NJTC(SH:601975)2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [8][22]. Core Views - The company reported a net profit of 1.557 billion yuan for 2023, an increase of 8.55% year-on-year, with a non-recurring net profit of 1.537 billion yuan, up 8.71% year-on-year [8]. - The fourth quarter net profit was 354 million yuan, a decrease of 26.33% year-on-year, aligning closely with the forecast of 333 million yuan [8]. - The average TCE (Time Charter Equivalent) for the TC7 route in 2023 was 25,840 USD/day, significantly higher than the historical average of approximately 13,000 USD/day from 2012 to 2021, indicating a 97% increase [8]. - The company delivered three new MR tankers in 2023, and with the rising market rates, profit release is expected to accelerate in 2024 [8]. Financial Data and Profit Forecast - The total revenue for 2023 was 6.197 billion yuan, with a projected increase to 6.923 billion yuan in 2024 [17]. - The net profit forecast for 2024 has been raised from 1.92 billion yuan to 2.11 billion yuan, with further projections of 2.104 billion yuan for 2025 and 2.144 billion yuan for 2026 [8][18]. - The average TCE for MR tankers is expected to be 35,000 USD/day for 2024 and 2025, and 35,500 USD/day for 2026 [8].