盈利能力继续修复，股东回报持续加强

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 7.00 CNY per share based on a PE ratio of 25X for 2024 [3][24]. Core Views - The company reported a revenue of 40.683 billion CNY in 2023, a year-on-year increase of 110%, with a net profit attributable to shareholders of 11.546 billion CNY. In Q1 2024, revenue reached 10.106 billion CNY, up 13.06% year-on-year, with a net profit of 2.963 billion CNY, reflecting a 33% increase [1][2]. - The recovery in travel demand has been rapid, with 2023 performance comparable to 2019 levels. The company’s revenue growth and profit margins have significantly improved, although they remain slightly below 2019 levels [1][9]. - The upcoming Spring Festival in 2024 is expected to catalyze continued growth, with national railway travel volume projected to increase by 39% year-on-year [1][24]. - As a key asset in China's high-speed rail network, the company is positioned to benefit from ongoing demand growth and network synergies, with expectations for continued profitability improvements [1][15]. Summary by Sections 1. Rapid Recovery in Passenger Flow and Q1 2024 Performance - The company’s passenger transport volume in 2023 reached 53.252 million, matching 2019 levels, with significant growth in operational mileage [9][14]. - Q1 2024 performance showed a 13% increase in revenue compared to the previous year, with profit margins exceeding those of 2019 [14][24]. 2. Core Asset of China's High-Speed Rail with Profitability Potential - The company operates in economically vibrant regions, with its rail line covering seven provinces that account for 33.08% of national GDP [15][19]. - The network effect is expected to enhance profitability as new rail lines are completed, increasing passenger flow [22][24]. 3. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders is 13.726 billion CNY for 2024, 14.956 billion CNY for 2025, and 15.978 billion CNY for 2026, reflecting a steady growth trajectory [2][25]. - The company is expected to maintain a strong market position due to its unique asset characteristics and growth potential compared to peers [24][26].