Changjiu Logistics(SH:603569) Shanghai Securities·2024-05-17 02:07Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4][26]. Core Views - In 2023, the company achieved operating revenue of 3.783 billion yuan, a year-on-year decline of 4.41%, while net profit attributable to shareholders was 70 million yuan, a significant increase of 291.79% [4]. - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares (tax included) for the year 2023 [4]. - The company reported a revenue of 903 million yuan in Q1 2024, representing a year-on-year growth of 2.18% [4]. Summary by Sections Revenue Breakdown - The logistics and related services segment generated revenue of 3.761 billion yuan in 2023, down 4.46% year-on-year, with a gross margin of 10.44%, an increase of 1.54 percentage points [5]. - The complete vehicle transportation business recorded revenue of 2.698 billion yuan, a decline of 11.40%, accounting for 71.33% of total revenue [5]. - International business revenue reached 796 million yuan, up 18.94%, contributing 21.05% to total revenue, with a gross margin increase of 9.33 percentage points to 23.18% [5]. - The new energy business saw revenue of 44 million yuan, a remarkable growth of 304.43%, with a gross margin of 10.89%, up 4.86 percentage points [5]. Future Outlook - The company plans to purchase a 6200RT international car roll-on/roll-off ship for 59 million USD, which is expected to enhance its international shipping capacity and expand its international business layout [7]. - The company forecasts operating revenues of 5.568 billion yuan, 6.724 billion yuan, and 7.760 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.18%, 20.75%, and 15.42% [26]. - Net profit attributable to shareholders is projected to be 299 million yuan, 383 million yuan, and 449 million yuan for the same years, with growth rates of 325.33%, 27.79%, and 17.42% [26].