24Q1归母净利润同比-4.2%，看好央企龙头投资运营能力

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [1][4]. Core Insights - The company is recognized as a leading player in highway operations, with strong growth potential driven by its proactive acquisition strategy and the relatively young age of its road assets, which are expected to contribute significantly to performance growth [2]. - The company is also expanding into smart transportation and transportation technology, providing substantial opportunities for business output [2]. - The completion of the debt-to-equity conversion for the company's convertible bonds has positively influenced market sentiment, increasing the total share capital to 6.82 billion shares [2]. Financial Performance Summary - In Q1 2024, the company reported a 4.2% year-on-year decline in net profit attributable to shareholders, amounting to 12.93 billion yuan, while revenue grew by 49.1% [1]. - The company plans to distribute a cash dividend of 36.22 billion yuan in 2023, marking a 10.61 billion yuan increase from the previous year, achieving a record high since its listing, with a dividend yield of 4.7% [3]. - Forecasts for net profit attributable to shareholders for 2024-2026 are 70.64 billion yuan, 78.06 billion yuan, and 85.49 billion yuan, with corresponding price-to-earnings ratios of 11x, 10x, and 9x respectively [4]. Business Strategy and Growth Potential - The company is actively pursuing external acquisitions to enhance its asset portfolio, with a focus on high-quality targets that can drive future performance [2]. - The strategic emphasis on smart transportation and technology is expected to yield significant business opportunities, aligning with national trends in transportation digitization [2]. - The company’s operational management capabilities are highlighted as exceptional, positioning it to potentially enjoy valuation premiums due to its high dividend distribution policy [4].