Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Viewpoints - The company's performance in 2024 was slightly below expectations, with revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit of 1.276 billion yuan, up 22.88% [7][4] - The report indicates a trend of high performance in the first half of 2024 followed by a decline in the latter half, with a continued weak performance in Q1 2025 [2][13] - The company has made significant progress in establishing a logistics network in Africa, which is expected to enhance long-term growth prospects [3][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 87.54 billion yuan, with a net profit of 12.76 billion yuan, while Q4 revenue was 22.09 billion yuan, showing a year-on-year growth of 16.63% [7][4] - For Q1 2025, the company reported a revenue of 22.95 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 14.77% to 2.62 billion yuan [7][4] Trade and Logistics - The cross-border multi-modal transport services generated revenue of 2.45 billion yuan and gross profit of 750 million yuan in 2024, reflecting a year-on-year increase of 22.2% and 31.5% respectively [2][13] - The main coking coal supply chain trade achieved revenue of 5.75 billion yuan and gross profit of 760 million yuan, with year-on-year increases of 29.8% and 46.1% respectively [2][13] Strategic Developments - The acquisition of the African cross-border transport company BHL in 2024 has established distribution nodes across different countries in Southeast Africa, replicating the successful model from the China-Mongolia trade [3][13] - The land port project in 2024 generated revenue of 490 million yuan, a 16.4% increase year-on-year, with a gross profit of 280 million yuan, reflecting a 7.3% increase [3][13] Future Outlook - The company has adjusted its earnings forecasts for 2025-2026 downwards due to the impact of Mongolian coal demand, with projected net profits of 1.467 billion yuan and 1.601 billion yuan respectively [4][14] - The long-term growth prospects remain positive, supported by a low PE valuation and the potential for further improvements in operational efficiency [4][14]