Changjiu Logistics(SH:603569)2024-05-14 07:34Financial Performance - In 2023, the company achieved operating revenue of CNY 3.783 billion, a decrease of 4.41% year-on-year [1] - The net profit attributable to shareholders was CNY 703.933 million, an increase of 291.79% year-on-year, with a gross profit margin of 10.69%, up by 1.56 percentage points [1] - The total number of vehicles transported in 2023 was 2.6219 million, a decline of 10.27%, with passenger vehicle transport at 2.4408 million (down 13.34%) and commercial vehicle transport at 181,200 (up 72.08%) [1] - In Q1 2024, the company reported operating revenue of CNY 1.491 billion, a year-on-year increase of 2.18%, and a net profit of CNY 15.77 million [1] Business Overview - Changjiu Logistics, listed in 2016, is the first A-share listed third-party automotive logistics company in China, providing comprehensive logistics solutions for the automotive industry [3] - The company operates three main business segments: complete vehicle logistics, international logistics, and new energy logistics [3] - The complete vehicle logistics segment includes transportation and supporting services, which are the primary source of revenue [3] - The international logistics segment offers door-to-door transportation solutions, including full container and less-than-container load services [3] - The new energy logistics segment focuses on battery recycling and reverse logistics, promoting a closed-loop system for battery utilization [3] Market Insights - In 2023, China's automotive export volume reached 4.91 million units, a year-on-year increase of 57.9%, with a forecast of 5.5 million units by 2025 [4] - The company anticipates a continued imbalance between demand and supply in the roll-on/roll-off shipping market, with a potential increase in freight rates over the next two years [4] - The company has two ocean-going roll-on/roll-off ships in operation and plans to purchase an additional ship with a capacity of 6200RT [4] Production Capacity - The Chuzhou factory covers an area of 10,000 square meters and is designed for battery pack disassembly, assembly, and testing, with an annual production capacity of 2GWh [5] - The factory focuses on the new energy industry chain, producing products for various applications, including energy storage and battery recycling [5]