业绩同比增长 股份回购有序推进

Investment Rating - The report maintains a "Buy" rating for the company [1][16][20] Core Views - In 2023, the company achieved a revenue of 1.26 billion RMB, representing a year-on-year growth of 45.3%, and a net profit attributable to shareholders of 182 million RMB, up 7.7% year-on-year [1][16] - For Q1 2024, the company reported a revenue of 378 million RMB, a 29.3% increase year-on-year, and a net profit of 47 million RMB [1][16] - The company is expanding its fleet through acquisitions, controlling 40 vessels with a total capacity of 298,800 deadweight tons, a 48.7% increase from the beginning of the year [16] - The gross margin decreased to 31.4%, down 5.5 percentage points year-on-year, while the expense ratio increased to 13.8%, up 0.11 percentage points [16] - The company is actively repurchasing shares and plans to acquire a majority stake in Haichanghua, which will enhance its business expansion [16] Summary by Sections Financial Performance - Revenue for 2023 was 1.26 billion RMB, with a growth rate of 45.3% compared to 2022 [22] - Net profit for 2023 was 182 million RMB, with a growth rate of 7.7% [22] - The company forecasts revenue of 1.58 billion RMB for 2024, with a growth rate of 25.5% [22] Operational Analysis - The company has expanded its fleet significantly, with 40 vessels and an additional 4 vessels under construction [16] - The gross margin has decreased, indicating potential pressure on profitability [16] Future Outlook - The company has revised its net profit forecasts for 2024 and 2025 to 240 million RMB and 310 million RMB, respectively, with a new forecast for 2026 at 360 million RMB [16] - The report maintains a positive outlook despite challenges in the chemical transportation market [16]