Q1业绩超预期，增长逻辑延续

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 33.48 CNY per share, indicating a potential upside from the current price of 26.61 CNY [28]. Core Insights - The company reported a strong Q1 2024 performance, achieving revenue of 1.995 billion CNY, a year-on-year increase of 25.97%, and a net profit attributable to shareholders of 307 million CNY, up 51.85% year-on-year [20]. - The report highlights the sustained high demand in China-Mongolia trade, with significant increases in cargo volume at the Ganqimod Port, which is expected to enhance the company's competitive edge in the coal supply chain [27]. - The company's expansion in Africa, particularly in the Congo, is anticipated to provide additional growth opportunities as production capacity increases and market share improves [27]. - The earnings forecast has been adjusted upwards due to the better-than-expected performance, with projected EPS for 2024-2026 being 1.86, 2.20, and 2.45 CNY per share respectively [27]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported total revenue of 4.829 billion CNY, with a projected growth rate of 24.2% for 2023 [21]. - The net profit for 2022 was 681 million CNY, with a significant growth rate of 98.6% expected in 2023 [21]. - Key financial ratios include a projected P/E ratio of 10.64 for 2023 and an ROE of 21.3% [21].