Q1业绩同比增长，运力规模持续扩大

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Views - In Q1 2024, the company achieved revenue of 386 million RMB, a year-on-year increase of 13.6%, and a net profit attributable to shareholders of 77 million RMB, up 0.57% year-on-year [2][3]. - The growth in revenue is attributed to increased domestic shipping income and the expansion of international transport business, with a 20% increase in domestic shipping capacity due to the addition of 7 new vessels in 2023 [3]. - The company has also significantly expanded its foreign trade capacity, with a 262.7% increase in foreign trade shipping capacity in 2023 [3]. - The gross margin for Q1 2024 was 32.3%, a decrease of 4.07 percentage points year-on-year, primarily due to lower industry demand and declining freight rates [3]. - The company has been actively repurchasing shares, with a total of 4.07 million shares repurchased, accounting for 1.45% of the total share capital, and a total repurchase amount of approximately 63.7 million RMB [3]. Summary by Sections Financial Performance - Q1 2024 revenue was 386 million RMB, up 13.6% year-on-year; net profit was 77 million RMB, up 0.57% year-on-year [2]. - The company’s gross margin decreased to 32.3%, and the net profit margin was 20.1%, down 2.6 percentage points year-on-year [3]. Operational Analysis - The company expanded its domestic shipping capacity by adding 7 vessels, resulting in a total capacity of 28.78 million deadweight tons [3]. - The foreign trade shipping capacity increased by 7.04 million deadweight tons with the addition of 4 chemical tankers [3]. Investment and Future Outlook - The company has revised its net profit forecasts for 2024 and 2025 to 340 million RMB and 440 million RMB, respectively, and introduced a new forecast of 520 million RMB for 2026 [3].