Q4主业经营韧性，Q1业绩平稳增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2023, the company achieved operating revenue of 57.68 billion yuan, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 3.72 billion yuan, a decrease of 5.0% [6][7]. - In Q4 2023, the company reported operating revenue of 16.93 billion yuan, a year-on-year increase of 15.0%, and a net profit of 1.06 billion yuan, a decrease of 7.4% [6][7]. - In Q1 2024, the company achieved operating revenue of 15.43 billion yuan, a year-on-year increase of 19.5%, and a net profit of 940 million yuan, a year-on-year increase of 4.1% [6][7]. - The company’s parcel volume increased by 28.9% year-on-year in Q4 2023, and by 24.9% year-on-year in Q1 2024, indicating strong growth [6][7]. Summary by Sections Financial Performance - In 2023, the company’s total revenue was 57.68 billion yuan, with a net profit of 3.72 billion yuan. The revenue for Q4 2023 was 16.93 billion yuan, and for Q1 2024, it was 15.43 billion yuan [6][7]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a payout ratio of 32.1% [6][7]. Market Position and Competition - The company’s market share increased by 0.2 percentage points to 16.1%, with parcel volume growing by 21.3% to 21.2 billion parcels in 2023 [6][7]. - Despite increased competition, the company managed to optimize costs, with single parcel costs decreasing by 6.0% year-on-year [6][7]. Future Outlook - The company is focusing on digital transformation and cost optimization, aiming for balanced growth in volume, profit, and service quality [7]. - Forecasted net profits for 2024, 2025, and 2026 are 4.21 billion yuan, 5.06 billion yuan, and 5.97 billion yuan, respectively, with corresponding PE ratios of 13.0, 10.8, and 9.2 [7].