业务量高增推升盈利，Q1业绩超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][31]. Core Insights - The company achieved a revenue of 2.0 billion yuan in Q1 2024, representing a year-on-year growth of 26.0%. The net profit attributable to the parent company was 310 million yuan, up 51.9% year-on-year [29]. - The increase in profit is primarily driven by the rapid growth in Mongolian coal operations and the significant increase in traffic volume at the Kasai port, which enhances the profitability of the land port project. Future acquisitions and project developments are expected to further boost earnings [9][31]. - The company is experiencing a significant increase in business volume, with Q1 performance exceeding expectations. The average daily traffic volume at the Ganqimiao port reached 933 vehicles per day, a year-on-year increase of approximately 9.4% [15][29]. Financial Performance Summary - In Q1 2024, the company's gross profit increased by approximately 90 million yuan to 350 million yuan. The profit growth was supported by the rapid increase in Mongolian coal operations and the high traffic volume at the Kasai port [15][29]. - The company's capital expenditure in Q1 2024 was 150 million yuan, a year-on-year increase of 202.6%, mainly for the construction of the Dilolo and Zambia Sakanya projects [12][31]. - The projected net profits for the company from 2024 to 2026 are 1.33 billion yuan, 1.57 billion yuan, and 1.79 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.4, 11.3, and 10.0 [31].