GBIAC(SH:600004)2024-05-03 09:02Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a net profit of 440 million yuan for 2023, aligning with expectations, and a significant year-on-year increase of 319% in Q1 2024 net profit to 190 million yuan [7] - Passenger traffic has surpassed pre-pandemic levels, with a total of 19.6 million passengers in Q1 2024, representing a recovery to 108% of the same period in 2019, and a 43% increase year-on-year [7] - The company has improved its profitability quarter by quarter, with Q4 2023 achieving the highest quarterly profit of 168 million yuan, followed by Q1 2024 with 188 million yuan [7] - Cost control measures have been strengthened, with a reduction in employee numbers and a 22.6% decrease in other operating costs year-on-year [7] - The company has adjusted its profit forecasts for 2024E-2025E to 1.178 billion yuan and 1.337 billion yuan respectively, reflecting slower-than-expected recovery in international passenger traffic [7] Summary by Sections Market Data - Closing price: 10.35 yuan - Market capitalization: 24,496 million yuan - Price-to-book ratio: 1.4 [3] Financial Data - Net asset per share: 7.52 yuan - Debt-to-asset ratio: 32.36% [4] Revenue and Profit Forecast - Total revenue for 2023: 6,431 million yuan, with a year-on-year growth of 61.9% - Expected total revenue for 2024E: 7,626 million yuan, with a growth rate of 18.6% [8] - Expected net profit for 2024E: 1,178 million yuan, reflecting a year-on-year increase of 166.7% [8] Profitability Metrics - Gross margin for Q1 2024: 25.6% - Return on equity (ROE) for 2024E: 6.3% [8]