新产能快速去化贡献增量，2024Q1业绩同比高增 2023年报及2024年一

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from the rapid decommissioning of new capacity, contributing to performance growth in 2024, with a projected net profit increase of 50%-70% year-on-year in Q1 2024 [5][9] - The company has positioned itself to capitalize on cross-border e-commerce logistics opportunities, with significant expansion in warehousing capacity and services for major global e-commerce platforms [7][24] Financial Performance Summary - In 2023, the company achieved operating revenue of 1.225 billion yuan, a year-on-year decrease of 4.10%, and a net profit attributable to shareholders of 164 million yuan, down 3.96% year-on-year [4][10] - For Q4 2023, the company reported operating revenue of 258 million yuan, a decline of 19.29% year-on-year and 24.21% quarter-on-quarter, primarily due to the impact of the home appliance industry's performance [20] - The company expects to achieve a net profit of 650-730 million yuan in Q1 2024, representing a year-on-year growth of 50%-70% [5][9] Earnings Forecast - The earnings forecast for 2024-2026 includes operating revenues of 1.530 billion yuan, 1.757 billion yuan, and 1.960 billion yuan, with net profits of 281 million yuan, 325 million yuan, and 375 million yuan respectively [9][10] - The corresponding P/E ratios for 2024-2026 are projected to be 12.87, 11.12, and 9.64 [9][10] Market Performance - As of April 22, 2024, the company's stock price is 15.52 yuan, with a market capitalization of approximately 3.62 billion yuan [3][12] - The company's performance relative to the CSI 300 index shows a 1.4% increase over the past month, while it has decreased by 12.6% over the past year [3]