京福安徽大幅扭亏，24Q1取得开门红

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a significant increase in revenue and profitability for 2023, with total revenue reaching 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit of 11.546 billion yuan, marking a return to profitability [5][6]. - The first quarter of 2024 continued this positive trend, with revenue of 10.106 billion yuan, a 13.06% increase year-on-year, and a net profit of 2.963 billion yuan, up 33.11% [5][6]. - The company is benefiting from the recovery of the domestic passenger market post-pandemic, leading to increased passenger traffic and revenue from both mainline and cross-line operations [6][9]. Financial Summary - For 2023, the company achieved total revenue of 40.683 billion yuan, with a net profit of 11.546 billion yuan, resulting in an EPS of 0.24 yuan [5][7]. - The company plans to distribute a cash dividend of 1.12 yuan per 10 shares, translating to a dividend yield of 2.09% based on the closing price as of May 6, 2024 [5][8]. - The financial projections for 2024-2026 estimate net profits of 13.001 billion yuan, 14.205 billion yuan, and 14.850 billion yuan, respectively, with corresponding EPS of 0.26, 0.29, and 0.30 yuan [7][9]. Operational Highlights - The mainline business saw a passenger volume of 53.252 million, a 209.1% increase year-on-year, contributing 39.53% to total revenue [6][9]. - Cross-line operations recorded a significant increase in operational mileage and revenue, with cross-line revenue accounting for 59.54% of total revenue [6][9]. - The company has committed to a 50% dividend payout ratio, indicating a strong commitment to returning value to shareholders [8][9].