经营修复毛利率回升，盈利弹性逐渐凸显

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a total revenue of 159.9 billion yuan in 2023, representing an increase of 83.7% year-on-year and a recovery to 3.6% above the 2019 level. The net profit attributable to the parent company was 4.209 billion yuan, significantly reducing losses compared to a loss of 28.473 billion yuan in 2022 [1]. - The company's gross margin improved to 7.72% in 2023, recovering from a negative margin of -21.6% in 2022, although it still lags 4.37 percentage points behind the 2019 level [1]. - The company is expected to achieve net profits of 6.023 billion yuan, 9.121 billion yuan, and 11.178 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 243.1%, 51.4%, and 22.5% [2]. Summary by Sections Revenue and Profitability - In 2023, the company generated revenues of 159.9 billion yuan, with domestic, international, and regional revenues of 117.6 billion yuan, 35.2 billion yuan, and 1.8 billion yuan, respectively, showing year-on-year increases of 119%, 20%, and 220% [1]. - The unit revenue per passenger kilometer reached 0.55 yuan, a 13.4% increase from 0.49 yuan in 2019 [1]. Cost Management - The total operating costs for 2023 were 147.6 billion yuan, up 39.4% year-on-year, with a significant impact from rising fuel prices [1]. - The unit cost per available seat kilometer (ASK) was 0.47 yuan, an 18.4% increase from 0.39 yuan in 2019, with fuel costs rising by 32.3% [1]. Operational Metrics - The company's available seat kilometers (ASK) and revenue passenger kilometers (RPK) reached 91.9% and 86.7% of the 2019 levels, respectively, with a seat occupancy rate of 78.09%, which is 4.72 percentage points lower than in 2019 [1]. - The fleet size reached 908 aircraft by the end of 2023, with plans to increase the fleet by 40, 18, and 10 aircraft in the years 2024 to 2026 [1]. Financial Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.33 yuan, 0.50 yuan, and 0.62 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16.82, 11.11, and 9.06 [2].