GBIAC(SH:600004) Huachuang Securities·2024-04-28 23:32Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company reported a profit of 442 million in 2023 and 188 million in Q1 2024, showing a year-on-year growth of 319% [1] - The revenue for 2023 was 6,431 million, a 62% increase compared to the previous year, with a significant recovery in both aviation and non-aviation revenues [1] - The company has a shareholder return plan that reflects long-term confidence, proposing a cash dividend of 40% for 2023 [1] Financial Summary - 2023 Financial Data: - Revenue: 6,431 million, up 62.0% year-on-year - Profit: 442 million, compared to a loss of 1,071 million in 2022 - Non-aeronautical revenue: 3,940 million, up 43.8% [1] - Q1 2024 Financial Data: - Revenue: 1,663 million, up 22.4% year-on-year - Profit: 188 million, up 319% year-on-year [1] - Operational Data: - In 2023, the company completed 456,100 takeoffs and landings, a 71.1% increase year-on-year, with passenger throughput reaching 63.17 million, a 141.9% increase [1] - In Q1 2024, the company completed 132,000 takeoffs and landings, a 25.4% increase year-on-year, with passenger throughput of 19.6 million, a 43.1% increase [1] - Cost and Expenses: - In 2023, operating costs were 5,072 million, up 2.9% year-on-year, with total expenses (excluding R&D) of 569 million, up 13.0% [1] - In Q1 2024, operating costs were 1,238 million, up 9.6% year-on-year [1] - Shareholder Returns: - Proposed cash dividend for 2023 is 0.747 yuan per 10 shares, representing 40% of the net profit attributable to shareholders [1] - The company plans to distribute at least 30% of the average distributable profit over the last three years in cash from 2024 to 2026 [1] Investment Recommendations - The profit forecast for 2024-2026 has been adjusted to 911 million, 1,375 million, and 1,312 million respectively, with corresponding EPS of 0.39, 0.58, and 0.55 yuan [1] - The target price is set at 12.78 yuan, reflecting a potential upside of 21% from the current price [1]