occurrences

Recently, Changjiu Logistics disclosed its 2024 Q3 quarterly report. Revenue for the first three quarters was 2.91 billion yuan, up 1.79% year on year; net profit to mother was 0.061 billion yuan, down -31.89% year on year; non-net profit deducted from mother was 0.065 billion yuan, down -28.3% year on year; net profit to mother after deduction was 0.065 billion yuan, down -28.30% year on year. The gross profit margin was 11.48%, up 0.31pct from the previous year. As of the end of the reporting period, the company's accounts receivable were 1.269 billion, monetary capital was 0.551 billion, and the balance ratio was 47.78%. In the first three quarters, net operating cash flow was $0.168 billion, basic earnings per share were 0.11 yuan, and the weighted average return on net assets was 2.07%.

reviews

The company is a modern service enterprise dedicated to providing comprehensive logistics solutions for the automotive industry, and is in a leading position in the automotive logistics industry. The company has three business segments: Vehicle Division, International Division, and New Energy Division.

Among them, the Vehicle Division, which positions itself as a third-party integrated vehicle logistics service provider, is the core business that started in the early days of the company. The International Division is responsible for the international logistics business of automobile import and export. Recently, the company's newly purchased 6,200 “Jiuyanglong” wheel held its inaugural flight ceremony on August 9. This move is expected to increase the company's performance in the Q4 quarter and next year. In the new energy business sector, the company signed a supplementary agreement with Guangdong Dido, a 51% shareholding subsidiary, and its founder. Using 2024, 2025, and 2026 as the performance commitment period, the target company's net profit after deducting non-recurring profit and loss should not be less than 20 million yuan, 30.1 million yuan, and 30.1 million yuan, respectively, in an audited consolidated statement. This move is expected to stabilize the performance expectations of this sub-sector.

Investment ratings

Although the company belongs to a traditional industry, it actively uses technological means to reduce logistics costs. In January of this year, the company achieved a strategic cooperation with Mainline Technology, the leading enterprise for autonomous driving of commercial vehicles. Recently, it also carried out research and development with Hongyunlai Technology Company to explore intelligent scheduling. These collaborations all hope to provide optimal algorithms based on driving data, reduce costs and increase efficiency, and realize the transformation and upgrading of the company's logistics. We continue to give “plus” ratings.

Risk warning

The volume of cars leaving the sea is falling too fast, shipping prices for Ro-Ro ships fluctuate sharply, domestic car market adjustments, etc.