收购持续推进，业绩同比提升

Investment Rating - The report maintains a "Buy" rating for the company [5][17]. Core Insights - In Q1 2024, the company achieved revenue of 1.995 billion RMB, representing a year-on-year growth of 26.0%, and a net profit attributable to shareholders of 307 million RMB, reflecting a year-on-year increase of 51.9% [1]. - The growth in revenue and profit is primarily attributed to the expansion of business scale, including strategic acquisitions and long-term coal supply agreements [1]. - The company completed the acquisition of a 20% stake in KEX for 88.1 million USD and an 80% stake in BHL for 25.5 million USD, enhancing its logistics and transportation capabilities in Africa [1]. - Gross margin increased to 19.98%, up by 3.17 percentage points year-on-year, while the net profit margin rose to 15.39%, an increase of 2.62 percentage points [1]. - The company is deepening its global strategy by strengthening cross-border logistics in landlocked countries, significantly increasing its international market share [1]. Summary by Sections Performance Analysis - Q1 2024 revenue was 1.995 billion RMB, a 26.0% increase year-on-year, with net profit at 307 million RMB, up 51.9% [1]. - The company acquired a 20% stake in KEX and an 80% stake in BHL, enhancing its logistics capabilities [1]. - Gross margin improved to 19.98%, and net profit margin increased to 15.39% [1]. Strategic Developments - The company signed a long-term coal supply agreement with MMC for 17.5 million tons over ten years, ensuring stable coal supply [1]. - The acquisition of BHL positions the company to leverage its logistics network in Africa [1]. - The company is focusing on cross-border logistics in regions such as Central Asia and Africa, enhancing its competitive edge [1]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2024, 2025, and 2026 at 1.3 billion RMB, 1.51 billion RMB, and 1.69 billion RMB respectively [1].