2024一季报点评：免税租金调后首季，国际客流继续爬坡

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported a revenue of 3.029 billion yuan in Q1 2024, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 386 million yuan, compared to a loss of 99 million yuan in the same period last year [2] - The Q1 performance was below expectations, primarily due to adjustments in duty-free rental contracts, with a gross margin of 23.5% and a net profit margin of 12.7% [2] - International passenger traffic has recovered to 81% of pre-pandemic levels, indicating strong growth potential for duty-free sales in 2024 [2][3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 2.106 billion yuan, 3.003 billion yuan, and 3.792 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 44, 31, and 25 [3] - The total revenue is expected to grow from 11.047 billion yuan in 2023 to 16.584 billion yuan in 2026, reflecting a compound annual growth rate [5] - The company’s net profit margin is anticipated to improve from 8.46% in 2023 to 22.87% in 2026, indicating enhanced profitability [5]