Jinwu Financial News | According to Shenwan Hongyuan Research Report, Zhongtong Express (02057) released 2024Q1 financial report. In the first quarter, the company achieved revenue of 9.96 billion yuan, up 10.9% year on year; adjusted net profit of 2.22 billion yuan, up 15.8% year on year. The performance was in line with expectations.
According to the bank, 24Q1 adjusted its strategic focus, put service quality first, and deployed spare parts as a new growth point. The current development trend is good. The bank is optimistic about the improvement in the quality of the company's operations and the prospects for the spare parts business. Furthermore, high-quality companies lead the expansion of industry value and are optimistic about short-term growth and long-term development.
The bank maintains its profit forecast. The adjusted net profit forecast for 2024-2026 is 108.73/130.90/15.669 billion yuan, respectively, up 21%/20%/20% year-on-year, and the corresponding PE is 13x/11x/9x, respectively. The company continues to lead the upgrading of the industry, has high performance certainty, and competitive advantages continue to show. The bank maintains a “buy” rating.