2023年年报及2024年一季报点评报告：业绩同比增长，运力有望加速扩张

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth, with a 45.3% year-on-year increase in 2023, reaching 1.261 billion yuan, and a net profit of 182 million yuan, up 7.68% year-on-year [2][5] - The company is expected to benefit from both domestic demand recovery and high external trade activity, leading to revenue elasticity [4][8] - The company is expanding its shipping capacity, with a notable increase in both domestic and foreign trade shipping capabilities [8] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 384 million yuan, a year-on-year increase of 51.53%, and a net profit of 66 million yuan, up 90.49% year-on-year [2] - For Q1 2024, the company reported a revenue of 378 million yuan, a 29.27% year-on-year increase, and a net profit of 47 million yuan, up 4.12% year-on-year [2] Market Dynamics - The recovery in domestic trade and the high demand in foreign trade have contributed to the company's revenue growth, with the average operating rate for PX in Q1 2024 at 86.1%, up 10.8 percentage points year-on-year [5] - The foreign trade freight rates have also increased, contributing to revenue growth, with a year-on-year increase of 5.1% in Q1 2024 [5] Capacity Expansion - As of the end of 2023, the company’s domestic chemical shipping capacity was 181,100 deadweight tons, up 20.33% year-on-year, while foreign chemical shipping capacity increased by 344.78% to 59,600 deadweight tons [8] - The company has plans for further expansion, including the potential acquisition of a 71.5% stake in Haichanghua, which could enhance market share [8] Earnings Forecast - The company is projected to achieve revenues of 1.562 billion yuan, 1.808 billion yuan, and 2.065 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 230 million yuan, 284 million yuan, and 347 million yuan [8][10]