业务规模持续增长 业绩同比提升

Investment Rating - The investment rating for the company is "Buy" [2][20]. Core Insights - The company achieved a revenue of 7 billion RMB in 2023, representing a year-on-year growth of 44.9%, and a net profit attributable to shareholders of 1.04 billion RMB, up 52.6% year-on-year [1][3]. - In Q4 2023, the company reported revenue of 1.89 billion RMB, a significant increase of 85.5% year-on-year, with a net profit of 280 million RMB, growing by 32.9% year-on-year [1]. - The growth in revenue is primarily driven by the company's operations in the China-Mongolia, Africa, and Central Asia markets, with notable increases in coal business and logistics services [3][17]. - The gross profit margin increased year-on-year, and the net profit margin slightly rose to 14.85%, reflecting improved profitability [17]. Summary by Sections Revenue Growth - The company's revenue growth in 2023 was largely attributed to its supply chain trade in the China-Mongolia market, which generated 4.43 billion RMB, a 145.9% increase year-on-year [3]. - The Africa market saw significant contributions from the Congo project, with revenue from land port operations reaching 420 million RMB, a 322% increase from the previous year [3]. - In Central Asia, the company experienced a 422.5% increase in cargo volume, benefiting from the growing trade between China and Central Asian countries [3]. Profitability Metrics - The company reported a gross profit margin of 19.4%, an increase of 0.14 percentage points year-on-year, while the operating expense ratio decreased to 1.9%, down 0.42 percentage points [17]. - The net profit attributable to shareholders is projected to reach 1.3 billion RMB in 2025 and 1.51 billion RMB in 2026, indicating a positive outlook for profitability [3][17]. Strategic Developments - The company is enhancing its cross-border logistics business in landlocked countries, focusing on markets in Mongolia, Central Asia, Africa, and South America [17]. - Investments in key projects in Africa and Central Asia are expected to improve local logistics efficiency and support business expansion [17].