双轮驱动量质并进，扩品拓域转型升级

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 3.78 CNY and a target value of 5.00 CNY [5]. Core Views - The company is experiencing dual-driven growth, focusing on both quality and quantity, with a transformation towards smart logistics and an expansion of product offerings [3][15]. - The financial performance shows significant growth, with 2023 revenue reaching 1.499 billion CNY, a year-on-year increase of 11.73%, and a net profit of 252 million CNY, up 54.38% year-on-year [2][26]. Summary by Sections 1. Business Performance - The company achieved a gross margin of 31.11% in 2023, an increase of 6.12 percentage points year-on-year, and a net margin of 18.14%, up 5.25 percentage points [3]. - The liquid storage business, a core profit driver, generated 332 million CNY in revenue in 2023, a 45.61% increase, with a gross profit of 206 million CNY [29][84]. - The smart logistics segment saw revenue of 187 million CNY, a 45.77% increase, with a gross margin of 73.33% [38][85]. 2. Financial Forecast - The report forecasts earnings per share (EPS) of 0.25, 0.31, and 0.38 CNY for 2024, 2025, and 2026 respectively, with a target price based on a 20x PE ratio for 2024 [16][89]. - Expected revenue growth rates for 2024-2026 are 12%, 13%, and 13%, with net profits projected to grow by 20%, 25%, and 22% respectively [43][89]. 3. Business Segments - The solid storage business achieved revenue of 37 million CNY in 2023, a 69.82% increase, with a gross margin of 48.93% [32][65]. - The supply chain management services generated 865 million CNY in revenue, a 1.91% increase, with a gross margin of 7.19% [34][42]. - The digital services segment reported revenue of 84 million CNY, a 21.02% increase, with a gross margin of 96.32% [82][66].