浙江祥源文旅股份有限公司 2024 年年度报告 公司代码：600576 公司简称：祥源文旅 浙江祥源文旅股份有限公司 2024 年年度报告 1 / 296 浙江祥源文旅股份有限公司 2024 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 三、 上会会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人王衡、主管会计工作负责人徐中平及会计机构负责人（会计主管人员）魏坤声明： 保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度利润分配预案为：不派发现金股利，不送红股，不以资本公积金转增股本。以上利 润分配预案已经公司第九届董事会第八次会议以及公司第九届监事会第六次会议审议通过，尚需 公司股东大会审议通过。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的公司未来计划、发 ...

一、 本期业绩预告情况 （一）业绩预告期间 证券代码：600576 证券简称：祥源文旅 公告编号：临 2025-022 浙江祥源文旅股份有限公司 2025 年第一季度业绩预告 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。 浙江祥源文旅股份有限公司（以下简称"公司"）预计 2025 年第一季度 实现归属于母公司所有者的净利润为 3,000.00 万元到 3,300.00 万元，与上年同 期相比，预计增加 1,794.04 万元到 2,094.04 万元，同比增加 148.76%到 173.64%。 公司预计 2025 年第一季度实现归属于母公司所有者的扣除非经常性损 益的净利润为 2,700.00 万元到 3,000.00 万元，与上年同期相比，预计增加 1,405.38 万元到 1,705.38 万元，同比增加 108.56%到 131.73%。 （三）每股收益为 0.01 元。 三、 本期业绩变动的主要原因 2025 年 1 月 1 日至 2025 年 3 月 31 日 （二）业绩预告情况 1、经财务部门初步测算，预计 2 ...

祥源文旅(600576.SH)公告称，预计2025年第一季度实现归属于母公司所有者的 净利润为3000万元到 3300万元，同比增加148.76%到173.64%。主要原因是公司新增莽山五指峰景区、丹霞山景区及四川卧 龙大熊猫基地带来 营业收入增加，以及取得政府补贴收入等。 ...

祥源文旅（600576）公告，2024年度营业收入8.64亿元，同比增长19.64%。归属于上市公司股东的净利 润1.47亿元，同比下降3.14%。公司2024年度利润分配预案为不派发现金股利，不送红股，不以资本公 积金转增股本。 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Views - The company is focused on integrating tourism resources and building a large-scale cultural tourism platform, with significant improvements in profitability and operational efficiency [1][3]. - The company is actively expanding into the low-altitude tourism market, which is expected to drive sustainable growth [2][3]. Summary by Sections 1. Continuous Integration of Scenic Resources - The company has been acquiring and integrating tourism-related assets since 2022, focusing on core scenic resources, which has led to a significant improvement in revenue and profitability [1][13]. - In 2023, the company achieved revenue of 722 million and a net profit of 151 million, marking a substantial increase compared to previous years [1][74]. - The scenic assets include key locations such as the Hundred Dragon Sky Ladder and Huanglong Cave, which have shown strong performance exceeding performance commitments [1][22]. 2. Rapid Recovery of the Tourism Market - The domestic tourism market is recovering quickly post-pandemic, with a projected 14.8% year-on-year increase in domestic travel in 2024 [85]. - Key scenic areas like Zhangjiajie and Huangshan are experiencing a resurgence in visitor numbers, with Zhangjiajie seeing a 166.3% increase in inbound tourists in 2024 compared to the previous year [87][88]. 3. Scenic Expansion and Low-altitude Economy - The company is optimizing existing scenic assets and exploring the low-altitude tourism market, which is expected to contribute an additional revenue of approximately 175 million annually [2][3]. - The establishment of a subsidiary for low-altitude tourism and the procurement of eVTOL aircraft are part of this strategic expansion [2][3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 827 million, 1.242 billion, and 1.332 billion from 2024 to 2026, with net profits of 176 million, 384 million, and 427 million respectively [3][8]. - The report highlights the potential for continued growth in existing projects and the introduction of new assets, leading to a favorable investment outlook [3][8].

盈利预测：公司为稀缺的多区域布局自然景区，资产注入带来中短期利润增长，"文旅+科技"综合业务 运营能力助力长期发展。预计公司2024-2026年实现营业总收入8.25/11.40/13.13 亿元， yoy+14%/+38%/+15%，归母净利润1.74/3.96/5.40 亿元，yoy+15%/+127%/+37%。当前股价对应2024- 2026年估值分别53/23/17X。 风险提示：宏观消费环境改善不及预期风险，注入项目运营提升不及预期风险，自然天气变化影响。 25 年开年以来，公司旗下景区经营表现持续领先，为25 全年净利润高增奠定基础。一方面，公司旗下 景区多布局在人口密集省份，享受周边游、性价比游等趋势带来的红利，同时公司运营的景区项目多为 景交项目，刚需性强且规模效应高；另一方面，公司景区运营管理能力强，对24 年注入的莽山、丹霞 山等项目改造升级效果明显。 公司拥有高成长性&强兑现性，稀缺性强。当前推荐逻辑仍为"利润兑现&资产注入&低空催化"，建议 持续关注：1）即将进入假节日密集阶段，关注后续五一、端午、暑期的经营情况，若旺季天气状况良 好，公司25 全年业绩或有超预期可能；2）控股股东资 ...

自由家树屋等酒店等新项目将贡献业绩增量。3）四川碧峰峡主题旅游度假区，涵盖野生动物世界、生 态峡谷景区和大熊猫基地等核心板块，2023 年收入/净利润分别为1.25/0.58 亿元，空中廊桥助力景区接 待能力提升。 持续整合景区资产，贡献利润增量。1）大南岭片区布局湖南莽山五指峰景区，辐射湖南、广东客群， 2024H1 收入/净利润为0.48/0.11亿元。2）中标丹霞山5 个项目特许经营权，布局华南目的地，2023年景 区门票和锦江画廊收入0.54 亿元。3）卧龙大熊猫神树坪基地，与碧峰峡协同发展，2024Q1-3 净利润 1012 万元。4）控股股东文旅资源丰富，将助力公司整合资产。 投资要点 打造全球领先的文旅资产服务商：祥源控股集团于2017 年入主上市公司，主营业务为动漫及其衍生和 影视制作等，2022 年起公司通过完成资产重组、资产置换、现金收购等方式陆续收购多个景区相关资 产，布局"大湘西"、"大黄山"、"川渝"、"大湾区"等旅游目的地资源，实现动漫影视文化到文旅投资运 营的转型，并构建"文化IP+旅游+科技"新模式。2023 年公司营收为7.2 亿元，其中景交服务/酒店/动物 园/智慧文旅/动 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has successfully transformed its business model through asset restructuring and strategic shifts, focusing on a "Cultural IP + Tourism + Technology" integrated approach, enhancing its brand value in the tourism sector [6][18]. - The company has shown strong revenue growth, with a projected increase in net profit driven by acquisitions and the expansion of tourism assets [6][7]. - The company is well-positioned to capitalize on the low-altitude tourism market, having launched its first eVTOL flight in 2025, marking a significant step in integrating low-altitude economic activities with tourism [6][18]. Financial Data and Profit Forecast - Total revenue is expected to grow from 722 million yuan in 2023 to 1.333 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 52.3% [2]. - Net profit is projected to increase from 151 million yuan in 2023 to 386 million yuan in 2025, indicating a significant growth trajectory [2]. - The company’s gross margin is expected to improve from 52% in 2023 to 55% in 2026, showcasing enhanced operational efficiency [2]. Market Data - As of March 27, 2025, the company's closing price was 9.18 yuan, with a market capitalization of 6.062 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 64 in 2023 to 25 in 2025, indicating a favorable valuation trend [2][3]. Strategic Initiatives - The company has diversified its tourism offerings by acquiring key assets in popular tourist destinations, creating a chain of attractions that enhance its brand presence [6][24]. - The integration of digital technology and animation IP into tourism experiences is expected to drive visitor engagement and revenue growth [6][18]. - The company is actively pursuing low-altitude tourism projects, which are anticipated to provide new revenue streams and enhance customer experiences [6][18].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Insights - The company has transformed into a cultural tourism entity, completing asset restructuring in 2022 and currently operates three major tourist resorts, along with several key tourist attractions [7][8]. - The revenue and net profit for 2023 showed significant growth, with revenue reaching 722.6 million yuan, a year-on-year increase of 55.81%, and net profit at 151.4 million yuan, up 670.72% [7][10]. - The company is actively integrating cultural tourism assets and exploring low-altitude tourism opportunities, aiming to create a new industry model that combines low-altitude economy with cultural tourism [9][12]. Financial Performance - The company reported a revenue of 463.6 million yuan in 2022, with a projected revenue of 851.98 million yuan for 2024, reflecting a year-on-year growth of 18% [10][19]. - The net profit is expected to grow from 156.03 million yuan in 2024 to 41.29 million yuan in 2026, indicating a strong upward trend in profitability [10][22]. - The gross profit margin is projected to stabilize around 52.4% to 53.1% from 2024 to 2026, showcasing effective cost management [10][22]. Business Segments - The company operates five major tourist destinations, with significant revenue expected from scenic transportation services, projected to reach 1.08 billion yuan by 2025 [16][19]. - The animation and derivative business is expected to remain stable, with revenues projected at 144.19 million yuan annually from 2024 to 2026 [17][19]. - The tea sales business is anticipated to stabilize around 70.41 million yuan per year, reflecting a mature market position [17][19]. Strategic Initiatives - The company is focusing on the integration of cultural IP with tourism and technology, aiming to enhance its service offerings and market presence [7][8]. - Recent acquisitions and partnerships in the low-altitude tourism sector are expected to position the company as a leader in this emerging market [9][12]. - The company plans to replicate its successful business model across various regions, leveraging its established tourism assets and operational capabilities [12][13].

Investment Rating - The report assigns a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [12]. Core Insights - The company is actively exploring low-altitude tourism, aligning with national policy directions, and has made significant strides in commercializing low-altitude tourism products [3][4]. - The company is expected to experience substantial profit growth in 2025, with projected net profit reaching approximately 400 million RMB, indicating a high safety margin at the current market valuation of about 25 times earnings [4][6]. - The company has a rich resource base from its controlling shareholder, which supports ongoing asset integration and business expansion [4]. Financial Projections - The company is projected to achieve total revenue of 8.25 billion RMB in 2024, increasing to 11.40 billion RMB in 2025, and 13.13 billion RMB in 2026, reflecting year-on-year growth rates of 14%, 38%, and 15% respectively [5][7]. - The net profit forecast for the same period is 1.74 billion RMB in 2024, 3.96 billion RMB in 2025, and 5.40 billion RMB in 2026, with year-on-year growth rates of 15%, 127%, and 37% respectively [5][6]. - The company's earnings per share (EPS) are expected to rise from 0.14 RMB in 2023 to 0.51 RMB in 2026 [7][9].