运价下滑拖累业绩，股份回购提振信心

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2023, the company reported a revenue of 175.44 billion RMB, a year-on-year decrease of 55.14%, and a net profit attributable to shareholders of 23.86 billion RMB, down 78.25% year-on-year [1][2] - The decline in revenue is attributed to a tightening supply-demand relationship in the global container shipping market, with the CCFI index averaging a 66.4% decrease year-on-year [2] - The company's container shipping volume was 23.55 million TEU, a decrease of 3.5% year-on-year, with foreign trade route volume also down 3.5% [2] - The estimated revenue per container for foreign trade routes was 1,055.3 USD/TEU, a significant drop of 60% year-on-year [2] - The gross profit margin for 2023 was 16.4%, down 27.91 percentage points year-on-year, primarily due to a sharp decline in foreign trade prices [2] - The company plans to distribute a total dividend of 11.87 billion RMB for 2023, representing 50% of its net profit [2] Summary by Sections Performance Overview - In Q4 2023, the company achieved a revenue of 40.89 billion RMB, down 45.1% year-on-year, and a net profit of 1.79 billion RMB, down 85.56% year-on-year [1] - The company’s investment income increased by 88.9% to 4.75 billion RMB in 2023 [2] Financial Forecast - The forecast for net profit attributable to shareholders is adjusted to 20.2 billion RMB for 2024, 18.2 billion RMB for 2025, and a new estimate of 15.7 billion RMB for 2026 [2]