中创物流，2023年报点评，稳中求进，加快“上新”

Investment Rating - The investment rating for Zhongchuang Logistics is "Accumulate" [8]. Core Views - Zhongchuang Logistics reported a total revenue of 7.399 billion in 2023, a decrease of 37.61% year-on-year, with a net profit attributable to shareholders of 240 million, down 1.51% year-on-year [8]. - The company achieved a total revenue of 2.379 billion in Q1 2024, an increase of 49.5% compared to the same period last year, with a net profit of 63 million, up 17.6% year-on-year [8]. - The company has established strong business relationships with major shipping companies and well-known clients, covering various aspects of the import and export logistics chain [8]. - The revenue from cross-border container logistics was 6.57 billion, down 42% year-on-year, while revenue from new energy projects increased by 64.6% to 750 million [8]. - The company plans to strengthen its traditional business while accelerating its overseas expansion, particularly in Southeast Asia, Africa, and the Middle East [8]. Summary by Sections Financial Performance - Total revenue for 2023 was 7.399 billion, with a year-on-year decline of 37.61% [8]. - Net profit attributable to shareholders was 240 million, a decrease of 1.51% year-on-year [8]. - Earnings per share were 0.69, with a return on equity of 10.81% [8]. - For Q1 2024, total revenue was 2.379 billion, an increase of 49.5% year-on-year, and net profit was 63 million, up 17.6% [8]. Business Overview - Zhongchuang Logistics was established in 2006 and has built strong relationships with major shipping companies and clients [8]. - The company operates in various logistics sectors, with a focus on cross-border container logistics, new energy projects, and smart cold chain logistics [8]. - The revenue contribution from cross-border container logistics was 88.8%, while new energy projects contributed 10.1% [8]. Strategic Outlook - The company aims to enhance its traditional business while expanding its international presence [8]. - Plans include leveraging experience from overseas operations to capture business opportunities in Southeast Asia, Africa, and the Middle East [8].