Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.58 yuan, based on a 14X PE valuation for 2024 [4][10]. Core Insights - In 2023, the company achieved a revenue of 9.731 billion yuan, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 6.767 billion yuan, up 39.19% year-on-year [1]. - The company benefited from a recovery in traffic volume, with toll road business revenue increasing by 25% due to a 24.5% rise in traffic volume [2]. - The company has expanded its asset base by acquiring multiple road projects, increasing its operational mileage to 2,008 kilometers and total investment mileage to 14,745 kilometers [2]. Financial Performance - The company reported a cash dividend of 0.531 yuan per share in 2023, with a dividend payout ratio of 53.52%, an increase of 0.84 percentage points from 2022 [3]. - The projected revenues for 2024-2026 are 13.250 billion, 13.832 billion, and 14.377 billion yuan, with growth rates of 36.16%, 4.39%, and 3.94% respectively [4][5]. - The net profit attributable to shareholders for the same period is expected to be 6.605 billion, 7.065 billion, and 7.522 billion yuan, with growth rates of -2.39%, 6.96%, and 6.47% respectively [4][5]. Investment and Operations - The company holds a 2% stake in China Merchants Jinling, which contributed a gain of 1.646 billion yuan in 2023 due to fair value remeasurement [1]. - The investment income from joint ventures and associates reached 4.332 billion yuan, reflecting a year-on-year increase of 28.9% [2]. - The company has signed agreements for the acquisition of additional highway assets, indicating a steady expansion of its operational scale [2].
投资收益助力业绩高增，23年分红再上新台阶