智通财经APP获悉，中信证券发布研报称，中长期看安能物流(09956)核心目标市场中小票零担行业整合空间足够大，公司成本和精细化运营优势下仍有市占率持续提升的能力，该行看好公司份额获取和盈利的稳步提升，维持“买入”评级。
该行认为，1Q25公司营业收入25.9亿元，+8.8% YoY，经调整净利润2.4亿元，+15.9% YoY，符合预期，经调整净利率9.4%，YoY +0.6pct。1Q25公司货运量304.5万吨，+5.9% YoY，其中迷你小票(<70kg)及小票零担(70~300kg)货量分别同比增长27.4%及12.1%，利润率更优的小票货继续引领增长。公司长期战略相对清晰坚定，持续通过网络加密提升运输效率和服务质量，通过自动化、数字化、新能源和智驾等措施持续加强价格和效率壁垒。
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