经营提质增效，分红率有望持续提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.94 CNY, while the current price is 36.38 CNY [1]. Core Insights - In 2023, the company achieved a revenue of 258.41 billion CNY, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 8.23 billion CNY, an increase of 33.38% [4]. - The express logistics segment showed stable growth, with revenue of 191.15 billion CNY, a year-on-year increase of 9.7%, while the supply chain and international business saw a decline in revenue of 31.74% [5]. - The company improved its net profit margin, which rose to 3.2%, an increase of 0.9 percentage points year-on-year, and reduced capital expenditures by 12.07% to 12.47 billion CNY [6]. - The dividend per share was 0.6 CNY, with a payout ratio of approximately 35.3%, indicating a commitment to returning value to shareholders [7]. - Revenue projections for 2024-2026 are estimated at 291.18 billion CNY, 327.83 billion CNY, and 368.31 billion CNY, with corresponding growth rates of 12.68%, 12.58%, and 12.35% [8]. Financial Data Summary - Total share capital is 4,895.20 million shares, with a circulating market value of 177,091.16 million CNY [2]. - The company's asset-liability ratio stands at 53.37% [2]. - The earnings per share (EPS) for 2024 is projected to be 2.14 CNY, with a price-to-earnings (P/E) ratio of 21 [8].