Xiangyu(SH:600057) EBSCN·2024-04-25 09:02Investment Rating - The report maintains an "Accumulate" rating for the company [7]. Core Views - The company reported a revenue of 459 billion yuan in 2023, a decrease of 14.7% year-on-year, and a net profit attributable to shareholders of 1.57 billion yuan, down 40.3% year-on-year. The company plans to distribute a cash dividend of 0.3 yuan per share, with a cash dividend rate of approximately 50% [7]. - The decline in revenue is attributed to a decrease in the distribution of bulk commodities, with a total operating volume of approximately 230 million tons, an increase of 13.7% year-on-year. However, the revenue from bulk commodity distribution fell by 15.6% to approximately 439.2 billion yuan due to insufficient market demand and price fluctuations [7]. - The shipbuilding business showed robust growth, with revenue increasing by 42.6% year-on-year to 4.74 billion yuan, and gross profit rising by 258% [7]. - The report suggests that the company is a leading player in the domestic bulk supply chain industry, directly affected by economic cycles, and maintains a positive outlook despite short-term profit pressures [7]. Summary by Sections Financial Performance - Revenue (in million yuan): 459,035 in 2023, down from 538,148 in 2022 [11]. - Net profit (in million yuan): 1,574 in 2023, down from 2,637 in 2022 [11]. - EPS (in yuan): 0.69 in 2023, down from 1.17 in 2022 [11]. - ROE (diluted): 7.55% in 2023, down from 15.43% in 2022 [11]. Business Segments - Bulk commodity distribution revenue decreased by 15.6% to approximately 439.2 billion yuan, with significant declines in metal and energy products [7]. - The shipbuilding segment achieved a revenue of 4.74 billion yuan, with a gross profit of 1.07 billion yuan, indicating strong performance [7]. Future Outlook - The company plans to increase dividends post the Q3 2024 report, aiming for a minimum of 10% of the net profit attributable to shareholders for the first three quarters of 2024 [7]. - Profit forecasts for 2024 and 2025 have been adjusted downwards by 33% and 27% respectively, reflecting the impact of economic slowdown [7].