客流提升业绩修复，业绩基本符合预期

Investment Rating - The report gives an "Accumulate" rating for the company [7][20]. Core Views - The company has shown a significant recovery in passenger traffic, leading to a substantial increase in revenue and profitability. In 2023, the company reported a revenue of 6.431 billion yuan, a year-on-year increase of 62.0%, and a net profit of 442 million yuan, marking a return to profitability [3][10]. - The first quarter of 2024 continued this trend, with revenue reaching 1.66 billion yuan, up 22.4% year-on-year, and a net profit of 188 million yuan, reflecting a remarkable growth of 319.4% [3][10]. - The company has effectively controlled costs, with operating costs for 2023 at 5.07 billion yuan, only a 2.9% increase year-on-year, and a further reduction in costs observed in the first quarter of 2024 [5][16]. Summary by Sections Company Overview - The latest closing price is 10.35 yuan, with a total market capitalization of 24.5 billion yuan and a P/E ratio of 54.47 [1][3]. Financial Performance - In 2023, the company achieved a total revenue of 6.431 billion yuan, with a growth rate of 61.95% [9]. - The projected revenues for 2024, 2025, and 2026 are estimated at 7.372 billion yuan, 8.393 billion yuan, and 9.042 billion yuan, respectively, with year-on-year growth rates of 14.6%, 13.9%, and 7.7% [20][22]. Passenger Traffic and Revenue Breakdown - The company reported a total passenger throughput of 63.17 million in 2023, with domestic traffic nearly back to 2019 levels and international traffic recovering to 43.7% of 2019 levels [4][13]. - The breakdown of revenue shows aviation-related income at 2.49 billion yuan, up 102.2%, and non-aviation income at 3.94 billion yuan, up 43.8% [4][13]. Cost Management - The company has maintained good cost control, with a significant reduction in various cost components, leading to a decrease in expense ratios [5][16]. Future Outlook - The company anticipates continued growth in passenger traffic and revenue, with the potential opening of the T3 terminal in late 2025 or early 2026, which may impact revenue and cost structures [20].