业绩略超预期，中期分红50%回馈股东

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a net profit of 1.375 billion yuan for Q1 2024, a year-on-year increase of 22.62%, driven by favorable market conditions in the oil and dry bulk transportation sectors [6][8]. - The mid-term dividend plan has been increased to 50%, reflecting the company's commitment to returning value to shareholders [6][8]. - The report highlights the upward trend in second-hand ship prices, which enhances the company's cost structure and provides a safety margin [6][8]. Financial Summary - For Q1 2024, the company's total revenue was 6.254 billion yuan, with a year-on-year growth rate of 6.3% [8]. - The projected net profit for 2024 is 8.528 billion yuan, representing a significant year-on-year increase of 76.3% [8]. - The gross profit margin is expected to rise to 36.8% in 2024, up from 28.6% in Q1 2024 [8]. Segment Performance - The oil tanker segment achieved a net profit of 870 million yuan in Q1 2024, a 13.87% increase year-on-year, with TCE rates approaching 50,000 USD/day [6][8]. - The dry bulk shipping segment saw a remarkable net profit of 357 million yuan, up 275.79% year-on-year, benefiting from a significant increase in BDI rates [6][8]. - The roll-on/roll-off transport segment reported a net profit of 80 million yuan, a 116.22% increase year-on-year, driven by the expansion of foreign trade operations [6][8].