中谷物流：开源节流并举，彰显经营韧性

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 2.79 billion in Q1 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 390 million, down 36.3% year-on-year [6][8]. - The industry is experiencing pressure on freight rates due to weak demand and increased capacity from 2023, with the PDCI index averaging 1127 points in Q1 2024, a decline of 26.8% year-on-year [6][7]. - Despite the downturn, the company has shown resilience through cost control and efficiency improvements, with a gross margin of 16.5% in Q1 2024, reflecting a 1.7 percentage point increase from the previous quarter [7][8]. - The company is optimizing its fleet structure and has recorded asset disposal gains of 100 million in Q1 2024, although other income decreased by 170 million due to government subsidy timing issues [8][14]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.79 billion, a decrease of 8.2% year-on-year, and a net profit of 390 million, down 36.3% year-on-year [6][8]. - The company’s operating costs decreased by 13.3% quarter-on-quarter, leading to a gross profit margin improvement despite a year-on-year decline in gross profit of 25.2% [7][8]. - The company expects net profits for 2024-2026 to be 1.42 billion, 1.79 billion, and 1.97 billion respectively, with corresponding PE ratios of 13, 10, and 9 times [14]. Market Dynamics - The domestic trade container throughput at major ports showed a slight year-on-year decline of 0.2% in January-February 2024, with expectations for a slight increase in Q1 2024 due to post-holiday resumption [6][7]. - The company has successfully increased its domestic trade transport volume by 7.5% year-on-year in Q1 2024, despite the overall industry challenges [7][8]. Strategic Outlook - The company is focusing on internal efficiency and external rental income opportunities, demonstrating strong operational resilience and profit generation capabilities [14]. - The company has maintained a high dividend payout ratio, reaching 88% at the end of 2023, indicating a strong commitment to returning value to shareholders [14].