Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company experienced a revenue decline of 3.25% year-on-year in Q3 2024, with total revenue reaching 578 million yuan, and a net profit decline of 26.35%, amounting to 153 million yuan [3][4]. - The company is expected to benefit from multiple favorable factors, including improved transportation conditions, hotel project renovations, and upgrades in the restaurant business model, leading to stable revenue growth [5][6]. - The opening of the Chi-Huang high-speed railway in 2024 is anticipated to further increase visitor traffic as weather conditions improve [5][6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.412 billion yuan, a decrease of 1.58% year-on-year, and a net profit of 285 million yuan, down 30.15% year-on-year [3][4]. - In Q3 2024, the company received 1.4903 million visitors, a year-on-year increase of 3.35%, despite adverse weather conditions affecting overall visitor numbers [4][5]. - The company's gross margin and net margin for Q3 2024 were 58.04% and 28.78%, respectively, both showing declines compared to the previous year [4][5]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 392 million yuan, 466 million yuan, and 503 million yuan, respectively, with corresponding price-to-earnings ratios of 20.93, 17.62, and 16.32 [5][6].

黄山旅游（600054.SH） 优于大市 收入略降业绩承压，有效购票客流回落 2024 年第三季度公司归母净利润下滑 26%，逊于我们预期。2024Q3 公司实现 收入 5.78 亿元/-3.25%；归母/扣非净利润 1.53/1.48 亿元，同比分别 -26.3%/-28.2%，逊于我们业绩前瞻（1.77 亿元），主要系有效购票人数减 少、山下项目爬坡、所得税率同比提升影响。2024 年前三季度公司收入 14.12 亿元/-1.58%；归母/扣非净利润 2.85/2.72 亿元，同比-30.15%/-33.12%。 免票营销加码，前三季度有效购票人数下降。2024 年前三季度，景区进山客 流 363.2 万人次/+2.8%，客单 389 元/-4%；其中第三季度接待进山游客 149.0 万人次/+3.3%，客单 388 元/-6%。景区免票活动较去年加码，由去年仅 4-6 月、11-12 月阶段免票发展至今年全年每周三均免票 5000 张，估算前三季度 有效购票人数同比下滑约 12%。上半年景区散客占比 88%，同比增加 5.76pct。 毛利率同比下滑，期间费用率同比增加，短期盈利能力未能释放。单三季 度 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|---------|--------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 800 | 1,929 | 1,926 | 2,028 | 2,082 | | (+/-)% | -10.6% | 141.2% | -0.2% | 5.3% | 2.7% | | 净利润（归母） | -130 | 423 | 307 | 332 | 359 | | (+/-)% | -400.0% | 424.3% | -27.4% | 8.2% | 8.3% | | 每股净收益（元） | -0.18 | 0.58 | 0.42 | 0.46 | 0.49 | | 净资产收益率 (%) | -3.2% | 9.4% | 6.5% | 6.8% | ...

Investment Rating - The report maintains a "Buy" rating for Huangshan Tourism (600054) with a target price of 13.78 CNY over the next six months [1][3]. Core Views - The company reported a revenue of 1.41 billion CNY for Q1-Q3 2024, a year-on-year decrease of 1.6%, and a net profit of 280 million CNY, down 30.2% year-on-year. The gross margin was 53.4%, down 4.0 percentage points, and the net margin was 22.2%, down 8.7 percentage points. In Q3 2024, revenue was 580 million CNY, a decline of 3.3% year-on-year, with a net profit of 150 million CNY, down 26.4% year-on-year. The visitor count for Huangshan Scenic Area was 1.49 million, an increase of 3.4% year-on-year [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.41 billion CNY, a decrease of 1.6% year-on-year, and a net profit of 280 million CNY, down 30.2% year-on-year. The gross margin was 53.4%, down 4.0 percentage points, and the net margin was 22.2%, down 8.7 percentage points. In Q3 2024, revenue was 580 million CNY, a decline of 3.3% year-on-year, with a net profit of 150 million CNY, down 26.4% year-on-year [1][2]. Cost and Revenue Drivers - The decline in revenue and profit in Q3 2024 was attributed to increased marketing and management costs, along with enhanced free ticket promotions at Huangshan Scenic Area, which reduced the number of effective ticket purchases. Sales expenses rose by 47.6% year-on-year to 15.35 million CNY, while management expenses increased by 11.8% year-on-year to 83.77 million CNY [2]. Business Expansion - The company is accelerating the nationwide layout of its Weishang Guli restaurant chain, with new openings in Lu'an and Yuncheng, and plans for further expansion in Guangdong and Jiangsu provinces. The restaurant business is part of the strategy to "go down the mountain," which is expected to support long-term performance growth once the restaurant locations reach maturity [2]. Future Development - The North Sea Hotel and Huangshan Donghai Scenic Area, along with the East Gate Cableway, are expected to be operational by mid-2025, which will enhance the future development potential of Huangshan Scenic Area. The North Sea Hotel renovation is expected to be completed by the end of this year, with over 70% of the exterior work already finished [3]. Profit Forecast - The company is projected to achieve net profits of 320 million CNY, 390 million CNY, and 460 million CNY for 2024, 2025, and 2026, respectively. The company is expected to benefit from the high-quality tourism resources of Huangshan, leading to sustained visitor growth. A price-to-earnings (PE) ratio of 26 times is assigned for 2025, corresponding to the target price of 13.78 CNY [3][9].

Investment Rating - The report assigns an "Accumulate-A" rating to Huangshan Tourism (600054.SH) for the first time [1]. Core Views - The company's short-term performance is under pressure due to adverse weather conditions, but the opening of high-speed rail is expected to boost visitor traffic [1][3]. - The company has unique natural resources centered around Huangshan Scenic Area, which includes other top ecological resources, attracting over 10,000 visitors daily [3]. - The financial situation is solid, with ample free cash flow and smooth financing channels, supported by the state-owned platform of Huangshan City [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.78 billion yuan, a decrease of 3.25% year-on-year, and a net profit of 1.53 billion yuan, down 26.35% [1][2]. - Cumulative visitors to Huangshan Scenic Area reached 3.63 million in the first three quarters of 2024, an increase of 2.8% [2]. - The gross margin for the period was 53.41%, down 4.01 percentage points, while the net margin was 22.15%, down 8.72 percentage points [2]. Future Earnings Estimates - The report forecasts EPS for 2024, 2025, and 2026 to be 0.55 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding P/E ratios of 20.8, 16.9, and 15.2 [3][5].

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-038 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 2024 年第三季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 11 月 6 日（星期三）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 2024 年 第三季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 10 月 31 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 8 日上午 10:00-11:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 （一）会议召开时间：2024 年 11 月 8 日（星期五）上午 10:00-11: ...

Financial Performance - Total revenue for Q3 2024 was CNY 577,762,437.27, a decrease of 3.25% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 153,239,967.11, down 26.35% year-on-year[2] - Basic earnings per share for the period was CNY 0.2101, reflecting a decrease of 26.36% compared to the previous year[2] - The company reported a decrease in net profit attributable to shareholders for the year-to-date of 30.15% compared to the previous year[6] - The net profit for Q3 2024 was CNY 312,750,418.44, a decrease of 29.3% compared to CNY 442,914,498.18 in Q3 2023[14] - The total comprehensive income for Q3 2024 was CNY 320,402,218.44, down 28.0% from CNY 444,458,898.18 in Q3 2023[15] - Basic and diluted earnings per share for Q3 2024 were CNY 0.3906, a decline of 30.1% from CNY 0.5592 in Q3 2023[15] - Total operating revenue for the first three quarters of 2024 was CNY 1,411,834,132.83, a decrease of 1.5% compared to CNY 1,434,522,165.69 in the same period of 2023[13] - The company's net profit margin has been impacted by rising costs, with operating costs per revenue increasing significantly[13] - The company recorded a profit before tax of CNY 448,019,016.31 for Q3 2024, down 19.2% from CNY 554,443,923.52 in Q3 2023[14] Assets and Liabilities - Total assets at the end of the period were CNY 5,705,226,310.45, an increase of 0.90% from the end of the previous year[3] - Non-current liabilities totaled CNY 354,117,297.96, an increase from CNY 325,292,825.17 year-over-year[12] - Total assets reached CNY 5,705,226,310.45, compared to CNY 5,654,288,820.01 in the previous year, reflecting a slight growth[12] - The company reported a decrease in accounts payable to CNY 173,869,512.29 from CNY 213,109,748.35, indicating improved cash flow management[12] - Deferred income tax liabilities decreased to CNY 26,375,223.23 from CNY 40,161,276.77, indicating a potential improvement in tax efficiency[12] - The company's total equity increased to CNY 4,836,948,974.63 from CNY 4,691,716,796.10, showing a positive trend in shareholder value[12] Cash Flow - Net cash flow from operating activities for the year-to-date was CNY 407,773,726.63, down 38.85% year-on-year[2] - Cash flow from operating activities for the first nine months of 2024 was CNY 407,773,726.63, down 38.8% from CNY 666,864,979.25 in the same period of 2023[18] - Cash inflow from operating activities totaled CNY 1,732,651,185.79 for the first nine months of 2024, compared to CNY 1,788,170,452.04 in 2023[16] - Cash outflow from operating activities was CNY 1,324,877,459.16 in the first nine months of 2024, an increase of 18.2% from CNY 1,121,305,472.79 in 2023[18] - The net cash flow from investing activities for the first nine months of 2024 was -CNY 931,946,953.39, slightly worse than -CNY 909,703,545.77 in the same period of 2023[18] - Total cash and cash equivalents at the end of Q3 2024 were CNY 1,044,336,049.07, down from CNY 1,291,928,327.60 at the end of Q3 2023[18] Visitor Statistics - The total number of visitors to Huangshan Scenic Area reached 3.6324 million from the beginning of the year to the end of the reporting period, representing a year-on-year increase of 2.80%[9] - In the reporting period, the number of visitors to Huangshan Scenic Area was 1.4903 million, an increase of 3.35% compared to the same period last year[9] Operational Insights - The decline in net profit was primarily due to a decrease in effective ticket sales and adverse weather conditions impacting operations[6] - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[6] - The company has indicated plans for market expansion and new product development in the upcoming quarters, aiming to enhance revenue streams[13] Investments and Capital - The company's long-term equity investments increased from RMB 166.90 million to RMB 191.29 million, a growth of approximately 14.6%[10] - The company approved a capital reduction for its subsidiary, reducing registered capital from RMB 150 million to RMB 60 million[9] - The project company established with a registered capital of RMB 15 million has commenced operations[9] Inventory and Receivables - As of September 30, 2024, the company's current assets totaled approximately RMB 2.494 billion, a slight decrease from RMB 2.513 billion at the end of 2023[10] - Cash and cash equivalents decreased from RMB 1.967 billion at the end of 2023 to approximately RMB 1.050 billion[10] - The company's accounts receivable increased from RMB 28.45 million to RMB 41.86 million, reflecting a growth of approximately 47%[10] - The inventory value rose from RMB 453.45 million to RMB 500.62 million, indicating an increase of about 10.4%[10] Research and Development - Research and development expenses for the first three quarters were CNY 1,920,198.56, reflecting ongoing investment in innovation[13]

黄山旅游发展股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范黄山旅游发展股份有限公司（以下简称公司）选聘（含续聘、 改聘，下同）会计师事务所行为，切实维护股东利益，提高财务信息质量，根据 《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市公司选聘 会计师事务所管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等相关法律法规、规范性文件及《黄山 旅游发展股份有限公司章程》（以下简称《公司章程》）的规定，结合公司实际情 况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对本公司财务会计报告发表审计意见、出具审计报告及内部控 制审计报告的行为。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称审计委 员会）审议同意后，提交董事会审议，并经股东大会决定。董事会不得在股东大会决 定前委托会计师事务所开展工作。 第四条 公司控股股东、实际控制人不得在公司董事会、股东大会审议前， 向公司指定会计师事务所，不得干预审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五 ...

本公司监事会及全体监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。 黄山旅游发展股份有限公司 第九届监事会第三次会议决议公告 黄山旅游发展股份有限公司（以下简称"公司"）第九届监事会第三次会议 通知于 2024 年 10 月 20 日以书面送达、传真或者电子邮件等方式发出，会议于 2024 年 10 月 30 日以通讯表决方式召开。本次会议应出席监事 3 名，实际出席 监事 3 名。本次会议由公司监事会主席方卫东先生召集并主持。本次会议的召开 符合《公司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2024 年第三季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2024 年第三季度报告的内容和格式符合中国证监会及上 海证券交易所的各项规定，所包含的信息能够从各方面真实地反映出公司 2024 年第三季度的经营成果和财务状况等事项；报告的编制和审议程序符合有关法律 法规、规范性文件、《公司章程》和公司内部管理制度的各项规定；监事会未发 现参与三季报编制和审议的人员有违反保密规定的行为 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2024-036 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届董事会第四次会议决议公告 1 / 1 一、审议通过了《公司 2024 年第三季度报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 报告全文详见上海证券交易所网站（www.sse.com.cn）。 二、审议通过了《关于制定<公司会计师事务所选聘制度>的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 制度全文详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 黄山旅游发展股份有限公司董事会 2024 年 10 月 31 日 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。 黄山旅游发展股份有限公司（以下简称"公司"）第九届董事会第四次会议 通知于 2024 年 10 月 20 日以书面送达、传真或者电子邮件等方式发出，会议于 2024 年 10 月 30 日以通讯表决方式召开。本次会议应出席 ...