2023年净利润同比大幅增长，海运运力扩张打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within six months [20]. Core Views - The company reported a significant increase in net profit for 2023, achieving a year-on-year growth of 291.79% [1][8]. - The expansion of maritime transport capacity is expected to open up growth opportunities, particularly in the context of rising international shipping rates due to tight capacity [2][31]. - The company is strategically enhancing its international business and logistics capabilities, which is anticipated to contribute to revenue growth [9]. Financial Performance Summary - In 2023, the company achieved operating revenue of 3.783 billion yuan, a decrease of 4.41% year-on-year, while net profit attributable to shareholders reached 70.39 million yuan, an increase of 291.79% [1][3]. - For Q1 2024, the company reported operating revenue of 903 million yuan, a year-on-year increase of 2.18%, and a net profit of 15 million yuan, up 15.77% year-on-year [1]. - The company’s gross profit margin improved to 10.69% in 2023, up 1.56 percentage points year-on-year, and further increased to 11.75% in Q1 2024 [8]. Business Segment Analysis - Domestic vehicle business generated revenue of 2.698 billion yuan in 2023, down 11.40% year-on-year, with a gross margin of 6.20% [8]. - International business revenue reached 796 million yuan, up 18.94% year-on-year, with a gross margin of 23.18% [8]. - The new energy business saw a remarkable revenue increase of 304.42% year-on-year, contributing 0.44 billion yuan to total revenue [8]. Future Projections - The company’s projected operating revenues for 2024, 2025, and 2026 are 5.776 billion yuan, 6.932 billion yuan, and 7.750 billion yuan, respectively, with expected growth rates of 52.67%, 20.02%, and 11.81% [3][9]. - Net profit projections for the same years are 299.12 million yuan, 356.99 million yuan, and 445.78 million yuan, with corresponding growth rates of 324.92%, 19.35%, and 24.87% [3][9].