经营效率持续优化，长期成长逻辑不改

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company's operational efficiency continues to improve, and its long-term growth logic remains unchanged. In 2023, the company achieved a revenue of 258.41 billion yuan, a year-on-year decrease of 3.4%, while the net profit attributable to shareholders was 8.234 billion yuan, an increase of 33.4% year-on-year [1][6] - The express delivery revenue showed steady growth, with a 9.2% year-on-year increase in express delivery business revenue, reaching 115.46 billion yuan in 2023 [1][8] - The company has focused on high-margin logistics by divesting unprofitable businesses and enhancing operational efficiency through lean resource planning and cost control [1][9] Financial Performance Summary - In 2023, the company reported a total revenue of 258.41 billion yuan, with a net profit of 8.234 billion yuan and a non-recurring net profit of 7.13 billion yuan [6][9] - The fourth quarter of 2023 saw a revenue of 69.4 billion yuan, a year-on-year increase of 1.5%, and a net profit of 1.97 billion yuan, up 15.8% year-on-year [1][6] - The company's net profit margin for the full year and the fourth quarter of 2023 was 3.2% and 2.8%, respectively, both showing year-on-year improvements [9] Capital Expenditure and Growth Potential - The company maintained a trend of reduced capital expenditure, with a total of 12.47 billion yuan in 2023, a decrease of 1.71 billion yuan year-on-year [1][9] - The company is optimistic about the development potential of the Ezhou Airport and its international business, having opened 45 domestic routes and 10 international routes by the end of 2023 [1][9] Shareholder Returns - The company has increased its dividend payout ratio to 35% in 2023, up 15 percentage points year-on-year, resulting in a dividend yield of 1.6% [1][9] - The company has repurchased shares worth approximately 3 billion yuan from 2022 to 2023 and plans to steadily increase the cash dividend ratio from 2024 to 2028 [1][9] Earnings Forecast - The earnings forecast for 2024-2026 predicts net profits of 10.459 billion yuan, 13.545 billion yuan, and 16.515 billion yuan, representing year-on-year growth rates of 27%, 30%, and 22%, respectively [1][11]