研報掘金丨申萬宏源研究:維持中谷物流“買入”評級,整體集運市場景氣度呈上升態勢
申萬宏源研究指出,中谷物流(603565.SH)2024年實現歸母淨利潤18.4億元,同比增長7%;2025年一季度實現歸母淨利5.5億元,同比增長41%。業績符合預期,維持“買入”評級。2024年內貿集運市場需求偏弱,外貿集運部分,受紅海繞行影響,整體市場供需短期錯配,全年運價中樞抬升。公司積極響應行業動態,針對性地調整運力配置策略,加大在外貿市場的運力投入,通過向外貿運營商提供運力支持的方式,有效把握市場機遇,通過高運價時的運力出租實現收益最大化。美線搶運導致運價大幅抬升,其他航線受美線抽調運力影響,供給端壓力減小,整體集運市場景氣度呈上升態勢,相關公司進入預期和估值修復階段。
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