23年业绩强势回升，24-26年维持70%分红率

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [2][3] Core Views - The company reported a strong recovery in performance for 2023, with operating revenue reaching 4.879 billion yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 1.634 billion yuan, up 28.01% year-on-year [3][4] - The company plans to maintain a dividend payout ratio of 70% from 2024 to 2026, with a proposed cash dividend of 5.47 yuan per 10 shares for 2023, corresponding to a dividend yield of 5.66% based on the closing price of 9.66 yuan on March 15, 2024 [3][4] - The recovery in traffic volume due to domestic economic recovery has positively impacted revenue and profit, with toll revenue from the company's four controlled highways reaching 4.811 billion yuan, a year-on-year increase of 17.46% [3][4] Financial Summary - For 2023, the company achieved operating revenue of 4.879 billion yuan, with a year-on-year growth of 17.0% [4] - The net profit attributable to shareholders for 2023 was 1.634 billion yuan, reflecting a year-on-year growth of 28.0% [4] - The gross profit margin for 2023 was 64.3%, an increase of 2.38 percentage points year-on-year [4] - The company’s return on equity (ROE) for 2023 was 16.6% [4] - The earnings per share (EPS) for 2023 was 0.78 yuan [4] Market Data - As of March 15, 2024, the closing price of the company's stock was 9.66 yuan, with a total share capital of 2.091 billion shares and a circulating share capital of 1.303 billion shares [5] - The company's net assets amounted to 9.848 billion yuan, while total assets were 21.369 billion yuan [5] Investment Strategy - The company is expected to benefit from the recovery of traffic volume in the post-pandemic era, supported by the completion of expansion projects that enhance network effects [7] - The company has committed to a high dividend payout, making it a defensive investment choice with stable performance [7] - Profit forecasts for 2024, 2025, and 2026 are adjusted to 1.552 billion yuan, 1.472 billion yuan, and 1.532 billion yuan respectively, with a maintained dividend payout ratio of 70% [7]