Changjiu Logistics(SH:603569) SINOLINK SECURITIES·2024-04-28 10:00Investment Rating - The report maintains a rating of "Accumulate" for the company [10][22]. Core Views - The company achieved a revenue of 3.783 billion RMB in 2023, a decrease of 4.4% year-on-year, while the net profit attributable to shareholders increased significantly by 291.8% to 70 million RMB [22]. - The growth in profit is attributed to the favorable conditions in international business and the consolidation of Guangdong Dido, which contributed to the growth in revenue and profit [22]. - The company plans to increase its revenue to 5.445 billion RMB in 2024, representing a projected growth of 43.93% [22]. Summary by Sections Performance Review - In Q4 2023, the company reported a revenue of 925 million RMB, down 18% year-on-year, and a net profit of -19 million RMB, a decline of 230% [22]. - The international business segment saw a revenue increase of 18.9% to 796 million RMB, driven by a 57.9% increase in automobile exports [22]. Financial Metrics - The gross margin improved to 10.7%, up 1.56 percentage points year-on-year, primarily due to rising shipping rates in the international business [22]. - The company’s operating expenses increased, with a total expense ratio of 10.54%, up 1.5 percentage points year-on-year [22]. Future Outlook - The company plans to enhance its shipping capacity by acquiring additional roll-on/roll-off vessels and expanding its new energy and data services [22]. - The net profit forecast for 2024 is adjusted downwards by 300 million RMB, with projections of 300 million RMB for 2024 and 411 million RMB for 2025 [22]. Valuation - The report provides a projected P/E ratio of 18.53 for 2024, indicating a significant decrease from the previous year's 106.22 [24]. - The estimated revenue growth rates for the next few years are 63.57% for 2024, 15.92% for 2025, and 10.03% for 2026 [24].