业绩表现稳健，稳定高分红回报

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.82 yuan based on a 14X PE for 2024 [3][6]. Core Views - The company demonstrated stable performance with a revenue of 6.63 billion yuan in 2023, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 1.66 billion yuan, up 14.9% [1]. - The company has increased its cash dividend to 0.601 yuan per share, reflecting a dividend payout ratio of approximately 60.05% [3]. - The toll revenue grew steadily, reaching 4.04 billion yuan in 2023, a 9.9% increase year-on-year, with significant contributions from newly opened highways [2]. Financial Performance Summary - Revenue for 2023 was 6.63 billion yuan, with a growth rate of 27.37% compared to 2022 [4]. - The EBITDA for 2023 was 3.28 billion yuan, with a year-on-year growth of 7.62% [4]. - The net profit attributable to shareholders for 2023 was 1.66 billion yuan, reflecting a growth rate of 14.87% [4]. - The company’s EPS for 2023 was 1.00 yuan, with a projected EPS of 1.13 yuan for 2024 [4]. - The company’s financial metrics indicate a PE ratio of 13.7 and a PB ratio of 1.8 for 2023 [4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 8.66 billion yuan, 5.27 billion yuan, and 5.11 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.56%, -39.13%, and -3.03% [3][4]. - The net profit forecast for 2024, 2025, and 2026 is 1.88 billion yuan, 1.99 billion yuan, and 2.15 billion yuan, with corresponding growth rates of 13.30%, 5.69%, and 8.14% [3][4].