CHINA DRAGON SECURITIES·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company's net profit attributable to shareholders increased significantly by 52.04% year-on-year, driven by new business initiatives and overseas expansion [4]. - The gross margin improved to 27.54%, up by 5.71 percentage points year-on-year, while the net margin reached 8.01%, an increase of 2.28 percentage points [4]. - The company has established over 30 primary business airports and more than 350 secondary outlets globally, achieving comprehensive coverage from regional centers to major cities [3][4]. Financial Performance Summary - The company reported a total revenue of 47,074.85 million yuan in 2023, reflecting a year-on-year growth of 13.08% [5]. - The gross profit margin for 2023 was 27.54%, with a projected increase to 28.00% in 2024 [5][7]. - The net profit attributable to shareholders for 2023 was 3,506.01 million yuan, with expectations of reaching 4,575.30 million yuan in 2024, indicating a growth rate of 30.50% [5][7]. Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 56,019.08 million yuan, 68,903.46 million yuan, and 86,129.33 million yuan, representing growth rates of 19%, 23%, and 25% respectively [4][5]. - The net profit forecast for the same period is 4,575.30 million yuan, 5,498.20 million yuan, and 6,708.40 million yuan, with growth rates of 30.50%, 20.17%, and 22.01% respectively [4][5].