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 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [12][16]. Core Views - The report highlights that the company is focusing on optimizing its existing asset operations and exploring extensions in scenic areas. The company has sold 41% of its stake in Shanghai Deep Light Culture and plans to sell 37% of its stake in the Puyuan project, emphasizing core business development. The Wuzhen scenic area has seen a recovery in visitor numbers, with a 50.15% increase in revenue in 2023 compared to the previous year, and a 69% recovery compared to 2019 [3][11][26]. - The report anticipates a gradual recovery in the tourism sector, particularly with outbound tourism expected to rebound in 2024, which may further enhance the company's main business growth [3][11][27]. Financial Performance - In 2023, the company achieved a revenue of 9.635 billion yuan, a 50.15% increase year-on-year, and a net profit of 194 million yuan, marking a return to profitability. This represents a 34% recovery compared to 2019 [11][26]. - The Wuzhen scenic area saw visitor numbers recover to 84% of 2019 levels, with revenues and profits recovering to 82% and 35% of 2019 levels, respectively. However, the recovery in profits was hindered by high fixed costs and reduced government subsidies [27][26]. - The company has adjusted its earnings per share (EPS) forecasts for 2023-2025 to 0.48, 0.62, and 0.77 yuan, respectively, reflecting a cautious outlook on future subsidies [16][11]. Asset Management and Strategic Focus - The company is gradually optimizing its existing asset management and exploring new projects in scenic areas. The focus is on enhancing the operational capabilities of its scenic areas and developing new revenue streams through B-end and G-end projects [3][11][27]. - The report indicates that the company is working on improving its scenic area operations and building its own operational team, which is expected to contribute to long-term growth [3][11][27].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 9.635 billion yuan in 2023, a year-on-year increase of 50.15%, and a net profit attributable to shareholders of 194 million yuan, compared to a loss of 334 million yuan in 2022 [15][23]. - The recovery of visitor traffic in key attractions like Wuzhen and Gubei Water Town is expected to enhance the company's cash flow stability, with significant growth potential in hotel occupancy rates and average spending per customer [9][15]. - The company has adjusted its profit forecasts for 2024-2025, expecting net profits of 4.09 billion yuan and 5.92 billion yuan respectively, with a new forecast for 2026 at 7.51 billion yuan [9]. Financial Summary - Total revenue for 2023 is projected at 9.635 billion yuan, with a gross profit margin of 24.5%, an increase from 16.0% in 2022 [3][23]. - The company achieved a net profit of 194 million yuan in 2023, a significant recovery from the previous year's loss [23]. - The earnings per share for 2023 is estimated at 0.27 yuan, with projections of 0.56 yuan for 2024 and 0.82 yuan for 2025 [23]. Business Segment Performance - The tourism product service segment generated revenue of 1.232 billion yuan in 2023, a year-on-year increase of 178.99%, with a gross margin of 12.95% [2]. - Integrated marketing services achieved revenue of 2.18 billion yuan, up 108.29% year-on-year, recovering to 81.61% of the 2019 level [2]. - The scenic area operations saw a revenue increase of 262.49% year-on-year, reaching 1.72 billion yuan, with a gross margin of 75.14% [15].

[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 ...

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]

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 ...