Investment Rating - The report maintains a "Recommend" rating for the company [1][5][17]. Core Views - The company achieved a 17.3% year-on-year increase in revenue, reaching 9.731 billion yuan, and a 39.19% increase in net profit attributable to shareholders, totaling 6.767 billion yuan [1][3]. - The company is recognized as a leading player in the highway industry with ETF-enhanced attributes, showcasing strong growth potential [2][3]. - The company plans to distribute a cash dividend of 0.531 yuan per share, representing 53.5% of net profit attributable to shareholders, an increase of 28.3% from the previous year [1][3]. Financial Performance Summary - Revenue: 2023 revenue was 9.731 billion yuan, with a projected increase to 12.526 billion yuan in 2024, reflecting a growth rate of 28.7% [3][11]. - Net Profit: The net profit attributable to shareholders for 2023 was 6.767 billion yuan, with forecasts of 7.053 billion yuan for 2024, indicating a growth rate of 4.2% [3][11]. - Earnings Per Share (EPS): EPS for 2023 was 0.99 yuan, expected to rise to 1.03 yuan in 2024 [3][11]. - Price-to-Earnings Ratio (PE): The PE ratio is projected to be 11 for 2024, decreasing to 10 by 2026 [3][11]. Operational Highlights - The total length of highways operated by the company increased from 12,914 kilometers in 2022 to 14,745 kilometers in 2023, with operating income from the investment segment reaching 6.4 billion yuan, a 24.6% increase [2][3]. - The company has signed agreements to acquire additional highway assets, which are expected to contribute to revenue growth in 2024 [2][3]. - The company has consistently improved its dividend payout ratio, increasing from 40% in 2018 to 53% in 2023, reflecting a commitment to shareholder returns [2][3]. Future Outlook - The company is projected to achieve net profits of 7.053 billion yuan in 2024 and 7.408 billion yuan in 2025, with a long-term growth outlook supported by strategic acquisitions and operational expansions [2][3][11]. - The target price for the company's stock is set at 13.7 yuan, indicating a potential upside of 21% from the current price of 11.28 yuan [5][11].
2023年报点评：业绩同比增长4成，持续推荐具备公路ETF增强属性的行业龙头