Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - The total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, expected growth of 17.8% - Net Profit: 179 million yuan, expected growth of 13.3% - EPS: 0.39 yuan [2][6]. - **2026 and 2027 Projections**: - Continued revenue growth is expected, with 1,864 million yuan and 2,005 million yuan projected for 2026 and 2027, respectively [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s storage tank capacity increased by 4% to 5.19 million cubic meters, while warehouse capacity rose by 78% to 115,000 square meters [6][12]. Regional Performance - Revenue from East China and South China regions for 2024 is projected at 1.14 billion yuan and 300 million yuan, respectively, with East China showing an 8% decline and South China remaining flat year-on-year [6][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - Total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, up 17.8% year-on-year - Net Profit: 179 million yuan, up 13.3% year-on-year - EPS: 0.39 yuan [2][6]. - **2026 Financial Projections**: - Total Revenue: 1,864 million yuan, up 9.1% year-on-year - Net Profit: 249 million yuan, up 38.6% year-on-year - EPS: 0.54 yuan [2][6]. - **2027 Financial Projections**: - Total Revenue: 2,005 million yuan, up 7.6% year-on-year - Net Profit: 297 million yuan, up 19.3% year-on-year - EPS: 0.65 yuan [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s total tank capacity reached 5.19 million cubic meters, a 4% increase year-on-year, while warehouse capacity increased by 78% to 115,000 square meters [6][12]. Market Position and Outlook - The company is positioned as a leader in the chemical storage industry, with high barriers to entry and potential for market share growth as industry demand recovers [6][12]. - The report forecasts a gradual recovery in the industry, with expected net profits of 180 million yuan in 2025, 250 million yuan in 2026, and 300 million yuan in 2027 [6][12].