Yongtaiyun's acquisition of Ningbo Yongyou international equity is expected to enhance the comprehensive strength of Yongtaiyun's cross-border chemical logistics business.

The company acquires Ningbo Yongyou International, and its market share is expected to further increase. According to the company's official account on July 26, Yongtaiyun acquired a stake in Ningbo Yongyou International Freight forwarding Co., Ltd. Ningbo Yongyou International Freight forwarding Co., Ltd. has ploughed the field of dangerous goods logistics for many years and is engaged in logistics supply chain services in the field of chemical and dangerous goods. Its service team has rich experience and huge customer resources, especially in dangerous chemicals import logistics business and contract logistics business. Is a mature logistics supply chain service enterprise based on Ningbo and radiating the whole country. The company said that in future cooperation, Yongtaiyun will fully link Yongyou International's supply chain and gain complementary customer resources, especially experience and resource support in hazardous chemicals import logistics business and contract logistics business. consolidate the company's competitiveness in the field of cross-border chemical logistics supply chain services.

Recently, the company announced that it had drawn up an increase plan, and the full subscription of the controlling shareholders showed confidence. Recently, Yongtaiyun disclosed a plan to issue shares to specific targets. The object of this issue is Chen Yongfu, the controlling shareholder and one of the actual controllers of the company. the issue price is 31.39 yuan per share, and the total amount of funds to be raised does not exceed 500 million yuan, which will be used to supplement liquidity after deducting the relevant issuance expenses. We believe that the controlling shareholder's full subscription of the shares in this issue shows confidence in the company's future development prospects; and under the background of increasing industry concentration and the company's market share, this fixed increase enhances the company's financial strength to a certain extent and provides financial support for the company to continue to expand its business scale and deepen its strategic layout.

Maintain the "highly recommended" investment rating. The company expects to achieve a net profit of 85 million yuan to 110 million yuan in the first half of the year, down 38.47% to 20.37% from the same period last year. TAC Q2 expects to achieve a net profit of about 47 million yuan to 72 million yuan, an improvement on the previous month. The company's performance declined in the first half of the year compared with the same period last year, on the one hand, due to the low prosperity of the shipping market, the operation of the major shipping and comprehensive freight index at a low level, and the decline in overall market demand, on the other hand, the base was higher in the same period last year. We expect that under the background of the sharp drop in shipping prices compared with the same period last year and the resumption of production across the country, the company's operating price per box may fall compared with the same period last year, which will have an impact on the company's short-term performance, but the company will continue to expand its market share by virtue of its advantages in professional operation and resources, laying the foundation for long-term growth. We estimate that the company's net return profit for 2023-25 will be 2.5 billion yuan, respectively. Based on our earnings forecast, the company's current share price corresponds to 2023-25e Ppace E in 17-13-10, maintaining the company's "highly recommended" rating.

Risk hint: immediate dilution risk caused by fixed increase; downstream chemical industry risk; safety operation risk; policy risk; the company's business expansion and warehousing growth is not as expected.