收购持续推进，营收同比增加。2023 年公司实现营收15.47 亿元，同比增加 22.48%，主要系公司继续采取收并购的发展战略及福建港能项目产能爬坡。2023 年，公司子公司南通阳鸿收购南通御顺及南通御盛100%股权，两个公司及其下属全资子公司江苏易联、南通宏智纳入合并范围，公司运营罐容增加约62 万平方米。截至2023 年末，公司运营罐容规模达到500.31 万立方米，同比增长14.1%。公司码头储罐综合服务业务实现营收13.67 亿元，同比增加22.96%。Brief performance review
On April 24, 2024, Hongchuan Smart released the 2023 Annual Report. In 2023, the company achieved revenue of 1,547 billion yuan, an increase of 22.5% over the previous year, and achieved net profit of 296 million yuan, an increase of 32.0% over the previous year. Among them, Q4 achieved revenue of 387 million yuan, an increase of 18.6% year on year, and realized net profit of 56 million yuan to mother, an increase of 36.4% year on year.
Management analysis
Acquisitions continued to advance, and revenue increased year over year. In 2023, the company achieved revenue of 1,547 billion yuan, an increase of 22.48% over the previous year. The main reason is that the company continues to adopt a merger and acquisition development strategy and the production capacity of the Fujian Port Energy Project is climbing. In 2023, the company's subsidiary, Nantong Yanghong, acquired 100% of the shares of Nantong Yushun and Nantong Yusheng. The two companies and their wholly-owned subsidiaries, Jiangsu Yilian and Nantong Hongzhi, were included in the scope of the merger, and the company's operating tank capacity increased by about 620,000 square meters. By the end of 2023, the company's operating tank capacity reached 5.031 million cubic meters, an increase of 14.1% over the previous year. The company's integrated terminal storage tank service business achieved revenue of 1,367 billion yuan, an increase of 22.96% over the previous year.
Gross margin increased year over year, and net profit margin to mother rose slightly. In 2023, the company achieved a gross profit margin of 57.65%, an increase of 1.43pct year-on-year. In terms of cost ratio, the company's fee rate during 2023 was 32.27%, a year-on-year decrease of 2.62 pct. Among them, the sales expense ratio was 2.53%, down 0.37 pct; the management expense ratio was 9.41%, down 1.86 pct; the R&D expense ratio was 3.35%, up 1.47 pcts year on year, mainly due to companies expanding the scope of R&D subjects and further enhancing the construction of information management platforms; and the financial expense ratio was 16.98%, down 1.86 pct year on year. The gross margin increased year on year, and the cost ratio decreased year on year. In 2023, the company's net interest rate to mother was 19.15%, up 1.44pct year on year.
Continue to focus on the dual main business, and expand the scale of the main business through mergers and acquisitions. Looking ahead to 2024, the company will continue to adhere to the M&A development strategy and promote large-scale development through industry mergers and acquisitions paths. The company adheres to a differentiated competitive strategy, promotes the construction of smart warehousing systems and innovative service management models, and is committed to providing customers with “personalized and high-quality services throughout the process”. In 2023, the company successfully completed mergers and acquisitions and construction of projects such as Nantong Yushun and Nantong Yusheng. The company has an advantage in location layout, based on its own terminal and warehousing scale advantages and long-term and stable business plans, which indicate the direction and provide a strong guarantee for the company's future earnings.
Profit Forecasts, Valuations, and Ratings
Considering the decline in storage demand due to the decline in hazardous chemicals market sentiment, the company's 2024-2025 net profit forecast was adjusted to 340 million yuan and 4.7 billion yuan, and the 2026 net profit forecast was added to 580 million yuan, maintaining the “buy” rating.
Risk warning
New project performance falls short of expectations, risk of safe operation, risk of stock pledge, and risk of impairment of goodwill.
