NJTC(SH:601975) INDUSTRIAL SECURITIES·2024-03-27 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company has demonstrated significant advantages in both domestic and foreign trade, with foreign trade revenue increasing by 1.87% year-on-year in 2023. The company achieved a foreign trade revenue of 3.512 billion yuan in 2023, with a gross margin of 33.9%, up by 2.92 percentage points year-on-year [3][4]. - The company's oil transportation business reported a stable performance despite a decline in international refined oil transportation rates, achieving an operating income of 5.224 billion yuan in 2023, a year-on-year increase of 3.42%, with a gross margin of 36.25%, up by 2.42 percentage points year-on-year [4][6]. - The company's net profit attributable to shareholders reached 1.557 billion yuan in 2023, reflecting a year-on-year growth of 8.55% [4][5]. Financial Summary - The company’s operating income for 2023 was 6.197 billion yuan, a decrease of 1.08% year-on-year. The projected operating income for 2024-2026 is 6.996 billion yuan, 7.307 billion yuan, and 7.508 billion yuan, respectively [5][6]. - The net profit attributable to shareholders for 2023 was 1.557 billion yuan, with projections of 1.924 billion yuan, 2.116 billion yuan, and 2.261 billion yuan for 2024-2026, representing year-on-year growth rates of 23.5%, 10.0%, and 6.8% respectively [5][6]. - The gross margin is expected to improve from 32.8% in 2023 to 37.2% by 2026 [5][6]. - The earnings per share (EPS) for 2023 was 0.32 yuan, with forecasts of 0.40 yuan, 0.44 yuan, and 0.47 yuan for 2024-2026, leading to price-to-earnings (PE) ratios of 10.1, 8.1, 7.4, and 6.9 respectively [5][6].