买入 原评级：买入 市场价格:人民币 10.87 板块评级:强于大市 相关研究报告 《中青旅》20240403 《中青旅》20240201 《中青旅》20231101 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 600138.SH (%) 今年 1 3 12 (31%) (25%) (18%) (11%) (5%) 2% May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24 中青旅 上证综指 至今 个月 个月 个月 绝对 1.5 1.1 (1.9) (23.3) 相对上证综指 (3.3) (1.0) (11.6) (16.8) 联系人：宋环翔 huanxiang.song@bocichina.com 一般证券业务证书编号：S1300122070014 新增酒店致 Q1 利润承压，建议关注旅行社业务修复 支撑评级的要点 | --- | - ...

上 市 公 司 社会服务 | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 8.54 | | 资产负债率 % | 50.19 | | 总股本/ 流通 A 股（百万） | 724/724 | | 流通 B 股 /H 股（百万） | -/- | 《中青旅（600138）点评：两镇客流逐步 恢复，各板块业务弹性可期》 2024/04/09 《中青旅（600138）点评：乌镇、古北水 镇 运 营 良 好 ， 多 业 态 赋 能 销 售 》 2024/01/31 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230122100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 中青博联聚焦战略业务及客户，旅行社业务实现增长。整合营销业务方面，中青博 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,922,317,820.37, representing a 15.96% increase compared to CNY 1,657,756,086.53 in the same period last year[5]. - The net profit attributable to shareholders was a loss of CNY 28,998,995.53, worsening from a loss of CNY 4,801,532.12 in the previous year[5]. - The cash flow from operating activities showed a positive net amount of CNY 29,529,653.16, a significant recovery from a negative cash flow of CNY -56,478,835.01 in the same period last year[5]. - The total assets at the end of the reporting period were CNY 16,678,647,320.95, down 3.52% from CNY 17,286,872,735.63 at the end of the previous year[5]. - The weighted average return on net assets decreased to -0.4677% from -0.0800% in the previous year, a decline of 0.39 percentage points[5]. - The company reported a basic and diluted earnings per share of CNY -0.0401, compared to CNY -0.0066 in the same period last year[5]. - In Q1 2024, the company reported a net loss of CNY 49,577,083.22, compared to a net loss of CNY 15,559,326.43 in Q1 2023, indicating a significant decline in profitability[25]. - The total comprehensive income for Q1 2024 was CNY -48,923,521.57, compared to CNY -17,034,584.70 in the same period last year, reflecting worsening financial performance[26]. - The company reported a net profit margin of approximately -0.8% for Q1 2024, compared to a positive margin in Q1 2023[24]. - The company reported a total operating profit of CNY -28,891,042.47 in Q1 2024, down from CNY 5,558,604.76 in Q1 2023, reflecting operational challenges[25]. Revenue and Growth - The travel agency segment experienced significant revenue growth, contributing to the overall increase in operating revenue[7]. - The company achieved operating revenue of RMB 1.922 billion, representing a year-on-year growth of 15.96%[13]. - The Wuzhen Scenic Area received 1.4794 million visitors, a year-on-year increase of 16.11%, generating revenue of RMB 357 million, up 7.93%[14]. - The Gubei Water Town saw a decline in visitors to 183,000, down 26.38%, with revenue falling to RMB 112 million, a decrease of 32.16%[15]. - The company’s integrated marketing business reported revenue of RMB 322 million, a year-on-year increase of 35.03%[16]. - The travel agency segment experienced significant growth, with revenue increasing by 929% during the Spring Festival period compared to the previous year[17]. Costs and Expenses - Total operating costs for Q1 2024 were ¥1,937,347,708.79, up from ¥1,654,200,113.01 in Q1 2023, reflecting a year-over-year increase of 17.2%[24]. - Research and development expenses for Q1 2024 were ¥1,819,257.48, down from ¥2,397,214.28 in Q1 2023, a decrease of 24.1%[24]. - The company’s financial expenses decreased from CNY 6,260,737.42 in Q1 2023 to CNY 5,014,404.54 in Q1 2024, a reduction of approximately 19.9%[34]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to ¥1,043,386,962.62 from ¥1,224,214,542.66 as of December 31, 2023, a decline of 14.7%[20]. - The cash and cash equivalents at the end of Q1 2024 stood at CNY 1,040,542,376.29, compared to CNY 973,410,303.13 at the end of Q1 2023, showing a slight increase in liquidity[29]. - The company generated CNY 2,503,173,114.35 in cash from sales and services in Q1 2024, up from CNY 1,981,114,397.16 in Q1 2023, representing a growth of approximately 26.3%[28]. - The company incurred a credit impairment loss of CNY -194,799.06 in Q1 2024, compared to CNY -1,361,051.60 in Q1 2023, indicating improved credit risk management[25]. - The company reported a total cash outflow from operating activities of 41,531,329.47 RMB, significantly lower than 360,824,671.44 RMB in the previous year[36]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 76,540[9]. - The largest shareholder, China Youth Travel Group Co., Ltd., holds 124,305,000 shares, accounting for 17.17% of the total shares[9]. Strategic Initiatives - The company is expanding its outbound tourism offerings, targeting over 100 countries and regions with new travel products[16]. - The strategic investment segment provided stable income and profit contributions, with a focus on cost management and risk control[17]. - The company plans to enhance its market competitiveness through new business models and product offerings in 2024[15].

北京市金杜律师事务所 关于中青旅控股股份有限公司 2023 年年度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 4 月 24 日召开的 2023 年年度股东大会（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 2021 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 4 月 3 ...

证券代码：600138 证券简称：中青旅 公告编号：2024-021 中青旅控股股份有限公司 2023 年年度股东大会决议公告 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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 23 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 169,446,575 | | 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（%） | 23.4093 | (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。 本次会议表决方式付合《公司法》及《公司章程》的规定，会议由倪阳平董 事长主持。 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：公司 2023 年度董事会工作报告 (一) 股东大会召开的时间：2024 年 4 月 24 日 (二) 股东大会召开的地点：中青旅大 ...

中青旅控股股份有限公司 2023 年度股东大会会议文件 2024 年 4 月 24 日 | | | | 一、公司 年度董事会工作报告 | 2023 | - | 1 | - | | --- | --- | --- | --- | --- | | 二、公司 年度监事会工作报告 | 2023 | - | 14 | - | | 三、公司 年度报告及摘要 | 2023 | - | 17 | - | | 四、公司 年度财务决算报告 | 2023 | - | 18 | - | | 五、公司 年度利润分配方案 | 2023 | - | 19 | - | | 六、公司独立董事年度述职报告 | | - | 20 | - | | 七、公司 年度担保计划的议案 | 2024 | - | 67 | - | | 八、关于预计 2024 年度日常关联交易的议案 | | - | 70 | - | | 九、关于 年度董事长薪酬的议案 | 2022 | - | 72 | - | | 十、关于 年度公司监事会主席薪酬的议案 | 2022 | - | 73 | - | | 十一、关于聘任会计师事务所的议案 | | - | 74 | - | | 十二 ...

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].

Group 1: Company Performance in 2023 - The company achieved an operating revenue of 9.635 billion yuan, a year-on-year increase of 50.15% [2] - Net profit attributable to shareholders reached 194 million yuan, marking a significant turnaround from losses [2] - The Wuzhen scenic area received 7.7207 million visitors, a 568% increase compared to the previous year [2] - The revenue from Wuzhen Company was 1.784 billion yuan, up 183.65% year-on-year [2] Group 2: Visitor Trends and Revenue Insights - The average per capita consumption in Wuzhen and Gubei Water Town increased significantly compared to 2019, but decreased compared to 2021 and 2022 due to lower overnight guest ratios [4] - Gubei Water Town received 1.5236 million visitors in 2023, a 34.89% increase, with revenue of 735 million yuan, up 6.78% [3] - The overall revenue from integrated marketing reached 2.187 billion yuan, a year-on-year increase of 108.99% [3] Group 3: Future Development Plans - Gubei Water Town plans to enhance its influence in the high-specification conference market and update its attractions to attract more visitors [6] - The focus will be on diversifying marketing channels and improving the overall product and market position of Gubei Water Town [6] - The hotel management in Wuzhen will emphasize enhancing the management of specific hotels to boost occupancy rates and customer pricing [9] Group 4: Cost Management and Financial Outlook - Gubei Water Town has implemented effective cost control measures, particularly in energy and labor expenses, to match service levels with visitor flow [8] - The depreciation and amortization costs for Wuzhen increased due to the addition of 900 new guest rooms, impacting financial expenses [7] - Gubei Water Town does not foresee the need for shareholder capital increases due to its low debt ratio and sufficient financing capabilities [10] Group 5: Travel Agency Business Recovery - The travel agency business is recovering but remains significantly below pre-pandemic levels, especially in the outbound tourism market [11] - As of the end of 2023, there were approximately 56,000 travel agencies in China, an increase of about 17,000 since 2019, leading to intensified competition [11] - The company aims to leverage its advantages in outbound tourism to improve its travel agency business as the overall market recovers [11]

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].