Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company achieved a revenue of 12.12 billion RMB in 2024, a year-on-year increase of 24.3%, and a net profit attributable to shareholders of 570 million RMB, up 31% year-on-year [2][4]. - The growth in revenue is primarily driven by the global freight forwarding and chemical distribution businesses, with freight forwarding revenue increasing by 56% to 3.47 billion RMB and chemical distribution revenue rising by 20% to 5.18 billion RMB [3][4]. - The overall gross margin decreased to 11.4%, down 0.3 percentage points year-on-year, mainly due to a decline in the gross margin of the global freight forwarding business [4]. Performance Summary - In Q4 2024, the company reported a revenue of 2.57 billion RMB, a 20.7% increase year-on-year, and a net profit of 75 million RMB, which is a significant increase of 164% [2]. - For Q1 2025, the company achieved a revenue of 3.34 billion RMB, reflecting a 15.4% year-on-year growth, and a net profit of 170 million RMB, up 14% year-on-year [2]. Financial Forecasts - The net profit forecasts for 2025 and 2026 have been revised down to 670 million RMB and 810 million RMB, respectively, with a new forecast for 2027 set at 970 million RMB [4][8]. - The company is expected to continue its growth trajectory with projected revenues of 13.36 billion RMB in 2025 and 14.96 billion RMB in 2026, representing growth rates of 10.25% and 11.99% respectively [8][9]. Strategic Developments - The company is actively expanding its overseas shipping business, with plans to purchase four new bulk carriers to enhance its liquid chemical shipping capabilities [4]. - This strategic move is aimed at leveraging local partnerships and the advantageous position of Singapore as an international shipping hub to support overseas market expansion [4].