厦门国贸：Q1经营环比改善，股息具备吸引力

Investment Rating - The investment rating for the company is "Buy" and is maintained [31]. Core Insights - The company reported a revenue of 96.88 billion yuan in Q1 2024, a year-on-year decrease of 21.6% but a quarter-on-quarter increase of 43.5%. The net profit attributable to the parent company was 410 million yuan, down 44.5% year-on-year but significantly increased by 360 million yuan quarter-on-quarter [28][38]. - The company has significantly increased its dividend payout ratio to 57.6%, corresponding to a current dividend yield of approximately 6.8%. It plans to distribute a cash dividend of 0.5 yuan per share (before tax) and intends to conduct cash dividends in the mid-2024 period if conditions are met [6][14]. - The company is focusing on its core supply chain business, enhancing its industrial chain layout, and improving its value chain synergy capabilities. It is expected to return to a growth trajectory in 2024, with an accelerated internationalization process [14][29]. Summary by Sections Financial Performance - In Q1 2024, the company experienced a revenue of 96.88 billion yuan, a decline of 21.6% year-on-year, while net profit attributable to the parent company was 410 million yuan, down 44.5% year-on-year. However, there was a significant quarter-on-quarter increase in net profit [28][38]. - The company’s total revenue for 2023 was 468.25 billion yuan, with projections for 2024, 2025, and 2026 being 467.15 billion yuan, 512.25 billion yuan, and 567.87 billion yuan respectively [44]. Dividend Policy - The company has raised its dividend payout ratio to 57.6%, which is an increase of 17.7 percentage points compared to 2022. This corresponds to a dividend yield of approximately 6.8% [6][14]. Strategic Initiatives - The company is accelerating its international network layout by establishing platforms in regions such as Xinjiang, Indonesia, UAE, and Brazil, aiming to create significant business hubs in Southeast Asia, the Middle East, and South America [29]. - The company is also extending its industrial chain upstream and downstream, enhancing its overall profitability through acquisitions and partnerships with industry clients [29].