● 投资标的名称：黄山浙秀文旅演艺有限公司（暂定名） ● 投资金额：公司全资子公司黄山云巅投资管理有限公司拟与浙江浙秀演艺 集团有限责任公司共同投资设立合资公司，合资公司注册资本为 15,000 万元， 其中黄山云巅投资管理有限公司以现金认缴出资 7,350 万元，持有合资公司 49% 股权；浙江浙秀演艺集团有限责任公司以现金认缴出资 7,650 万元，持有合资公 司 51%股权。 ● 风险提示：受经济环境、宏观政策、行业发展及市场变化等多方面不确定 性因素的影响，合资公司存在一定的经营、管理和运作风险，文旅演艺项目亦存 在一定的打造、开发和运营风险，从而导致本次对外投资可能面临不达预期的风 险。同时，本次对外投资涉及的文旅演艺项目尚需取得政府有关主管部门的审批 备案手续，最终审批通过存在一定的不确定性。 一、对外投资概述 1、为更好地把握文旅融合发展趋势，开发与拓展目的地文旅演艺市场，丰 富公司旅游产品业态，打造文旅演艺项目，公司于 2024 年 5 月 10 日召开第八届 董事会第二十五次会议，审议通过了《关于全资子公司与浙秀演艺共同投资设立 合资公司暨对外投资的议案》，同意公司全资子公司黄山云巅投资管理 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-001 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司投资者关系活动记录表 □ 特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 投资者关系活动 □ 新闻发布会 □ 路演活动 类别 □ 现场参观 □ 其他 参与单位名称及 参与黄山旅游2023年年度业绩说明会的投资者 人员姓名 时间 2024年5月7日（周二）上午10:00-11:00 地点 全景网“投资者关系互动平台”（https://ir.p5w.net） 上市公司接待人 公司董事长章德辉、董事兼总裁孙峻、独立董事丁重阳、高级 员姓名 副总裁兼董事会秘书丁维 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][26][32] Core Views - The company is expected to achieve a net profit attributable to shareholders of 470 million, 570 million, and 640 million yuan for the years 2024, 2025, and 2026 respectively, driven by favorable tourism policies and the company's strong position in the Huangshan tourism market [2][12][18] - The opening of the Tiandu Peak and the launch of the Chi-Huang high-speed rail are anticipated to boost visitor traffic to Huangshan, enhancing the company's revenue potential [13][26] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 340 million yuan, a year-on-year decrease of 0.4%, and a net profit of 30 million yuan, down 60.5% year-on-year [12][17] - The gross margin was 39.5%, down 8.3 percentage points year-on-year, while the net margin was 8.6%, a decrease of 12.3 percentage points compared to 2019 [12] Visitor Statistics - The Huangshan scenic area received 827,000 visitors in Q1 2024, a decline of 2.1% year-on-year [12] Future Projections - The company anticipates a revenue growth rate of 12.14% in 2024, with further increases of 19.04% and 11.29% in 2025 and 2026 respectively [18] - The net profit growth rate is projected at 12.03% for 2024, 20.10% for 2025, and 12.49% for 2026 [18] Strategic Initiatives - The "Big Huangshan" policy aims to develop the region into a world-class leisure and tourism destination, targeting a GDP of 1.4 trillion yuan by 2033 and attracting over 670 million domestic tourists [26]

本公司利用信息隔离墙控制内部一个或多个领域、部门或关联机构之间的信息流动。因此，投资者应注意，在法律许可的情 况下，本公司及其所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为这些公 司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务。在法律许可的情况下，本公司的员工可能担任本报告所 提到的公司的董事。 本报告的信息来源于已公开的资料，本公司对该等信息的准确性、完整性或可靠性不作任何保证。本报告所载的资料、意见及 推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可升可跌。过往表现不应 作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信 息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。 若本公司以外的其他机构（以下简称"该机构"）发送本报告，则由该机构独自为此发送行为负责。通过此途径获得本报告的 投资者应自行联系该机构以要求获悉更详细信息或进而交易本报告中提及的证券。本报告不构成本公司向该机构之客户提供 ...

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 4 月 30 日 增持 原评级：增持 市场价格:人民币 12.83 板块评级:强于大市 (26%) (19%) (13%) (7%) (1%) 5% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 黄山旅游 上证综指 相关研究报告 《黄山旅游》20240423 《黄山旅游》20240130 《黄山旅游》20231030 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 联系人：宋环翔 huanxiang.song@bocichina.com 一般证券业务证书编号：S1300122070014 公司发布 2024 第一季度报告。24Q1 公司实现营收 3.36 亿元，同比-0.43%； 实现归母净利润 0.25 亿元，同比-60.51%；扣非归母净利润 0.22 亿元，同比 -6 ...

Financial Performance - The net profit for Q1 2024 was ¥29.04 million, a decrease of 58.9% compared to ¥70.68 million in Q1 2023[14] - The operating profit for Q1 2024 was ¥50.47 million, down 38.9% from ¥82.61 million in Q1 2023[14] - Net profit attributable to shareholders was ¥25,499,904.98, down 60.51% year-on-year[24] - The net profit after deducting non-recurring gains and losses was ¥22,450,414.93, reflecting a decline of 62.77% compared to the previous year[24] - Basic and diluted earnings per share were both ¥0.0350, down 60.45% from the same period last year[24] - The weighted average return on equity decreased by 1 percentage point to 0.57%[24] - Net profit attributable to the parent company for Q1 2024 was CNY 23,464,104.98, down 64.66% from CNY 66,190,242.65 in Q1 2023[61] - Basic and diluted earnings per share for Q1 2024 were both CNY 0.0350, a decrease from CNY 0.0885 in Q1 2023[61] Assets and Liabilities - As of March 31, 2024, the company's total assets amounted to approximately ¥5.65 billion, a slight increase from ¥5.65 billion as of December 31, 2023[10] - The company's total liabilities decreased to approximately ¥941.33 million from ¥962.57 million in the previous year[12] - The total equity attributable to shareholders increased to approximately ¥4.51 billion from ¥4.49 billion, showing a growth of 1.03%[12] - The total assets at the end of the reporting period were ¥5,654,464,112.38, showing no change from the end of the previous year[25] - Shareholders' equity attributable to the parent company increased by 0.52% to ¥4,509,953,197.50 compared to the end of the previous year[25] Cash Flow - The company’s cash flow from operating activities showed a significant decline, reflecting challenges in maintaining liquidity[16] - The net cash flow from operating activities was -¥23,935,533.32, a significant decrease of 118.21% year-on-year[24] - Cash inflow from operating activities in Q1 2024 was CNY 411,252,699.12, compared to CNY 431,273,596.43 in Q1 2023[62] - The net cash flow from operating activities was -$23.94 million, a decrease from $131.41 million in the previous period[63] - The total cash outflow from operating activities reached $435.19 million, an increase from $299.86 million year-over-year[63] Revenue and Costs - The company's operating revenue for Q1 2024 was ¥336,454,018.04, a decrease of 0.43% compared to the same period last year[24] - Total operating revenue for Q1 2024 was CNY 336,454,018.04, a decrease of 0.43% compared to CNY 337,916,364.49 in Q1 2023[59] - Total operating costs increased to CNY 287,014,824.37 in Q1 2024, up 11.38% from CNY 257,606,380.53 in Q1 2023[59] Other Financial Metrics - The company reported a decrease in other comprehensive income, with a net loss of ¥2.04 million compared to a gain of ¥1.61 million in the previous year[14] - The number of effective ticket purchasers decreased, leading to reduced profits in the scenic area segment, with a total of 827,200 visitors, down 2.12% year-on-year[36] - Research and development expenses for Q1 2024 were CNY 548,734.26, indicating ongoing investment in innovation[59] - Tax expenses increased to CNY 6,177,549.57 in Q1 2024, up from CNY 4,313,068.69 in Q1 2023[59] - The company reported a fair value change gain of CNY 1,734,271.24 in Q1 2024, compared to a gain of CNY 569,219.18 in Q1 2023[59] Investments and Shareholder Information - The company approved the investment of approximately ¥1.50 billion for the upgrade and renovation of the Huangshan International Hotel during the board meeting on January 19, 2024[36] - The total number of common shareholders at the end of the reporting period was 51,401[50] - The largest shareholder, Huangshan Tourism Group Co., Ltd., held 40.66% of the shares, totaling 296,595,750 shares[50]

业绩随旅游市场快速恢复，长期或受益于 大黄山建设 盈利预测与投资建议 | --- | --- | --- | --- | --- | --- | |-----------------------------|---------|--------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 800 | 1,929 | 2,106 | 2,263 | 2,387 | | 同比增长 (%) | -10.6% | 141.2% | 9.2% | 7.4% | 5.5% | | 营业利润 ( 百万元 ) | (142) | 651 | 704 | 761 | 800 | | 同比增长 (%) | -286.6% | 557.4% | 8.2% | 8.1% | 5.1% | | 归属母公司净利润 ( 百万元 ) | (130) | 423 | 488 | 528 | 555 | | 同比增长 (%) | -400.0% | 424.3% | 15.4% | 8.1% | 5.1% | | 每股 ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 看好公司受益于交通条件改善、酒店项目改造、餐饮商业模式升级等多重利好，实现收入业绩 | | | 稳增。 2024 年，池黄高铁开通在即，进山客流有望进一步改善；山上山下酒店改造升级，量价 有望重攀高峰；餐饮板块，徽商故里板块新店陆续成熟、探索轻资产模式扩张，有望减少对公 司业绩拖累。预计 2024-2026 年公司归母净利润分别为 4.8/5.3/5.7 亿，对应 PE 分别为 | | ...

本次业绩说明会以网络互动方式召开，公司将针对 2023 年年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-016 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 关于召开 2023 年年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资者可于2024年5月5日（星期日）下午16:00前访问https://ir.p5w.net/zj/， 或扫描下方二维码，进入问题征集专题页面进行提问。公司将在 2023 年年度业 绩说明会上对投资者普遍关注的问题进行回答。 黄山旅游发展股份有限公司（以下简称"公司"）已于 2024 年 4 月 20 日发 布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年年度 经营成果、财务状况，公司计划于 2024 年 5 月 7 日上午 10:00-11:00 举行 20 ...

证券研究报告 | 2024年04月23日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------- ...