证券代码：600138 证券简称：中青旅 公告编号：2024-020 中青旅控股股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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： 本公司曾于2024年4月3日在中国证券报、上海证券报及上海证券交易 所网站（www.sse.com.cn）披露《中青旅关于召开2023年年度股东大会的 通知》，由于本次股东大会将通过上海证券交易所股东大会网络投票系统 向所有股东提供网络形式的投票平台，本公司再次公告2023年年度股东大 会通知如下： 一、 召开会议的基本情况 召开的日期时间：2024 年 4 月 24 日 14 点 30 分 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 24 日 至 2024 年 4 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00 ...

中青旅（600138.SH） 增持 社会服务·旅游及景区 《中青旅（600138.SH）-乌镇景区持续复苏，聚焦核心业务拓展 新成长》 ——2023-11-03 《中青旅（600138.SH）-2022 年核心业务承压显著，2023 年具 备多重期待》 ——2023-04-02 《中青旅（600138.SH）-第三季度净利润转正，再融资新规带来 新期待》 ——2022-10-28 《中青旅（600138.SH）-短期经营承压，新领导有望新期待》 — —2022-08-30 资料来源：公司公告、Wind、国信证券经济研究所整理 资料来源：公司公告、Wind、国信证券经济研究所整理 2 持续调整优化存量资产经营，逐步探索景区延伸外延方向。过去 2 年，公司出售 上海深光文化 41%股权、拟出售濮院项目 37%股权，侧重核心业务发展。同时，乌 镇通过过往几年持续扩容，客房量 2019 年底同增超 3 成，后续主要聚焦新开酒店 爬坡和内容丰富优化提升，以推动盈利恢复成长；古北水镇 2023 年由陈向宏团队 交由上市公司运营（参考环球旅讯等报道），未来公司预计通过资源协同、内容 和运营持续优化助成长，并借此培养上市公司 ...

中青旅控股股份有限公司 投资者调研会议记录 时 间：2024年4月3日 方 式：电话调研 接待人：董事会秘书 范思远 出 席：兴业证券、东北证券、西南证券等 一、简要介绍公司2023年度经营情况 2023年，旅游消费展现出蓬勃生机，旅游市场繁荣有序。公司抓住行业 恢复机遇，立足“国内一流文旅综合服务商”的中长期发展定位，围绕“文旅 目的地投资运营管理和文旅综合服务”主业，扎实做好生产经营，各业务板块 业绩全面提升，实现营业收入 96.35亿元，同比增长50.15%，实现归属于上 ...

社会服务 各业务板块全面回暖，盈利能力较 19 年有所优化。23 年旅游产品服务实现营收 12.32 亿 元，同比增长 178.99%，毛利率为 12.95%，同比 19 年+4.78pct。主要得益于 23 年公 司旅行社业务聚焦年轻化家庭亲子游、研学、康养等细分赛道，丰富目的地签证+机票+ 酒店产品等措施。23 年公司整合营销服务实现营收 21.8 亿元，同比增长 108.29%，恢复 至 19 年同期的 81.61%，毛利率为 21.43%，同比 19 年+1.18pct。主要得益于中青博联 继续深耕原有业务，加快推进智慧会展及数字营销板块产品更新迭代，以及不断拓展自主 IP 新业务。 | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|------------------|--------|----------------|--------| | 百万元，百万股 | 2022A | 财务摘要 \n2023A | 2024E | 2025E | 2026E | | 营业总收入 | 6,417 ...

Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company's revenue in 2023 reached RMB 9.635 billion, a year-on-year increase of 50.15%, recovering to 68.56% of the 2019 level [3] - Net profit attributable to the parent company in 2023 was RMB 194 million, turning from a loss of RMB -334 million in 2022, recovering to 34.15% of the 2019 level [3] - The company's gross profit margin in 2023 was 24.45%, an increase of 8.43 percentage points year-on-year, surpassing the 2019 level [3] - The net profit margin in 2023 was 2.01%, turning from negative to positive, but still 2.03 percentage points lower than the 2019 level [3] Business Performance Tourism Product Services - Revenue from tourism product services in 2023 was RMB 1.233 billion, a year-on-year increase of 178.99%, recovering to 26.13% of the 2019 level [3] - The gross profit margin for tourism product services was 12.95%, higher than the 2019 level [3] Integrated Marketing Services - Revenue from integrated marketing services in 2023 was RMB 2.18 billion, a year-on-year increase of 108.29%, recovering to 81.61% of the 2019 level [3] - The gross profit margin for integrated marketing services was 21.43%, higher than the 2019 level [3] Scenic Area Operations - Revenue from scenic area operations in 2023 was RMB 1.72 billion, a year-on-year increase of 262.49%, recovering to 97.87% of the 2019 level [3] - The gross profit margin for scenic area operations was 75.14%, an increase of 21.25 percentage points year-on-year [3] - Wuzhen received 7.7207 million visitors in 2023, recovering to 84.08% of the 2019 level, with revenue of RMB 1.784 billion, recovering to 81.87% of the 2019 level [3] - Gubei Water Town received 1.5236 million visitors in 2023, recovering to 63.65% of the 2019 level, with revenue of RMB 735 million, recovering to 77.37% of the 2019 level [3] Financial Forecast - The company's revenue is expected to reach RMB 12.503 billion in 2024, RMB 13.558 billion in 2025, and RMB 14.071 billion in 2026 [4] - Net profit attributable to the parent company is expected to be RMB 466 million in 2024, RMB 558 million in 2025, and RMB 628 million in 2026 [4] - The PE ratio is expected to be 17X in 2024, 14X in 2025, and 13X in 2026 [4] Key Drivers for Future Growth - The recovery of ancient town business, with Wuzhen expected to accelerate its recovery in 2024 [3] - The gradual recovery of the outbound tourism market, with the company expected to regain market share [3]

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] | --- | |----------------------------| | | | 分析师 : 汪立亭 | | Tel:(021)23219399 | | Email:wanglt@haitong.com | | 证书 :S0850511040005 | | 分析师 : 李宏科 | | Tel:(021)23154125 | | Email:lhk11523@haitong.com | | 证书 :S0850517040002 | | 分析师 : 许樱之 | | Tel:(755)82900465 | | Email:xyz11630@haitong.com | | 证书 :S0850517050001 | [Table_Summary] 投资要点： 简评及投资建议。 请务必阅读正文之后的信息披露和法律声明 风险提示。宏观经济下行风险；市场竞争加剧风险；居民消费力恢复不及预期风险。 公司研究〃中青旅（600138）3 请务必阅读正文之后的信息披露和法律声明 分析师声明 本人具有中国证券业协会授予的证券投资 ...

公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|-------|-------|----------------------------------------------|----------------|----------------| | [Table_OtherInfo] [Table_Industry] 模型更新时间： 2024.04.03 | | | \n[Table_Forcast] 财务预测（单位：百万元） | | 中青旅 | | | | | 损益表 | 2022A | 2023A | | 股票研究 | | | 营业总收入 | 6,417 | 9,635 | | | | | 营业成本 | | | | 社会服务 | | | | 5,389 | 7,279 | | 社会服务业 | | | 税金及附加 销售费用 | 52 658 | 50 893 | | | | | 管理费用 | 661 | 758 | | | ...

——风险评级 A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 请务必阅读最后一页股票评级说明和免责声明 4 公司研究/公司快报 免责声明： 山西证券股份有限公司(以下简称"公司")具备证券投资咨询业务资格。本报告是基于公司认为可靠的 已公开信息，但公司不保证该等信息的准确性和完整性。入市有风险，投资需谨慎。在任何情况下，本报 告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，公司不对任何人因使用本报告 中的任何内容引致的损失负任何责任。本报告所载的资料、意见及推测仅反映发布当日的判断。在不同时 期，公司可发出与本报告所载资料、意见及推测不一致的报告。公司或其关联机构在法律许可的情况下可 能持有或交易本报告中提到的上市公司发行的证券或投资标的，还可能为或争取为这些公司提供投资银行 或财务顾问服务。客户应当考虑到公司可能存在可能影响本报告客观性的利益冲突。公司在知晓范围内履 行披露义务。本报告版权归公司所有。公司对本报告保留一切权利。未经公司事先书面授权，本报告的任 何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵 犯公司版权 ...

Financial Performance - The company's operating revenue for 2023 reached ¥9,634,839,565.77, an increase of 50.15% compared to ¥6,416,841,787.68 in 2022[25] - The net profit attributable to shareholders for 2023 was ¥193,997,395.84, a significant recovery from a loss of ¥333,551,708.91 in 2022[25] - The basic earnings per share for 2023 was ¥0.27, compared to a loss of ¥0.46 per share in 2022[26] - The net cash flow from operating activities for 2023 was ¥920,485,743.89, a recovery from a negative cash flow of ¥312,157,866.71 in 2022[25] - The weighted average return on equity for 2023 was 3.17%, an increase of 8.57 percentage points from -5.40% in 2022[26] - The operating costs rose to 7.28 billion RMB, reflecting a 35.08% increase compared to the previous year, driven by the recovery of the tourism market[54] - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 25% year-over-year growth[105] Visitor Statistics - The Wuzhen Scenic Area received 7.7207 million visitors, a year-on-year increase of 568%[35] - Wuzhen Scenic Area's operating revenue reached 1.784 billion RMB, up 183.65% compared to the previous year[35] - The Gubei Water Town welcomed 1.5236 million visitors, a year-on-year growth of 34.89%[37] Business Segments Performance - The travel agency business generated an operating income of 1.298 billion yuan, a year-on-year increase of 179.62%, indicating a continuous improvement in operational performance[42] - The hotel segment reported an operating income of 410 million yuan, a year-on-year growth of 27.77%, although it still recorded a loss reduction of 39.44 million yuan compared to 2022[40] - The scenic area operation segment reported revenue of approximately ¥1.72 billion, with a significant year-on-year increase of 21.25%[56] - The hotel business achieved revenue of approximately ¥404.54 million, marking a year-on-year increase of 16.24%[56] Strategic Initiatives - The company launched various new products and themed events, enhancing visitor experiences and engagement[36] - The company is focusing on product upgrades and marketing strategies, including the launch of annual passes and special routes to enhance customer engagement and attract off-peak visitors[38] - The company is actively expanding its international conference management and large-scale event management services, supporting several high-profile international forums and exhibitions[39] - The company is enhancing its digital marketing and smart exhibition capabilities, aiming to build a diversified customer service platform[39] Risk Management and Compliance - The company has outlined potential risks in its future development strategy, which investors should be aware of[10] - The company maintains effective internal control systems, with no significant design or execution deficiencies reported as of the end of the reporting period[95] - The company strictly follows insider information confidentiality protocols, ensuring controlled access to sensitive information during reporting periods[96] - The company has established a robust internal control management system in compliance with relevant laws and regulations, continuously improving internal control measures and processes[134] Shareholder and Governance - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, ensuring compliance with legal requirements[91] - The board of directors consists of 11 members, with independent directors possessing significant expertise in finance and tourism management[92] - The company’s board of directors has been actively involved in the evaluation of the remuneration and performance of senior management personnel[110] - The company has a clear and transparent dividend policy, ensuring the protection of minority shareholders' rights[130] Environmental and Social Responsibility - The company has actively responded to national environmental protection policies, promoting waste sorting and sustainable practices in its operations[140] - The company reduced carbon emissions by 400 tons during the reporting period as part of its commitment to the national "dual carbon" strategy[140] - Total investment in social responsibility activities amounted to 440,000 RMB, including 340,000 RMB in direct or indirect donations[143] - The company supported 2,380 individuals through its rural revitalization and poverty alleviation projects, with a total investment of 1,406,300 RMB[144] Financial Position and Assets - The total assets as of the end of 2023 were ¥17,286,872,735.63, a decrease of 1.58% from ¥17,564,752,231.70 at the end of 2022[25] - Cash and cash equivalents at the end of the period amounted to ¥1,224,214,542.66, representing 7.08% of total assets, an increase of 2.30% from the previous period[67] - The company reported a significant increase in accounts receivable, rising from ¥51,016,928.40 to ¥116,524,727.21, indicating a growth of approximately 128.5%[76] Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 20%[105] - New product launches are expected to contribute an additional 300 million yuan in revenue over the next fiscal year[105] - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next year[105]

联系电话：15000310173 邮 箱：liujiaren@cindasc.com 王 越 社零&美护分析师 执业编号：S1500522110003 联系电话：18701877193 邮 箱：wangyue1@cindasc.com 宿一赫 社服行业研究助理 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 社服行业研究助理 刘嘉仁，社零&美护首席分析师。曾供职于第一金证券、凯基证券、兴业证券。2016 年 加入兴业证券社会服务团队，2019 年担任社会服务首席分析师，2020 年接管商贸零售 团队，2021 年任现代服务业研究中心总经理。2022 年加入信达证券，任研究开发中心 副总经理。2021 年获新财富批零与社服第 2 名、水晶球社服第 1 名/零售第 1 名、新浪 财经金麒麟最佳分析师医美第 1 名/零售第 2 名/社服第 3 名、上证报最佳分析师批零社 服第 3 名，2022 年获新浪财经金麒麟最佳分析师医美第 2 名/社服第 2 名/零售第 2 名、 医美行业白金分析师。 王越，美护&社服高级分析师。上海交通大学金融学硕士，南京大学经济学学士，2018 年 ...