内生增长与外延并购齐发力，23年业绩超预期

Investment Rating - The report maintains an "Outperform" rating for the company [2][3]. Core Views - The company reported a revenue of 9.731 billion yuan in 2023, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 6.767 billion yuan, up 39.19%, exceeding expectations [2]. - Growth in passenger traffic has driven the company's strong performance, with national road passenger volume increasing by 28.94% year-on-year in 2023 [2]. - The company continues to pursue external mergers and acquisitions, enhancing its operational scale and market position, with total controlled highway mileage reaching 2008 kilometers [2]. - Diversified business segments, including smart transportation and transportation technology, have shown significant growth, with transportation technology revenue reaching 2.194 billion yuan, accounting for 22.55% of total revenue [2]. Financial Data and Profit Forecast - The company’s total revenue for 2023 was 9.731 billion yuan, with a projected revenue of 11.960 billion yuan for 2024, reflecting a growth rate of 22.9% [4]. - The net profit for 2023 was 6.767 billion yuan, with forecasts of 7.040 billion yuan for 2024, indicating a growth of 4.0% [4]. - The earnings per share for 2023 was 1.08 yuan, with projections of 1.12 yuan for 2024 [4]. - The company’s gross margin improved to 37.0% in 2023, with expectations of 42.1% in 2024 [4].