populous country in Africa. Demand for electricity is very strong, but there is a large gap in the construction of power grid facilities, which affects production and life in many regions. Although the African region is rich in lighting resources, power grids in many countries are currently unable to support large-capacity photovoltaic centralized power plants, and large-scale power projects also have shortcomings such as long financing cycles and long construction periods. Meanwhile, we have been producing cost-effective energy storage products for a long time, and are committed to serving residents in areas with weak power grids, so that every ordinary household can use clean energy more easily. It fully matches the electricity needs of local residents, and there are plenty of opportunities for cooperation.
Actively participating in data elements, Changjiu Logistics's complete vehicle logistics transportation SAAS platform landed at the North Digital Network.
Changjiu Logistics Vehicle Transportation Management System (TMS) is the core system that supports logistics transportation business. It covers business aspects such as order processing, capacity control, plan scheduling and distribution, in-transit monitoring, and vehicle arrival and delivery. It is a digital management system for the automotive logistics supply chain developed independently by Changjiu Logistics and connected with upstream and downstream supply chain systems. The system has been upgraded from a single link and a single model to a full-process solution, creating a comprehensive, multifunctional and high-quality digital automotive logistics supply chain service system, and providing customer-centered and data-based personalized products and services. The SAAS platform successfully landed on the North Digital Platform, which is one of the company's important achievements in digital transformation. It also provides the industry with an example of digital transformation that can be learned from. In the future, with the explosion of data element transactions, the company is expected to obtain a new growth curve.
Profit forecast: Considering that the company's traditional business profits are difficult to recover in the short term and that overseas business is still in the early investment period, the company's 2024-2026 operating income was lowered to 3.89/4.519/5.324 billion yuan, and net profit to mother was 0.108/0.148/0.171 billion yuan, respectively, maintaining the “buy” rating.
Risk warning: Overseas business expansion falls short of expectations, domestic automobile market competition intensifies, financial data forecasts fall short of expectations