海旅免税业绩稳健，积极推进重组进程

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has shown steady performance in the duty-free sector and is actively advancing its restructuring process. The recovery in passenger traffic and the expansion of new business lines are expected to drive future growth [22]. Financial Summary - Revenue: The company reported revenue of 842 million yuan in 2023, a year-on-year increase of 13.8%. Projections for future revenues are 4,750 million yuan in 2024, 4,925 million yuan in 2025, and 5,108 million yuan in 2026, indicating significant growth potential [22]. - Net Profit: The company experienced a net loss of 69 million yuan in 2023, compared to a profit of 39 million yuan in 2022. However, projections indicate a return to profitability with net profits of 182 million yuan in 2024, 210 million yuan in 2025, and 227 million yuan in 2026 [22]. - Earnings Per Share (EPS): The EPS is projected to improve from -0.22 yuan in 2023 to 0.40 yuan in 2024, 0.46 yuan in 2025, and 0.50 yuan in 2026 [22]. - Return on Equity (ROE): The ROE is expected to recover from -7.6% in 2023 to 16.6% in 2024, indicating improved profitability [22]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is projected to decrease from -77.3 in 2023 to 41.7 in 2024, reflecting a potential recovery in earnings [22]. Business Performance - The company has successfully expanded its passenger transport services, achieving a passenger volume of 19.68 million in 2023, a 10.5% increase year-on-year. The new business lines, including customized transport and urban public transport, have contributed to revenue growth [22]. - The duty-free segment has seen a steady increase in market share, with revenue reaching 39.4 billion yuan in 2023, up from 33.74 billion yuan in 2022. The gross margin for this segment improved to 19.95% [22]. Restructuring and Future Outlook - The company is adjusting its acquisition plan for the duty-free business, reducing the transaction price from 40.8 billion yuan to 20.4 billion yuan. This adjustment is expected to enhance the company's financial position and operational performance [22]. - The restructuring is anticipated to significantly boost the company's earnings, with projected net profits of 1.82 billion yuan in 2024, 2.10 billion yuan in 2025, and 2.27 billion yuan in 2026 [22].