维持“增持” 评级。公司 23Q4 业绩低于预期且财务费用较高，下调24-25 年EPS 为0.79、0.92 元（原为0.94、1.16 元），新增26 年EPS为1.07 元。参考可比公司（均为化工仓储物流类企业）及考虑公司成长性较强，给予24 年22 倍PE，下调目标价为17.40 元（原为25.76元），维持“增持”评级。Introduction to this report:
The company's 23Q4 performance fell short of expectations, and the 24Q1 performance was in line with expectations. Continued layout is expected to grow and maintain an increase rating.
Key points of investment:
Maintain an “Overweight” rating. The company's 23Q4 performance fell short of expectations and financial expenses were high. The 24-25 EPS was reduced by 0.79 yuan and 0.92 yuan (previously 0.94 and 1.16 yuan), and the additional 26-year EPS was 1.07 yuan. Referring to comparable companies (all chemical warehousing and logistics companies) and considering the company's strong growth, PE was given 22 times in 24 years, and the target price was reduced by 17.40 yuan (originally 25.76 yuan) to maintain the “gain” rating.
2023Q4 results fell short of expectations. The company achieved revenue of 1,547 billion yuan (+22.48% year over year) and realized net profit of 296 million yuan (+32.49% year over year) in 2008. Among them, in the 23Q4 single quarter, the company achieved revenue of 387 million yuan (+18.61% year over year, -0.10% month over month) and realized net profit of 56 million yuan (+42.38% year over year, -30.76% month on month). We believe that the company's Q4 performance fell short of expectations mainly due to a month-on-month decline in gross margin. The company's Q4 gross profit margin for the single quarter was 52.35% (+2.47pct year over year, -7.18pct month-on-month).
2024Q1 results are in line with expectations. The company achieved revenue of 380 million yuan in 24Q1 (+1.07% YoY, -1.72% YoY) and net profit of 60 million yuan to mother (-12.75% YoY, +7.61%).
In terms of profit, the company's Q4 gross profit margin was 52.71% (year-on-year -5.28pct, month-on-month +0.36pct).
Storage tank capacity continues to grow, and the development strategy is stable. In terms of storage tank business, the company's business scale continues to expand, and tank capacity continues to increase through epitaxial mergers and acquisitions. By the end of '23, the company had a total tank capacity of 5.031 million cubic meters, a total storage tank volume of 3.883 million cubic meters (not including shareholding and joint ventures), and a total chemical warehouse area of 64,900 square meters.
Risk warning: The progress of the project under construction did not meet expectations, and a safety accident occurred.
