经营持续恢复 2023年业绩扭亏为盈

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant recovery in its operations, with a 61.95% year-on-year increase in revenue for 2023, reaching 6.43 billion RMB, and a return to profitability with a net profit of 440 million RMB compared to a loss of 1.07 billion RMB in the previous year [1]. - The first quarter of 2024 continued this positive trend, with a 22.4% increase in revenue to 1.66 billion RMB and a remarkable 319.4% increase in net profit to 188 million RMB [1]. - The recovery in air travel demand has been robust, with passenger throughput reaching 63.17 million in 2023, a 142% increase year-on-year, and a recovery to 108% of 2019 levels in Q1 2024 [1]. - The company has improved its gross margin to 21.13%, a 45.25 percentage point increase year-on-year, while its expense ratio decreased by 4.21 percentage points to 9.62% [1]. Summary by Sections Performance Overview - In 2023, the company achieved 45.6 million aircraft takeoffs and landings, with cargo throughput of 203.1 thousand tons, reflecting a recovery to 93% and 105.8% of 2019 levels, respectively [1]. - The company’s net profit margin improved to 6.87%, an increase of 33.85 percentage points year-on-year, marking a successful turnaround from losses [1]. Operational Analysis - The company has seen a continuous recovery in flight routes since the beginning of 2024, with Q1 2024 passenger throughput increasing by 43% year-on-year [1]. - The resumption of international flights, particularly to the US, is expected to further enhance the company's performance, with new agreements allowing for increased flight frequencies [1]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 1.41 billion RMB and 1.56 billion RMB, respectively, with a new forecast for 2026 set at 800 million RMB [1].