Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][8]. Core Insights - The company reported a revenue of 7.048 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.65%. However, the net profit attributable to shareholders decreased by 25.77% to 153 million yuan [5][8]. - The report highlights the impact of extreme weather on the performance of the Wuzhen scenic area, which saw a decline in visitor numbers and revenue [6][8]. - The company is actively developing boutique travel routes and niche destination products, which have led to significant revenue growth in its travel agency business [7][8]. Financial Data Summary - As of September 30, 2024, the company had a net asset value per share of 8.71 yuan and a debt-to-asset ratio of 50.44% [3]. - The total revenue for 2024 is projected to reach 10.069 billion yuan, with a year-on-year growth rate of 4.5% [9]. - The forecasted net profit for 2024 is 220 million yuan, representing a 13.2% increase compared to the previous year [9]. Visitor Statistics - In the first three quarters of 2024, Wuzhen scenic area received 5.9934 million visitors, a decrease of 2.68% year-on-year [6][8]. - The revenue from the Wuzhen area was 1.325 billion yuan, down 4.36% from the previous year [6][8]. Profitability Metrics - The gross margin for the company's main business in the third quarter of 2024 was 23.51%, a decrease of 3.80 percentage points year-on-year [5][8]. - The report projects a gradual improvement in profitability, with expected gross margins of 24.2%, 25.2%, and 25.3% for 2024, 2025, and 2026, respectively [9]. Market Comparison - The current stock price corresponds to a price-to-earnings (PE) ratio of 33, 22, and 19 for the years 2024, 2025, and 2026, respectively [8]. - The target market capitalization for the company is set at 9.4 billion yuan, with a potential upside of 25% based on the 2025 earnings forecast [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.95 yuan, representing a 9% increase from the previous target of 10.88 yuan [2][3] Core Views - The company's performance in 2024Q3 was slightly below expectations, primarily due to pressure on leisure tourism under the trend of budget travel [2] - The two key tourism towns (Wuzhen and Gubei Water Town) are still in the process of recovery, with both revenue and profitability yet to fully rebound [2] - The hotel business is expected to accelerate its recovery, contributing to the positive outlook [2] Financial Performance - For 2024Q1-3, the company achieved revenue of 7.048 billion yuan, a 4.65% YoY increase, but gross profit declined by 3.66% to 1.683 billion yuan [2] - Net profit attributable to the parent company dropped by 25.77% to 153 million yuan, with a net profit margin of 2.98%, down 0.92 percentage points [2] - In Q3 alone, revenue grew by 5.51% to 2.697 billion yuan, but gross profit fell by 9.18% to 634 million yuan [2] Operational Highlights - Wuzhen received 5.99 million visitors in 2024Q1-3, a 2.7% YoY decrease, with revenue declining by 4.36% to 1.325 billion yuan [2] - Gubei Water Town saw a 10.55% drop in visitors to 1.0025 million, with revenue falling by 21.38% to 429 million yuan [2] - The company's other businesses, including Zhongqing Bolian and Shanshui Hotel, also experienced revenue declines [2] Industry Context - The social services industry, particularly the leisure tourism sector, is facing challenges due to the trend of budget travel [3] - The company's performance is closely tied to the recovery of its key tourism assets, which are still under pressure [2] Valuation and Forecast - The report forecasts EPS for 2024-2026 at 0.27 yuan (-29%), 0.33 yuan (-25%), and 0.39 yuan (-17%) respectively [2] - The target price is based on a 31x PE ratio for 2025, reflecting optimism about the hotel business recovery [2] - The company's market capitalization stands at 7.34 billion yuan, with a current stock price of 10.14 yuan [4] Historical Performance - The stock price has fluctuated between 8.86 yuan and 12.14 yuan over the past 52 weeks [4] - Over the past 12 months, the stock has underperformed the market, with a -4% absolute return and -13% relative to the index [7]

证券代码：600138 证券简称：中青旅 公告编号：2024-033 中青旅控股股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 851 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 179,763,963 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 24.8347 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议表决方式符合《公司法》及《公司章程》的规定，会议由倪阳平董 事长主持。 因公务未出席本次股东大会； 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：关于选举公司第九届董事会董事的议案 审议结果：通过 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | ...

证券代码：600138 证券简称：中青旅 公告编号：临 2024-034 中青旅控股股份有限公司 第九届董事会 2024 年第四次临时会议决议公告 11 票赞成，0 票反对，0 票弃权。 11 票赞成，0 票反对，0 票弃权。 表决结果：通过。 根据《公司法》和《公司章程》的有关规定，第九届董事会选举赵朋先生为 公司副董事长，任期与公司第九届董事会一致。 二、关于调整第九届董事会提名委员会组成的议案 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个别及连带责任。 中青旅控股股份有限公司(以下简称"公司")第九届董事会 2024 年第四次 临时会议于 2024 年 11 月 1 日以现场和通讯相结合的方式在公司 2009 会议室召 开。会议通知及会议文件于 2024 年 10 月 17 日以电子邮件方式送达董事。会议 应到董事 11 人，实到董事 11 人。公司监事及高级管理人员列席会议，会议由董 事长倪阳平先生主持。会议的召开符合《公司法》、《公司章程》的规定。会议以 记名投票表决的方式，审议通过了如下议案： 一、关于选举公司第九届董事 ...

北京市金杜律师事务所 关于中青旅控股股份有限公司 2024 年第一次临时股东大会的法律意见书 致：中青旅控股股份有限公司 北京市金杜律师事务所（以下简称本所）接受中青旅控股股份有限公司（以 下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简 称《股东大会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意 见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区） 现行有效的法律、行政法规、部门规章、规范性文件和现行有效的《中青旅控股 股份有限公司章程》有关规定，指派律师出席了公司于 2024 年 11 月 1 日召开的 2024 年第一次临时股东大会（以下简称本次股东大会），并就本次股东大会相 关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《中青旅控股股份有限公司章程》 （以下简称《公司章程》）； 2. 公司于 2024 年 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,697,113,044.53, representing a year-on-year increase of 5.51%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 80,488,174.86, a decrease of 19.29% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 78,829,650.13, down 15.56% year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.1112, down 19.29% year-on-year[2] - The weighted average return on equity for Q3 2024 was 1.28%, a decrease of 0.34 percentage points compared to the same period last year[2] - In the first three quarters of 2024, the company achieved operating revenue of 7.048 billion RMB, a year-on-year increase of 4.65%[10] - The net profit attributable to shareholders for the same period was 153 million RMB, a year-on-year decrease of 25.77%[10] - Net profit for the first three quarters of 2024 was CNY 240,711,635.31, a decrease of 22.49% from CNY 310,516,277.34 in 2023[21] - Basic earnings per share for the first three quarters of 2024 were CNY 0.2115, down from CNY 0.2849 in the same period last year[21] - The company reported a net profit of approximately 3.63 billion yuan as of September 30, 2024, compared to 3.54 billion yuan at the end of 2023[19] Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was CNY 130,238,693.11, a significant decrease of 79.42% compared to the previous year[2] - The decrease in net cash flow from operating activities was primarily due to the payment cycle of Chuangge Technology and early procurement of resources in the travel agency business[6] - Cash flow from operating activities generated a net amount of CNY 327,487,020.43, a significant decrease from CNY 631,924,465.71 in the previous year[22] - The company experienced a net cash outflow from operating activities of CNY -93,783,589.85 in the first nine months of 2024, compared to CNY -39,138,703.38 in the same period of 2023[28] - The net cash flow from investment activities was -CNY 94,155,891.94, an improvement compared to -CNY 262,130,066.59 in the previous year[23] - The company reported a net cash outflow from financing activities of -CNY 304,790,757.08, an improvement from -CNY 444,800,642.30 in the previous year[23] - The cash inflow from financing activities totaled CNY 3,791,680,000.00, compared to CNY 3,759,205,000.00 in the same period last year, reflecting a slight increase of about 0.9%[23] - The total current assets decreased to CNY 1,013,824,111.97 from CNY 1,087,399,277.82, reflecting a decline of about 6.8%[25] - The cash and cash equivalents at the end of the period amounted to CNY 1,150,956,080.29, down from CNY 1,107,329,435.41, indicating a decrease of approximately 6.5%[23] Revenue and Visitor Statistics - The Wuzhen scenic area received 5.9934 million visitors, a year-on-year decrease of 2.68%[12] - The revenue from the Wuzhen scenic area was 1.325 billion RMB, a year-on-year decrease of 4.36%[12] - The Gubei Water Town scenic area received 1.0025 million visitors, a year-on-year decrease of 10.55%[13] - The revenue from Gubei Water Town was 429 million RMB, a year-on-year decrease of 21.38%[13] - The integrated marketing business achieved operating revenue of 1.323 billion RMB, a year-on-year decrease of 5.46%[14] - The hotel segment reported revenue of 234 million yuan in the first three quarters of 2024, a decrease of 26.61% year-on-year due to the closure of underperforming locations[16] Strategic Focus and Market Trends - The company is focusing on enhancing service quality and optimizing cost control to improve financial performance[10] - The tourism market is showing signs of recovery with a shift towards diversified and cautious consumer behavior[10] - The travel agency business achieved significant revenue growth in the first three quarters of 2024, driven by product innovation and market expansion[15] - The company continues to focus on product innovation and service upgrades to enhance customer satisfaction and market share[15] Liabilities and Financial Management - Current liabilities rose to approximately 7.236 billion yuan from 6.839 billion yuan, reflecting increased short-term borrowing[19] - Long-term borrowings increased to approximately 953.81 million yuan from 891.80 million yuan, indicating a strategy to leverage debt for growth[19] - The company's short-term borrowings increased significantly to CNY 477,847,680.54 from CNY 100,103,888.89, indicating a rise of approximately 376.5%[26] - The total liabilities decreased to CNY 1,802,092,182.48 from CNY 1,862,166,988.73, showing a reduction of about 3.2%[26] Other Financial Metrics - Non-recurring gains and losses for the current period amounted to CNY 1,658,524.73[5] - The company reported a decrease in tax expenses to CNY 113,291,109.64 from CNY 145,608,694.50 in the previous year[21] - The company’s financial expenses decreased to CNY 161,342,892.62 from CNY 196,197,759.79 in the same period last year[20] - The financial expenses decreased to CNY 16,353,839.10 in Q3 2024 from CNY 18,192,627.83 in Q3 2023, reflecting a decline of about 10.1%[27] - The company recorded investment income of CNY 74,242,464.33 in Q3 2024, down from CNY 138,339,239.90 in Q3 2023, representing a decrease of approximately 46.3%[27] - The company’s total comprehensive income for Q3 2024 was CNY 46,189,162.66, compared to CNY 100,498,885.43 in Q3 2023, indicating a decline of about 54.0%[27]

根据公司第九届董事会 2024 年第二次临时会议提名，公司 2024 年第一次临 时股东大会拟选举赵朋先生为公司第九届董事会董事，任期与第九届董事会一致。 候选人简历： 中青旅控股股份有限公司 2024 年第一次临时股东大会会议文件 2024 年 11 月 1 日 中青旅控股股份有限公司 关于选举公司第九届董事会董事的议案 公司第九届董事会认为提名赵朋先生为董事候选人，符合法律、行政法规等 规定的上市公司董事任职资格，符合公司章程规定的任职条件。公司第九届董事 会同意将提名董事候选人的事项提交公司 2024 年第一次临时股东大会审议。 赵朋，男，1973 年 9 月生，大学学历，中共党员。历任中国光大银行乌鲁 木齐分行副行长、纪委书记、党委委员，光大消费金融股份有限公司筹备组副组 长，中国光大银行电子银行部副总经理，中国光大集团股份公司企业文化部副总 经理、风险管理部副总经理。现任中青旅控股股份有限公司党委副书记、总裁。 与本公司董事、监事、高级管理人员、实际控制人及持股 5%以上的股东不存在 关联关系，不存在不得被提名担任上市公司董事的情形。持有本公司股份 0 股， 未受过中国证监会及其他有关部门的处罚和证 ...

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。 证券代码：600138 证券简称：中青旅 公告编号：2024-032 中青旅控股股份有限公司 关于召开 2024 年第一次临时股东大会的提示性公告 至 2024 年 11 月 1 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 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 重要内容提示： 本公司曾于2024年10月17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2024年第一次临时股 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2024年第 一次临时股东大会通知如下： 一、 召开会议的基本情况 股东大会召开日期：2024年11月1日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系 ...

证券代码：600138 证券简称：中青旅 公告编号：2024-031 中青旅控股股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 至 2024 年 11 月 1 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 9:15-9:25,9:30-11:30，13:00-15:00；通过 (七) 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 关于选举公司第九届董事会董事的议案 | √ | 1、 各议案已披露的时间和披露媒体 本次会议的议案已经公司第九届董事会 2024 年第二次临时会议审议通 过。已于 2024 年 10 月 17 日在上海证券交易所网站（www.sse.com.cn）、 ...

第九届董事会 2024 年第二次临时会议决议公告 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个别及连带责任。 中青旅控股股份有限公司(以下简称"公司")第九届董事会 2024 年第二次 临时会议于 2024 年 10 月 16 日以现场和通讯相结合的方式在公司 2009 会议室召 开。会议通知及会议文件于 2024 年 9 月 30 日以电子邮件方式送达董事。会议应 到董事 10 人，实到董事 10 人。公司监事及高级管理人员列席会议，会议由董事 长倪阳平先生主持。会议的召开符合《公司法》、《公司章程》的规定。会议以记 名投票表决的方式，审议通过了如下议案： 一、关于提名公司第九届董事会董事候选人的议案 经董事会提名委员会审议，公司第九届董事会拟提名赵朋先生为公司第九届 董事会董事候选人，任期与第九届董事会一致。 赵朋，男，1973 年 9 月生，大学学历，中共党员。历任中国光大银行乌鲁 木齐分行副行长、纪委书记、党委委员，光大消费金融股份有限公司筹备组副组 长，中国光大银行电子银行部副总经理，中国光大集团股份公司企业文化部副总 经 ...