CTG DUTY-FREE(SH:601888)2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company reported a revenue of 67.54 billion yuan for 2023, representing a year-on-year growth of 24.1%. The net profit attributable to shareholders was 6.714 billion yuan, up 33.5% from the previous year, with a net profit margin of 9.9%, an increase of 0.7 percentage points [5]. - The fourth quarter of 2023 saw a revenue of 16.703 billion yuan, a 10.9% increase year-on-year, and a net profit of 1.507 billion yuan, which is a significant growth of 275% compared to the same quarter last year [5]. - The company’s gross profit margin for its main business was 31.8%, up 3.4 percentage points year-on-year, with the fourth quarter gross profit margin reaching 32.0%, an increase of 11.1 percentage points [5]. - The company’s dividend payout ratio exceeded expectations, with a proposed cash dividend of 1.65 yuan per share, totaling approximately 3.414 billion yuan, resulting in a cash dividend ratio of 50.85%, higher than the historical average of around 30% [5]. - The report highlights the successful ramp-up of the Haikou International Duty-Free City project, which achieved profitability ahead of schedule, contributing to the overall positive performance [5]. Financial Summary - For 2023, the company achieved total revenue of 67.54 billion yuan, with a net profit of 6.714 billion yuan. The projected revenues for 2024 and 2025 are 79.713 billion yuan and 93.827 billion yuan, respectively, with corresponding net profits of 7.802 billion yuan and 9.359 billion yuan [7][8]. - The company’s earnings per share (EPS) for 2023 was 3.25 yuan, with forecasts of 3.77 yuan for 2024 and 4.52 yuan for 2025 [7][8]. - The report projects a continuous increase in net profit, with estimates of 10.823 billion yuan for 2026, reflecting a robust growth trajectory [7][8].