Zhonggu Logistics(SH:603565) INDUSTRIAL SECURITIES·2024-03-28 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company has signed orders for 18 new 4600TEU container ships, with 11 launched in 2023, supporting its strategy of converting bulk carriers to container ships [1]. - The company's cargo volume increased by 29% year-on-year, accounting for 22% of its total cargo volume, with key cargo types including corn, coal, and sand [1]. - The company disposed of 5 old container ships during the reporting period, totaling 220,000 deadweight tons, with an average age exceeding 20 years [1]. - A high dividend payout ratio of 88.05% is planned for 2023, with a cash dividend of 7.2 yuan per 10 shares, totaling 1.512 billion yuan [1]. - Projected net profits for 2024-2026 are estimated at 1.55 billion, 1.726 billion, and 1.862 billion yuan, respectively, with corresponding EPS of 0.74, 0.82, and 0.89 yuan [1]. Financial Summary - In 2023, the company reported operating revenue of 12.439 billion yuan, a year-on-year decrease of 12.46% [9]. - The net profit attributable to the parent company was 1.717 billion yuan, down 37.36% year-on-year [8][9]. - The gross profit margin for 2023 was 14.3%, with a projected decline to 11.6% in 2024 [9]. - The return on equity (ROE) for 2023 was 16.0%, expected to decrease to 14.4% in 2024 [9]. - The company’s total assets were reported at 23.399 billion yuan, with a total liability of 12.646 billion yuan [9].