证券代码：600138 证券简称：中青旅 公告编号：临 2024-036 中青旅控股股份有限公司 为控股子公司提供担保的公告 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个别及连带责任。 中青旅控股股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开第 九届董事会第五次会议、2024 年 4 月 24 日召开 2023 年年度股东大会，审议通 过了《2024 年度担保计划的议案》，其中，自 2023 年度股东大会至 2024 年度 股东大会期间，公司为北京中青旅创格科技有限公司（以下简称"中青旅创格"） 预计提供不超过 20 亿元额度的银行授信担保。 近日，为满足正常业务发展需要，中青旅创格向兴业银行股份有限公司北京 分行申请人民币 2 亿元额度的银行授信，公司与兴业银行股份有限公司北京分行 签订了《最高额保证合同》，约定公司为前述银行授信提供担保。 北京中盛宜管理咨询有限公司作为中青旅创格的少数股东, 按其持有的股 1 被担保人名称：北京中青旅创格科技有限公司 本次担保是否为关联担保：否 本次担保金额：人民币 2 亿 ...

https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 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 14 日(星期四) 至 11 月 20 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zhqb@cyts.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 证券代码：600138 证券简称：中青旅 公告编号：临 2024-035 中青旅控股股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 中青旅控股股份有限公司（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 21 日 下午 16:00-17:00 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、 说明会类型 会议召开时间： ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved revenue of 7.048 billion yuan in the first three quarters of 2024, a year-on-year increase of 4.65%, while net profit attributable to the parent company was 153 million yuan, a year-on-year decrease of 25.77% [3] - The company's scenic spot business is under pressure, with Wuzhen receiving 5.9934 million visitors, a year-on-year decrease of 2.68%, and Gubei Water Town receiving 1.0025 million visitors, a year-on-year decrease of 10.55% [4] - The exhibition business saw significant profit growth, and the travel agency business benefited from the recovery of outbound tourism [5] Financial Performance and Forecast - The company is expected to achieve revenue of 10.375 billion yuan, 11.908 billion yuan, and 12.877 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company of 191 million yuan, 228 million yuan, and 263 million yuan [6] - The PE ratios for 2024-2026 are projected to be 39.4x, 32.9x, and 28.5x, respectively [6] - Revenue growth rates for 2024-2026 are forecasted at 7.68%, 14.77%, and 8.14%, respectively [7] - Net profit growth rates for 2024-2026 are expected to be -1.79%, 19.51%, and 15.52%, respectively [7] Business Segment Analysis - Wuzhen Scenic Area generated revenue of 1.325 billion yuan in the first three quarters of 2024, a year-on-year decrease of 4.36%, with a net profit of 265 million yuan, a year-on-year decrease of 20.32% [4] - Gubei Water Town generated revenue of 429 million yuan in the first three quarters of 2024, a year-on-year decrease of 21.38% [4] - CYTS Boliand achieved revenue of 1.323 billion yuan in the first three quarters of 2024, a year-on-year decrease of 5.46%, but net profit increased significantly to 24.2938 million yuan due to improved management efficiency [5] - Strategic investment business remained stable, with Chuangge Technology achieving revenue of 2.574 billion yuan and net profit of 38.8879 million yuan in the first three quarters of 2024 [5] Financial Ratios and Metrics - The company's ROE is expected to be 3.02%, 3.56%, and 4.06% in 2024, 2025, and 2026, respectively [7] - The PB ratios for 2024-2026 are projected to be 1.19x, 1.17x, and 1.16x, respectively [7] - The dividend payout ratio is expected to increase from 31% in 2023 to 52%, 61%, and 68% in 2024, 2025, and 2026, respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's overall performance declined in the first three quarters of 2024, with revenue increasing by 4.65% YoY to 7.048 billion yuan, but net profit attributable to the parent company decreased by 25.77% YoY to 153 million yuan [1] - In Q3 2024, revenue increased by 5.51% YoY to 2.697 billion yuan, while net profit attributable to the parent company decreased by 19.29% YoY to 80 million yuan [1] - The company's travel agency business saw significant revenue growth, driven by exclusive resources and strong competitiveness in visa services [2] - The company is actively innovating and expanding its product offerings in various segments, including scenic areas, tourism services, integrated marketing, and hotels [4] Business Performance Travel Agency Business - Revenue increased significantly due to the company's focus on exclusive resources and strong market competitiveness in visa services [2] Scenic Area Business - Wuzhen Scenic Area received 5.9934 million visitors, a decrease of 2.68% YoY, with revenue declining by 4.36% YoY to 1.325 billion yuan and net profit decreasing by 20.32% YoY to 265 million yuan [2] - Gubei Water Town received 1.0025 million visitors, a decrease of 10.55% YoY, with revenue declining by 21.38% YoY to 429 million yuan [2] Integrated Marketing Business - Revenue decreased by 5.46% YoY to 1.323 billion yuan, but net profit increased significantly due to improved management and higher gross margins [2] Hotel Business - Revenue decreased by 26.61% YoY to 234 million yuan, mainly due to the closure of some loss-making stores [2] Strategic Business - Chuangge Technology achieved revenue of 2.574 billion yuan and net profit of 39 million yuan, both remaining stable YoY [2] Financial Metrics Q3 2024 - Gross margin decreased by 3.8 percentage points YoY to 23.5% [3] - Sales/management/financial expense ratios changed by +0.0/-0.9/-0.7 percentage points to 8.5%/5.8%/2.0% respectively [3] - Investment income as a percentage of revenue decreased by 1.0 percentage point YoY to 0.1% [3] - Credit impairment losses decreased by 111.5% YoY, likely due to the reversal of previously accrued impairments [3] - Net profit margin attributable to the parent company decreased by 0.9 percentage points YoY to 3.0% [3] Future Outlook - The company is expected to achieve revenue of 10.1/10.8/11.5 billion yuan and net profit attributable to the parent company of 140/200/290 million yuan in 2024-2026, with current stock price corresponding to PE ratios of 52x/38x/26x [8] Innovation and Development - The company is continuously innovating in its scenic area business, with Wuzhen launching various cultural activities and Gubei Water Town enriching its "City of Light" cultural IP through concerts, light shows, and food festivals [4] - Non-scenic area businesses are also being developed, with integrated marketing focusing on high-level government meetings, travel agencies enhancing product quality, and hotel businesses upgrading cultural tourism products and services [4]

中青旅控股股份有限公司 投资者调研会议记录 国庆假期后，景区业务基本保持了前三季度的趋势，旅行社业务同比仍然 提升，整体趋势比较平稳。十月之后，旅游行业进入传统淡季，绝对额较低， 但不会对全年经营数据产生较大影响。 戏剧节的影响力、热度及持续性整体仍保持了较好的态势，符合公司的预 期。 问题二：乌镇门票收入占比趋势如何？新投入的酒店爬坡情况及盈利能力如 何？ 乌镇门票在收入的占比相对稳定，没有大的变化。从直接的数据看，乌镇 人均消费同比有所下降，但这是因为景区对 70 岁以上的老年人免票，今年初 至 9 月免票人数约 40 万，这部分客流对门票收入及人均消费有一定影响。但 这部分客流主要集中在淡季和非周末时间，免票进入景区后也会有其他二次消 费。区分东西栅来看，东栅客流恢复弱于西栅，这与东栅的定位及市场趋势有 关，但东栅的利润贡献还是比较大，因为其属于传统观光游，各方面成本较 低。 酒店方面，稻舍乡村酒店对公司的利润贡献在提升。堤上酒店设施比较 新，价格相对较高，入住率相对偏低，但是其能够为会议、展会及高端客户群 体提供较好的住宿体验，对乌镇承办高规格的会议、展会有较大的价值，乌镇 时 间：2024 年 10 ...

社会服务 证 券 研 究 报 告 上 市 公 司 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 10.07 | | 一年内最高/最低（元） | 12.30/8.76 | | 市净率 | 1.2 | | 息率（分红/股价） | 0.84 | | 流通 A 股市值（百万元） | 7,289 | | 上证指数/深证成指 | 3,272.01/10,455.50 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 8.71 | | 资产负债率 % | 50.44 | | 总股本 /流通 A 股（百万） | 724/724 | | 流通 B 股/H 股（百万） | -/- | 一年 ...

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 ...