CTS Logistics(SH:603128) Huachuang Securities·2024-04-22 23:31Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 8.3 CNY per share, indicating a potential upside of approximately 20% from the current price of 6.92 CNY [2][3][8]. Core Insights - The company reported a total revenue of 14.608 billion CNY in 2023, a year-on-year decrease of 33.8%. However, revenue is expected to recover with projected growth rates of 13.5% in 2024, 10.1% in 2025, and 9.4% in 2026 [7][18]. - The net profit attributable to the parent company for 2023 was 617 million CNY, down 30.6% year-on-year, but is forecasted to increase to 726 million CNY in 2024, 818 million CNY in 2025, and 899 million CNY in 2026 [7][18]. - The company has increased its dividend payout ratio to 70% for 2023, reflecting a commitment to shareholder returns [7]. Financial Summary - Total revenue (million CNY): - 2023: 14,608 - 2024E: 16,582 - 2025E: 18,249 - 2026E: 19,973 - Year-on-year growth rates (%): - 2023: -33.8% - 2024E: 13.5% - 2025E: 10.1% - 2026E: 9.4% [7][18]. - Net profit attributable to the parent (million CNY): - 2023: 617 - 2024E: 726 - 2025E: 818 - 2026E: 899 - Earnings per share (CNY): - 2023: 0.47 - 2024E: 0.55 - 2025E: 0.63 - 2026E: 0.69 [7][18].