高铁客运延续高景气，公司业绩持续向好

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The high-speed rail passenger transport continues to show strong growth, with the company's performance improving significantly [2][3]. - In 2023, the company achieved a total revenue of 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit attributable to shareholders of 11.546 billion yuan, recovering from a loss of 0.576 billion yuan in the same period of 2022 [2][3]. - The company plans to repurchase shares worth 1 billion yuan, reflecting confidence in future growth [5]. Financial Performance - In Q1 2024, the company reported a revenue of 10.106 billion yuan, up 13.06% year-on-year, and a net profit of 2.963 billion yuan, an increase of 33.11% [5]. - The total passenger volume for the year 2023 reached 53.252 million, a 209.1% increase compared to the previous year [3]. - The company's main business cost for 2023 was 22.052 billion yuan, a year-on-year increase of 31.91%, with energy expenses rising significantly due to increased passenger volume and train operations [4]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 44.719 billion yuan, 48.804 billion yuan, and 53.269 billion yuan, respectively, with growth rates of 9.92%, 9.14%, and 9.15% [6]. - The forecasted net profits for the same years are 13.452 billion yuan, 15.449 billion yuan, and 17.463 billion yuan, with growth rates of 16.52%, 14.85%, and 13.03% [6]. - The earnings per share (EPS) are expected to be 0.27 yuan, 0.31 yuan, and 0.36 yuan for 2024, 2025, and 2026, respectively [6]. Valuation - The report assigns a target price of 6.21 yuan based on a 23x price-to-earnings (P/E) ratio for 2024 [6].