SIA(SH:600009) Huafu Securities·2024-03-31 16:00Investment Rating - The report maintains a "Hold" rating for the company with a target price of 41.61 CNY based on a 2025 earnings multiple of 18 times PE [3]. Core Insights - The company reported a significant revenue increase of 101.6% year-on-year in 2023, reaching 11.05 billion CNY, and a net profit of 930 million CNY, up 131.2% year-on-year [2]. - Business recovery is evident with key metrics such as aircraft takeoffs and landings, passenger throughput, and cargo volume showing substantial growth compared to pre-pandemic levels [2]. - The international passenger flow recovery has positively impacted the duty-free business, with contract revenue increasing by 392.6% year-on-year [2]. - The outlook for 2024 remains strong, with continued recovery in business volumes expected [3]. Financial Data and Valuation - Financial performance for 2023 shows a revenue of 11,047 million CNY, with a growth rate of 102% compared to the previous year [1]. - The net profit for 2023 is projected at 934 million CNY, marking a 131% increase year-on-year, with an EPS of 0.38 CNY [1]. - The company’s P/E ratio is expected to decrease from 96.6 in 2023 to 11.6 by 2026, indicating improving profitability [1]. - The net asset value per share is reported at 16.29 CNY, with a projected decline in the P/B ratio from 2.2 in 2023 to 1.6 in 2026 [1].