Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - In 2023, the company achieved operating revenue of 9.73 billion RMB, a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 6.77 billion RMB, up 39.2% year-on-year [2] - The company experienced a significant recovery in traffic volume, with a total of 121 million vehicles on its controlled roads, representing a 24.5% increase year-on-year [2] - The company plans to distribute a cash dividend of 3.62 billion RMB, marking a historical high and a 41.4% increase from the previous year [2] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported operating revenue of 3.16 billion RMB, a 13.5% increase year-on-year, and a net profit of 2.40 billion RMB, up 97.6% year-on-year [2] - The investment operation segment generated revenue of 6.40 billion RMB, a 24.6% increase, driven by traffic growth [2] - The traffic technology segment achieved revenue of 2.19 billion RMB, a 16.9% increase, with new contracts totaling 4.78 billion RMB, setting a historical high [2] Profitability and Margins - The gross margin for 2023 was 36.96%, an increase of 1.9 percentage points year-on-year [2] - The net profit margin for 2023 was 69.5%, up 10.95 percentage points year-on-year [2] Future Projections - The net profit forecasts for 2024, 2025, and 2026 have been raised to 7.31 billion RMB, 8.07 billion RMB, and 8.93 billion RMB, respectively [2] - The company is expected to continue expanding its road assets, with the total controlled highway mileage reaching 2,008 kilometers [2]
业绩增长超预期，分红创历史新高