2023年报及2024年一季报点评：盈利快速恢复，回购股份回馈股东

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a significant recovery in profitability, with a 110% year-on-year increase in operating revenue for 2023, reaching 40.683 billion yuan, and a return to profit with a net profit of 11.546 billion yuan [2] - In Q1 2024, the company achieved approximately 10.1 billion yuan in operating revenue, a 13.1% increase year-on-year, and a net profit of about 2.96 billion yuan, reflecting a 33% growth [2] - The company plans to distribute a cash dividend of 0.1116 yuan per share, with a cash dividend payout ratio of approximately 48% [2] Summary by Sections Financial Performance - In 2023, the company’s main business revenue was approximately 40.3 billion yuan, a 113% increase year-on-year, with passenger transport and network service revenues growing by 216% and 75% respectively [2] - The main operating cost for 2023 was about 22.1 billion yuan, a 31.9% increase from 2022, leading to a gross margin of approximately 45.3%, significantly up from 11.9% in 2022 [2] - The company’s subsidiary, Jingfu Anhui, saw its revenue increase to about 5.47 billion yuan, a 53.3% rise, while its net loss narrowed to approximately 970 million yuan [2] Growth Drivers - The CR450 high-speed train is expected to be commercially available, potentially increasing the company's profitability by enhancing the competitiveness and capacity of the Beijing-Shanghai line [2] - The company announced a share buyback plan of up to 1 billion yuan, with a maximum repurchase price of 5.87 yuan per share, representing about 0.35% of the total share capital [2] Future Outlook - The report anticipates a continued recovery in railway travel demand, with a projected net profit of 13.5 billion yuan for 2024, reflecting a 16.81% growth [2] - The company is expected to maintain a cash dividend payout ratio of around 50% in the future [2]