全年营收同比小幅下降，汽车船业务有望持续贡献收益

Investment Rating - The report maintains a "Buy" rating for the company [1][7][8] Core Views - The company's revenue for the year 2023 was RMB 12.007 billion, a slight decrease of 1.64% year-on-year, while the net profit attributable to shareholders increased by 29.58% to RMB 1.064 billion [1][2] - The company's main business performance was affected by a weak shipping market, but the special ship market remained relatively stable, leading to a positive outlook for future equipment exports [1][8] - The report highlights the resilience of heavy lift and semi-submersible vessels due to the unique nature of the cargo they transport, while the multi-purpose vessel market faced a decline [1][2] Revenue and Profitability - The company's operating revenue decreased by 1.64% year-on-year to RMB 12.007 billion, while operating costs increased by 3.87% due to higher voyage operating expenses [1][2] - The average daily freight rate for multi-purpose vessels fell by 41.76% to USD 14,452, with a gross margin decrease of 19.85 percentage points to 5.72% [1][2] - The report notes a significant increase in the company's investment income from automobile shipping, which reached RMB 126 million, a year-on-year growth of 176.4% [1][2] Future Outlook - The report projects net profits for 2024-2026 to be RMB 1.361 billion, RMB 1.616 billion, and RMB 1.921 billion, representing year-on-year growth rates of 27.9%, 18.7%, and 18.9% respectively [2][3] - The expected earnings per share (EPS) for the same period are projected to be RMB 0.63, RMB 0.75, and RMB 0.89, with corresponding price-to-earnings (PE) ratios of 10.0, 8.4, and 7.1 [2][3] Market Position - The company is positioned as a leader in the automobile shipping market, with a reported export volume of 5.221 million vehicles in 2023, a year-on-year increase of 57.4% [1][2] - The report emphasizes the company's strong performance in the automobile shipping segment, which is expected to continue contributing positively to its investment returns [1][8]