23年业绩稳步复苏，维持70%高分红率

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 10.66 CNY, based on the current price of 9.72 CNY [1]. Core Views - The company achieved a steady recovery in 2023, with a revenue of 4.879 billion CNY, representing a year-on-year growth of 17.04%, and a net profit attributable to shareholders of 1.634 billion CNY, up 28.01% year-on-year [5]. - The company maintains a high dividend payout ratio of 70%, distributing 1.144 billion CNY in dividends, which translates to a cash dividend of 5.47 CNY per 10 shares [5][8]. - The increase in traffic volume has positively impacted the company's toll revenue, which grew by 17.46% to 4.811 billion CNY in 2023 [6]. - The company has demonstrated excellent cost control, resulting in an improved gross margin of 64.32%, an increase of 2.36 percentage points year-on-year [7]. - The company has a robust shareholder return plan, committing to distribute no less than 70% of the annual net profit in cash dividends from 2024 to 2026, leading to an estimated dividend yield of approximately 5.9% for 2024 [8]. Financial Summary - The company forecasts revenues of 4.988 billion CNY, 5.129 billion CNY, and 5.211 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.23%, 2.83%, and 1.60% [9]. - The projected net profits for the same years are 1.710 billion CNY, 1.796 billion CNY, and 1.864 billion CNY, with growth rates of 4.64%, 5.07%, and 3.79% [9]. - The company’s earnings per share (EPS) are expected to be 0.82 CNY, 0.86 CNY, and 0.89 CNY for 2024, 2025, and 2026, respectively [9]. - The company’s price-to-earnings (P/E) ratio is projected to be 13 times for 2024, indicating a favorable valuation compared to peers [9].