2023年报点评：全年归母净利2.5亿元，同比增22%，23Q4归母净利同比增42%

Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company achieved a total revenue of 1.24 billion, a year-on-year increase of 58%, with a net profit attributable to shareholders of 250 million, up 22% year-on-year [1] - The company has seen a steady increase in its market share in the domestic chemical transportation sector, with a rise in liquid chemical transportation capacity from approximately 12% in 2022 to 14.22% in 2023 [1] - The report projects a compound annual growth rate (CAGR) of 20% for net profit from 2024 to 2026, with an expected net profit of 3.1 billion in 2024 [1] Financial Performance Summary - 2023 Financials: - Total revenue: 1.24 billion, up 58% year-on-year - Gross profit: 410 million, up 26% year-on-year, with a gross margin of 33% - Net profit: 250 million, up 22% year-on-year, with a net profit margin of 20% [1][10] - Quarterly Performance: - Q4 2023 revenue: 330 million, up 47% year-on-year and 17% quarter-on-quarter - Q4 2023 net profit: 70 million, up 42% year-on-year and 56% quarter-on-quarter [1][10] - Profit Forecast: - 2024E net profit: 310 million, 2025E: 380 million, 2026E: 450 million, with corresponding EPS of 1.12, 1.36, and 1.60 [1][11] Business Structure and Market Position - By Product: - Revenue from chemical transportation: 930 million (75% of total), refined oil transportation: 260 million (21%), LPG transportation: 50 million (4%) [1] - By Region: - Domestic receivables: 920 million (75%), international receivables: 310 million (25%) [1] - By Sales Model: - Revenue from chartering with owned vessels: 800 million (65%), chartering with leased vessels: 110 million (9%), time charter: 320 million (26%) [1] Dividend and Share Buyback - The company announced a cash dividend of 1.5 yuan per 10 shares, totaling 41.39 million, which is 16.41% of the net profit for 2023 [1] - The total amount for cash dividends and share buybacks represents 35.58% of the net profit [1]