景气回暖利润改善，内外贸并进打开空间

Investment Rating - The report gives a "Buy" rating for the company with a current price of 17.30 CNY and a fair value of 20.25 CNY [7]. Core Insights - The company achieved a revenue of 1.261 billion CNY in 2023, representing a year-on-year growth of 45.30%, and a net profit attributable to shareholders of 182 million CNY, up 7.68% year-on-year [23][24]. - The company is positioned as a leader in domestic liquid chemical transportation and is expanding its international trade operations to mitigate risks associated with a single market [37][54]. - The company has a flexible capacity allocation strategy that allows it to switch between domestic and international markets, enhancing its operational resilience [54][55]. Summary by Sections Domestic Chemical Transportation - The domestic chemical transportation business generated revenue of 810 million CNY in 2023, with a year-on-year growth of 12.09% and a gross profit of 300 million CNY, accounting for 75.70% of the company's total gross profit [3][23]. - The gross margin for this segment was 37.03%, slightly down by 1.99 percentage points year-on-year due to cyclical fluctuations in the chemical industry [3][23]. International Chemical Transportation - The international chemical transportation segment saw significant growth, achieving revenue of 333 million CNY in 2023, a staggering year-on-year increase of 1196% [5][40]. - The gross profit for this segment was 75 million CNY, with a gross margin of 22.37% [40][54]. Oil Transportation - The oil transportation business generated revenue of 115 million CNY in 2023, reflecting a year-on-year increase of 33% [44]. - The gross profit for this segment was 21 million CNY, with a gross margin of 18.46%, up by 9.74 percentage points year-on-year [44]. Clean Energy Logistics Supply Chain - The company is actively developing its clean energy logistics supply chain, including liquid ammonia transportation and storage, which is expected to become a new growth driver [46][55]. - The company plans to launch new vessels for liquid ammonia and liquefied petroleum gas transportation, enhancing its operational capacity in this area [46][55]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.528 billion CNY, 1.879 billion CNY, and 2.160 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21%, 23%, and 15% [25][55]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 1.35 CNY, 1.68 CNY, and 2.07 CNY, respectively [25][55].