Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 42.16 billion yuan in 2024, a year-on-year increase of 3.62%, with a net profit attributable to the parent company of 12.77 billion yuan, up 10.59% year-on-year, which is in line with expectations [2] - The passenger flow and revenue from the main line slightly decreased, while the cross-line business grew at a faster pace [2] - The company expects the cross-line business to continue to grow steadily, driven by improvements in the network and operational adjustments [2] - The company forecasts net profits for 2025-2027 to be 13.51 billion, 14.43 billion, and 15.36 billion yuan, representing year-on-year growth of 5.8%, 6.8%, and 6.4% respectively [2] Financial Summary - In 2024, the company recorded total revenue of 421.6 billion yuan, with a net profit of 127.68 billion yuan [2][3] - The main line passenger transport business generated revenue of 158.3 billion yuan, a decrease of 1.6% year-on-year, while the cross-line network business generated revenue of 259.5 billion yuan, an increase of 7.1% year-on-year [2] - The company’s gross profit margin is projected to improve from 47.4% in 2024 to 49.6% in 2027 [3] - The earnings per share (EPS) are expected to increase from 0.26 yuan in 2024 to 0.31 yuan in 2027 [3]