SA(601021) 申万宏源·2024-05-03 09:02Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a significant recovery in its financial performance, with a 114.34% year-on-year increase in revenue for 2023, reaching 17.938 billion yuan, and a net profit of 2.257 billion yuan, marking a return to profitability [5][6]. - In Q1 2024, the company achieved a net profit of 810 million yuan, reflecting a 127.78% year-on-year growth, which aligns with expectations [5]. - The company's operational metrics show a strong recovery in both domestic and international capacity, with passenger load factors reaching 91% overall, and 92% for domestic flights [5][6]. Summary by Sections Market Data - Closing price as of April 30, 2024: 56.79 yuan - Market capitalization: 55,572 million yuan - Price-to-book ratio: 3.4 [2][3]. Financial Data - Earnings per share for 2023: 2.31 yuan - Return on equity (ROE) for 2023: 14.3% - Total revenue projections for 2024E: 22.898 billion yuan, with a year-on-year growth rate of 27.7% [7][8]. Operational Data - Fleet size as of March 2024: 124 aircraft - Daily aircraft utilization in 2023: 8.5 hours, an increase of 51.8% year-on-year [5][6]. Future Earnings Projections - Expected net profits for 2024E, 2025E, and 2026E are 3.218 billion yuan, 4.388 billion yuan, and 4.972 billion yuan respectively, with corresponding PE ratios of 17x, 13x, and 11x [6][7].