2024年一季报点评：内贸危化运输稳中有升，外贸业务不断拓展

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 21.60 CNY over the next six months [2][48]. Core Insights - The company achieved a revenue of 1.26 billion CNY in 2023, representing a year-on-year growth of 45.3%. The chemical transportation revenue was 1.14 billion CNY, up 52.8%, accounting for 90.7% of total revenue [1][26]. - The company is expanding its international hazardous goods transportation business, with a significant increase in foreign trade hazardous goods volume, which grew by 2462.5% year-on-year to 1.21 million tons in 2023 [5][15]. - The company is expected to see further revenue growth due to the expansion of its customer base and fleet size, with projected net profits of 250 million CNY, 300 million CNY, and 350 million CNY for 2024, 2025, and 2026 respectively [3][44]. Financial Performance - In 2023, the company reported a net profit of 180 million CNY, with a net profit margin of 14.4%, down 5 percentage points from 2022. For Q1 2024, the net profit was 50 million CNY, with a net profit margin of 12.5% [1][36]. - The company's operating costs increased by 57.8% in 2023, leading to a gross profit of nearly 400 million CNY and a gross margin of 31.4%, which is a decline of 5.5 percentage points from the previous year [34][36]. Market Position and Strategy - The company holds a market share of approximately 12.1% in the domestic liquid chemical transportation sector, with a steady increase in both domestic and international operations [6][15]. - The company is actively enhancing its logistics capabilities by expanding its fleet and optimizing its operational structure, which is expected to improve its competitive edge in the market [6][18]. Future Outlook - The company plans to continue its focus on clean energy logistics and is preparing to launch new vessels for liquid ammonia transportation, which is expected to support its growth in this segment [21][34]. - The projected earnings per share (EPS) for the next three years are 1.44 CNY, 1.75 CNY, and 2.04 CNY, with corresponding price-to-earnings (PE) ratios of 12x, 10x, and 9x [3][44].