业绩稳健增长，回购彰显信心

Investment Rating - The investment rating for the company is "Buy" [1][18][25] Core Views - The company reported a 2023 revenue of 6.2 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 1.56 billion yuan, an increase of 8.6% year-on-year [1][20] - The company demonstrated strong fleet management capabilities, achieving a revenue of 3.51 billion yuan from foreign trade business, a year-on-year increase of 1.9%, with a gross margin of 33.9%, up 2.9 percentage points [1][5] - The outlook for 2024 is positive, with expected improvements in supply and demand dynamics, leading to a projected increase in freight rates [24][25] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 6.2 billion yuan, down 1.1% year-on-year, and a net profit of 1.56 billion yuan, up 8.6% year-on-year [1][20] - The non-recurring gains mainly came from the disposal of an old vessel, generating approximately 15.58 million yuan [1][20] Business Segments - The oil transportation segment generated 5.22 billion yuan in revenue, a year-on-year increase of 3.4%, with a gross margin of 36.3%, up 2.4 percentage points [22] - The chemical transportation segment reported revenue of 440 million yuan, a year-on-year increase of 3.8%, with a gross margin of 17.3%, down 3.5 percentage points [22] - The ethylene transportation segment achieved revenue of 180 million yuan, a year-on-year increase of 8.4%, with a gross margin of 28.3%, down 8.2 percentage points [7][22] Market Outlook - The global oil refining shift eastward and the impact of sanctions on Russian oil are expected to drive demand in the industry [24][25] - The projected growth in global refined oil transportation demand is approximately 7.3% in ton-miles for 2024, while effective supply growth is expected to be around 1.8%, resulting in a supply-demand gap of about 5.5% [24][25]