Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company is expected to continue its performance recovery with significant revenue and profit growth, achieving an operating income of 8.823 billion yuan in 2024, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 2.074 billion yuan, up 48.3% year-on-year [1][7] Financial Data and Valuation - For the fiscal year 2024, the company is projected to have total revenue of 88.23 billion yuan, with a year-on-year growth of 26% [2] - The operating profit is expected to reach 20.45 billion yuan, reflecting a 67% increase year-on-year [2] - The net profit attributable to shareholders is forecasted at 20.74 billion yuan, representing a 48% year-on-year growth [2] - Earnings per share (EPS) is projected to be 0.71 yuan for 2024, with a price-to-earnings (PE) ratio of 14.8 [2][10] - The company’s return on equity (ROE) is expected to improve to 9.3% in 2024 [3][10] Business Segments Performance - The revenue from the aviation information technology services segment is expected to be 4.319 billion yuan in 2024, a 12.2% increase year-on-year [7] - The settlement and clearing services segment is projected to generate 591 million yuan, up 32.2% year-on-year [7] - System integration services are anticipated to see a significant increase in revenue to 1.889 billion yuan, a 89.9% rise year-on-year [7] - The technical support and product revenue is expected to reach 9.37 billion yuan, reflecting a 51.8% increase year-on-year [7] Market Recovery and Future Outlook - The company’s core business, AIT system processing volume, is expected to reach 730 million passengers in 2024, a year-on-year increase of 18.1% [7] - Domestic flight processing volume is projected to be 640 million passengers, up 12.2% year-on-year, while international flight processing volume is expected to recover significantly [7] - The company is expected to benefit from the long-term growth of the Chinese civil aviation market, with net profits projected to reach 2.220 billion yuan in 2025 and 2.503 billion yuan in 2026 [7][10]
中国民航信息网络（00696）：利润率修复、业绩高增符合预期，预计业绩将持续爬升