Investment Rating - The report upgrades the investment rating from "Outperform" to "Buy" [2][5][6] Core Views - The company is expected to see a significant recovery in performance, driven by a high increase in flight bookings [4][5] - The airline information technology service segment shows remarkable revenue growth, with a 149% year-on-year increase in 2023 [5][8] - The overall flight booking volume for the company reached 600 million in 2023, a 149% increase compared to the previous year, recovering to 90% of the 2019 levels [5][8] - The report anticipates continued growth in flight bookings, with a projected increase in per capita air travel in China [5][6] Financial Data and Profit Forecast - Total revenue for 2023 was 6,984 million RMB, a 34% year-on-year increase, with net profit attributable to shareholders at 1,399 million RMB, up 13% [6][18] - Forecasts for net profit for 2024, 2025, and 2026 are adjusted to 2,071 million RMB, 3,371 million RMB, and 6,630 million RMB respectively [5][6] - The corresponding PE ratios for 2024, 2025, and 2026 are projected to be 14X, 11X, and 11X [5][6] Market Data - The closing price on the report date was 10.9 HKD, with a target market value of 53.5 billion HKD, indicating a potential upside of 70% [2][5] - The stock has traded between 15.36 HKD and 7.45 HKD over the past five weeks [2][5]
航班订座量高增，业绩进一步恢复可期