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ANE(CAYMAN)INC(09956.HK):1Q24 PROFIT BEATS; UPBEAT ON GROWTH AND COST REDUCTION

ANE(CAYMAN)INC(09956.HK):1Q24 PROFIT BEATS; UPBEAT ON GROWTH AND COST REDUCTION

ANE(開曼)公司(09956.HK):24年第一季度利潤超過預期;對增長和成本降低持樂觀態度
中金公司 ·  05/23

1Q24 results notably beat our expectations

24 年第一季度的業績明顯超出了我們的預期

ANE (Cayman) Inc announced its 1Q24 results: Revenue rose 15.2% YoY to Rmb2.38bn. Gross profit grew 77.6% YoY to Rmb382mn, with GM rising 5.7ppt YoY to 16.1%. Adjusted pre-tax profit rose 134% YoY to Rmb280mn. Attributable net profit rose 326% YoY to Rmb188mn. Adjusted net profit rose 174% YoY to Rmb209mn. The firm's results notably beat our expectations, thanks to better-than-expected cost reduction and strong freight volume growth.

ANE(開曼)公司公佈了其24年第一季度業績:收入同比增長15.2%,至23.8億元人民幣。毛利同比增長77.6%至人民幣3.82億元,通用汽車同比增長5.7個百分點至16.1%。調整後的稅前利潤同比增長134%,至人民幣2.8億元。應占淨利潤同比增長326%至人民幣1.88億元。調整後的淨利潤同比增長174%至人民幣2.09億元。該公司的業績明顯超出了我們的預期,這要歸功於好於預期的成本降低和強勁的貨運量增長。

Revenue grows soundly driven by freight volume growth. In 1Q24, freight volume rose 22% YoY to 2.88mnt and parcel volume grew 25% YoY. We attribute the robust freight volume growth to franchisees' entry into the network (the number of partners and distributors grew YoY and QoQ) and increased mini-parcels (the volume of parcels under 70kg rose 25% YoY). The ASP fell 5% YoY and rose QoQ due to adjustment to pricing mechanism. We note that the decline in ASP was milder than that in costs, indicating that the firm has taken the initiative in pricing.

在貨運量增長的推動下,收入穩步增長。在24年第一季度,貨運量同比增長22%至288萬噸,包裹量同比增長25%。我們將強勁的貨運量增長歸因於特許經營商進入網絡(合作伙伴和分銷商數量同比增長,環比增長)以及迷你包裹的增加(70千克以下的包裹量同比增長25%)。由於定價機制的調整,ASP同比下降5%,環比上漲。我們注意到,ASP的下降幅度比成本的下降幅度要溫和,這表明該公司在定價方面採取了主動行動。

Cost reduction beats our expectations. Per-tonne transportation and distribution costs fell 8% and 27% YoY. We note that the firm's per-tonne costs remained flat or slightly fell in 1Q24, even compared with that during the peak season in 2H23. We attribute the firm's successful cost reduction to effective measures such as optimization of network distribution structure and improvement of vehicle and personnel productivity. We think rapid growth in freight volume and rising utilization rate of its fleet and distribution assets also helped the firm reduce its costs. In 1Q24, G&A expense ratio fell 1.8ppt YoY to 5.4%, as flat management and flexible incentives boosted personnel productivity.

成本降低超出了我們的預期。每噸運輸和配送成本同比下降了8%和27%。我們注意到,該公司的每噸成本在24年第一季度保持平穩或略有下降,即使與23年下半年的旺季相比也是如此。我們將公司成功降低成本歸因於有效的措施,例如優化網絡分配結構以及提高車輛和人員生產率。我們認爲,貨運量的快速增長以及車隊和配送資產利用率的提高也幫助該公司降低了成本。在24年第一季度,併購費用比率同比下降1.8個百分點至5.4%,原因是扁平的管理和靈活的激勵措施提高了人員生產率。

Trends to watch

值得關注的趨勢

We believe the franchised express delivery industry has shown clear signs of accelerated concentration, with cost advantages being key to competitiveness. We note three signs indicating accelerated concentration of franchised express delivery companies:

我們認爲,特許快遞行業已顯示出明顯的加速集中跡象,成本優勢是競爭力的關鍵。我們注意到三個跡象表明特許快遞公司加速集中:

Franchised express delivery companies need to increase their freight volume to over 10mnt to stay profitable. We believe the gap between large-scale companies and small-scale ones is widening.

特許快遞公司需要將其貨運量增加到超過1000萬英鎊,以保持盈利。我們認爲,大型公司和小型公司之間的差距正在擴大。

We think the capital market has become more rational towards the sector. As a result, there have not been any large fundraising activities in the franchised express delivery industry in recent years.

我們認爲資本市場對該行業已變得更加理性。因此,近年來,特許快遞行業沒有任何大規模的籌款活動。

Leading companies have adopted more proactive pricing and franchise management mechanisms.

領先的公司採用了更積極的定價和特許經營管理機制。

After reviewing the development of the US less-than-truckload (LTL) market, we note that cost and cash flow are the core competitiveness of logistics companies amid sector consolidation. We suggest watching the firm's cost optimization.

在回顧了美國零擔運輸(LTL)市場的發展後,我們注意到,在行業整合中,成本和現金流是物流公司的核心競爭力。我們建議關注公司的成本優化。

Upbeat on cost reduction and scale growth in medium and long term. Given the higher-than-expected earnings in 1Q24, growing demand for shipments in the upcoming peak season, as well as effective measures to reduce costs, we are upbeat that the firm has embarked on a healthy journey of achieving lower costs, better pricing, higher market share, and stronger economies of scale. In the medium-to-long term, we expect the firm's profit margin to rise further as the franchised express delivery industry becomes more concentrated.

對中長期的成本降低和規模增長持樂觀態度。鑑於24年第一季度的收益高於預期,即將到來的旺季對出貨的需求不斷增長,以及降低成本的有效措施,我們樂觀地認爲,該公司已經踏上了實現更低成本、更好定價、更高的市場份額和更強的規模經濟的健康旅程。從中長期來看,隨着特許快遞行業變得更加集中,我們預計,該公司的利潤率將進一步提高。

Financials and valuation

財務和估值

We raise our 2024 and 2025 net profit forecasts 10.9% and 15.7% to Rmb693mn and Rmb903mn, implying adjusted net profit of Rmb795mn and Rmb1.00bn, as the firm's cost reduction beats expectations and its business is growing. The stock is trading at 8.9x 2024e and 6.9x 2025e P/E. Maintain OUTPERFORM. As we are upbeat on the firm's long-term market share gains and rising profit margin, we raise our TP 13.3% to HK$8.50, implying 12.9x 2024e P/E and 9.9x 2025e P/E, offering 44% upside.

我們將2024年和2025年的淨利潤預測上調了10.9%和15.7%,至6.93億元人民幣和9.03億元人民幣,這意味着調整後的淨利潤爲7.95億元人民幣和10億元人民幣,這是因爲該公司的成本削減超出預期,其業務正在增長。該股的市盈率爲2024年的8.9倍,2025年的市盈率爲6.9倍。維持跑贏大盤。由於我們對公司的長期市場份額增長和利潤率的上升持樂觀態度,我們將目標股價提高了13.3%,至8.50港元,這意味着2024年的市盈率爲12.9倍,2025年市盈率爲9.9倍,上漲幅度爲44%。

Risks

風險

Price competition; disappointing freight volume growth and/or cost control.

價格競爭;令人失望的貨運量增長和/或成本控制。

譯文內容由第三人軟體翻譯。


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