2023年报点评：基业长青，分红比例超50%

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's performance in 2023 exceeded expectations, with a revenue of 101.70 billion yuan, a decrease of 6.94% year-on-year, and a net profit attributable to shareholders of 4.22 billion yuan, an increase of 3.50% year-on-year [2][4] - The company emphasizes shareholder returns, proposing a cash dividend of 0.145 yuan per share, resulting in a total payout of 2.10 billion yuan, with a payout ratio of 50.40% [3][4] - The company has shown resilience in its core business despite a significant drop in shipping rates, with a focus on extending service chains and enhancing profitability [4][5] Financial Performance Summary - In 2023, the company achieved operating revenue of 101.70 billion yuan, with a net profit of 4.22 billion yuan, reflecting a year-on-year profit growth of 3% [5][6] - The forecast for 2024-2026 projects operating revenues of 115.63 billion yuan, 124.94 billion yuan, and 134.50 billion yuan, respectively, with net profits of 4.45 billion yuan, 4.65 billion yuan, and 4.94 billion yuan [5][6] - The company maintains a stable ROE of 11% across the forecast period, with P/E ratios of 9.32, 8.92, and 8.39 for 2024, 2025, and 2026, respectively [5][6]