GBIAC(SH:600004) Guolian Securities·2024-05-08 14:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.32 yuan, based on a 28x PE for 2024 [6][4]. Core Insights - The company achieved a revenue of 6.43 billion yuan in 2023, a 62% increase year-on-year, and turned a profit of 442 million yuan, recovering from a loss of 1.071 billion yuan in the previous year [1]. - The airport's passenger throughput reached 63.17 million in 2023, a 142% increase, recovering to 86% of the 2019 levels, with domestic passenger numbers exceeding pre-pandemic levels [2]. - The company's operational efficiency improved significantly, with total operating costs rising only 4.8% compared to a much higher revenue growth, indicating effective cost control measures [3]. Financial Performance Summary - Revenue for 2023 was 6.43 billion yuan, with a growth rate of 61.95% compared to 2022 [5]. - The EBITDA for 2023 was 2.205 billion yuan, showing a substantial recovery from previous years [5]. - The net profit attributable to shareholders was 442 million yuan, marking a 141.25% increase year-on-year [5]. - The company expects revenues of 8.025 billion yuan, 8.858 billion yuan, and 9.997 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 24.79%, 10.38%, and 12.86% [4][5].