Investment Rating - The report maintains a "Buy" rating for the company, citing the recovery of the civil aviation industry and the company's increased marketing investments as key factors for growth [2][7]. Core Insights - The company is a leading IT solution provider in China's civil aviation sector, deeply involved in the construction and upgrade of aviation information systems since its inception [6][19]. - The company has a significant market share, being the largest GDS provider in China with approximately 95% domestic market share and around 28% globally [6][37]. - The report highlights a strong correlation between the company's performance and the growth of the civil aviation industry, with expectations for steady growth in passenger numbers and revenue [6][43]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,984 million RMB - 2024: 8,823 million RMB (34.04% YoY growth) - 2025E: 9,245 million RMB (4.79% YoY growth) - 2026E: 9,863 million RMB (6.68% YoY growth) - 2027E: 10,541 million RMB (6.88% YoY growth) [5] - Net profit attributable to ordinary shareholders is expected to grow significantly: - 2023: 1,399 million RMB - 2024: 2,074 million RMB (123.10% YoY growth) - 2025E: 2,209 million RMB (6.51% YoY growth) - 2026E: 2,429 million RMB (9.94% YoY growth) - 2027E: 2,648 million RMB (9.04% YoY growth) [5] Business Overview - The company’s core business includes: - Aviation Information Technology Services - Settlement and Clearing Services - System Integration Services - Data Network Services [28][36] - The company has launched an official direct sales platform, entering the OTA market, which is projected to be a significant growth area [6][22]. Market Dynamics - The civil aviation industry is expected to see a robust recovery, with passenger numbers projected to exceed pre-pandemic levels by 2024 [6][58]. - The report anticipates a doubling of per capita flight frequency in China over the next decade, indicating substantial growth potential [60][61]. - The number of operational airports in China is expected to increase from 263 to around 400 by 2035, supporting the growth of the aviation sector [62][63].