证券代码：603099 证券名称：长白山 公告编号：2024-055 长白山旅游股份有限公司 子公司向控股股东全资子公司租赁房屋 暨关联交易的公告 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。 ●至本次关联交易为止，过去 12 个月内公司与同一关联人发生 的关联交易或与不同关联人之间交易标的类别相关的关联交易已达 到 3,000 万元，且达到公司最近一期经审计净资产绝对值的 5%，本 次关联交易需提交股东大会审议。 ●本次交易事项已经公司第四届董事会独立董事专门会议第二 次会议、第四届董事会第二十六次会议及第四届监事会第二十六次会 议审议通过，独立董事就该事项发表了事前认可意见。 一、关联交易概述 为了发展公司酒店业务，公司全资子公司吉林省天池酒店管理有 限责任公司（以下简称"天池酒店公司"）向控股股东吉林省长白山 开发建设（集团）有限责任公司（以下简称"长白山集团"）全资子 公司长白山保护开发区恩吉里房地产开发有限公司（以下简称"恩吉 里公司"）租赁房屋开发酒店项目，房屋租赁期为十年，预计支付租 金约 6724 万 ...

独立董事关于关联交易的事前认可意见 根据中国证监会《关于在上市公司建立独立董事制度的 指导意见》、上海证券交易所《股票上市规则》等有关规定, 我们作为长白山旅游股份有限公司公司的独立董事,对《公 司子公司向控股股东全资子公司租赁房屋 暨关联交易的议 案》的相关资料进行了事前审阅,发表如下意见: 一、上述议案属于关联交易,公司应当按照相关规定履 行董事会审批程序和信息披露义务。 二、我们已就上述议案与公司相关人员进行了沟通,并 查阅了相关资料,对上述议案有了比较详细的了解。 三、上述交易事项遵循了公平、公正、公允的原则,没 有损害公司和中小股东的利益,我们同意将上述议案提交公 司第四届董事会第二十六次会议审议。 (本页为《独立董事关于关联交易的事前认可意见》签字页) 独立董事: ly 1 12 in the support · : and and the sub- ----- ( 本页 为《独立董事关于关联交易的事前认可意见》签字页 ) 独立董事： 1983 ： and and the subject of the subject of the subject of the subject of the sub ...

二、董事会会议审议情况 与会董事对本次会议的全部议案进行了充分讨论，会议审议并一 致通过了以下议案： 证券代码：603099 证券名称：长白山 公告编号：2024-053 长白山旅游股份有限公司 第四届董事会第二十六次会议决议公告 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。 一、 董事会会议召开情况 长白山旅游股份有限公司（以下简称"公司"）第四届董事会第 二十六次会议于2024年8月12日以通讯的方式召开，会议通知及会议 材料于2024年8月7以专人递送、电子邮件等方式送达全体董事、监事 和高级管理人员。本次会议应参与表决董事8人，实际参与表决董事8 人，有效表决票为8票，参与表决的董事符合《公司法》和《公司章 程》等法律法规的有关规定。本次会议的召开、表决合法有效。 备查文件 公司第四届董事会第二十六次次会议决议 独立董事关于关联交易的事前认可及独立意见 公司第四届董事会独立董事专门委员会第二次会议决议 长白山旅游股份有限公司董事会 2024 年 8 月 13 日 公司子公司向控股股东全资子公司租赁房屋暨关联交 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 27.10 yuan, reflecting a 3% increase from the previous target price of 25.87 yuan [2][3]. Core Views - The company's performance is in line with expectations, with a significant increase in core business profits anticipated. The report highlights the importance of monitoring capacity constraints during peak seasons and the pace of capital increase plans [2]. - The expected net profits for 2024-2026 are projected at 198 million, 251 million, and 315 million yuan respectively, with a consideration of a 36x PE ratio, which is above the industry average of 24x [2]. - The report notes that the company achieved a revenue of 254 million yuan in H1 2024, representing a 52% year-on-year increase, and a net profit of 21 million yuan, up 72% year-on-year [2]. Financial Summary - Revenue for 2024 is estimated at 783 million yuan, with a year-on-year growth of 26.1%. The net profit is projected to be 198 million yuan, reflecting a 43.4% increase [3]. - The company reported a gross profit margin of 29.43% in H1 2024, which is an increase of 4.21 percentage points year-on-year [2]. - The report indicates that the company has a total market capitalization of 6.261 billion yuan and a total share capital of 267 million shares [4]. Performance Metrics - The report highlights a significant increase in operating leverage, which contributes to high profit elasticity. Specific business segments showed varied growth rates, with Tianchi Hotel and Blue View Hot Springs growing by 27% and 50% respectively [2]. - The report also notes a decline in gross profit margin due to weather impacts and preemptive costs associated with capacity expansion for peak seasons [2]. - The company’s net asset return rate is projected to improve from -6.3% in 2022 to 18.6% by 2026 [3].

股 票 研 究 证 券 研 究 报 告 ——长白山 2024Q2 业绩点评 股票研究 /[Table_Date] 2024.08.11 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | |------------------------------|-------| | | | | | | | 庄子童 ( 分析师 ) | | | 021-38032683 | | | zhuangzitong026312@gtjas.com | | | S0880524070002 | | 主业利润高增，关注旺季催化 长白山(603099) 社会服务业 [Table_Industry] /社会服务 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格 ...

Investment Rating - The investment rating for Changbai Mountain is maintained as "Buy" [1] Core Views - The report indicates that increased investment has negatively impacted profits, but there are catalysts to watch for during the summer and winter seasons [1] - In H1 2024, the company achieved revenue of 254 million yuan, a year-on-year increase of 51.7%, and a net profit attributable to shareholders of 21 million yuan, up 71.7% year-on-year [2][3] - The report highlights that the company is increasing expenditures on facility maintenance, vehicle reserves, and project marketing in preparation for the summer peak season, which has led to a decline in net profit in Q2 2024 [2][3] - Long-term growth is expected due to external traffic improvements and enhanced supply in passenger transport and hotel services [2][3] Financial Summary - For H1 2024, revenue from transportation, hotels, and travel agencies was 173 million, 62 million, and 6 million yuan respectively, with gross margins of 33.8%, 22.5%, and 37.6% [2][3] - The company expects net profits for 2024-2026 to be 174 million, 223 million, and 253 million yuan respectively, with year-on-year growth rates of 26.2%, 27.8%, and 13.6% [2][3] - The report projects an EPS of 0.65, 0.84, and 0.95 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 35.1, 27.5, and 24.2 [2][3] Business Segmentation - The transportation segment has seen significant growth, with a 76.3% year-on-year increase in revenue for the subsidiary Zhixing Tourism in H1 2024 [2][3] - The hotel segment benefited from a high customer base and brand recognition, with Tianchi Hotel's revenue increasing by 26.8% year-on-year [2][3] - The report notes that the company is enhancing its multi-business model to strengthen its customer attraction capabilities and is progressing with regional resource integration [2][3]

Investment Rating - The report maintains a "Recommended" rating for Changbai Mountain [4]. Core Views - The report highlights that Changbai Mountain has significant growth potential, driven by external traffic optimization and internal operational improvements, with winter tourism being a key growth driver [2][4]. - The company reported a revenue of 127 million yuan in Q2 2024, a year-on-year increase of 29.02%, while the net profit attributable to shareholders decreased by 36.97% [2]. - The establishment of a joint venture for restaurant management aims to enhance the tourism product service system and expand the regional dining market [2]. Financial Performance Summary - **Q2 2024 Performance**: Revenue was 127 million yuan, up 29.02% year-on-year; net profit was 10 million yuan, down 36.97% year-on-year; and non-recurring net profit was 15 million yuan, down 2.09% year-on-year [2]. - **H1 2024 Performance**: Revenue reached 254 million yuan, up 51.73% year-on-year; net profit was 21 million yuan, up 71.67% year-on-year; and non-recurring net profit was 27 million yuan, up 138.26% year-on-year [2]. - **Cost and Expense Ratios**: In Q2 2024, the sales expense ratio was 3.04%, management expense ratio was 11.34%, and financial expense ratio was 0.40% [2]. - **Profitability Metrics**: Q2 2024 gross margin was 30.64%, down 3.14 percentage points year-on-year; net margin was 8.16%, down 8.55 percentage points year-on-year [2]. Future Projections - The company is projected to achieve revenues of 620 million yuan in 2024, with a growth rate of 218.73%, and net profit of 197 million yuan, reflecting a growth rate of 340.59% [3][5]. - The expected earnings per share for 2024 is 0.74 yuan, with a price-to-earnings ratio of 32 [3][5]. - The report anticipates that the company's net profit will continue to grow, reaching 306 million yuan by 2026, with a corresponding PE ratio of 20 [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][4] Core Views - The company achieved a revenue of RMB 254 million in H1 2024, representing a year-on-year increase of 51.73%, and a net profit attributable to shareholders of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 performance was temporarily pressured due to cost disturbances related to capacity expansion, but the summer peak season is expected to show strong performance [3][4] - The opening of the Shenyang-Baishan high-speed railway in 2025 is anticipated to significantly improve external traffic and boost visitor numbers [4] Summary by Sections Financial Performance - In H1 2024, the company recorded a revenue of RMB 254 million, a 51.73% increase year-on-year, and a net profit of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 revenue was RMB 127 million, a 29.02% increase year-on-year, but net profit decreased by 36.95% to RMB 10.33 million due to increased costs from capacity expansion [4] Visitor Trends - The main scenic area received 1.087 million visitors in H1 2024, a 64.3% increase year-on-year, indicating strong growth in visitor numbers [4] - July saw a decline in visitors by 8.8% due to extreme weather conditions, but the demand for summer vacation tourism remains high [4] Future Outlook - The company plans to raise approximately RMB 500 million through a private placement, with RMB 350 million allocated for the second phase of the volcanic hot spring project and RMB 100 million for tourism transportation equipment upgrades [4] - The second phase project aims to enhance year-round operations and complement existing high-end hotel offerings, while transportation upgrades are expected to improve internal traffic capacity [4] Valuation - The company is projected to have EPS of RMB 0.71, 0.86, and 0.96 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32.7, 27.2, and 24.3 [5][6]

长白山20240808_导读 2024年08月09日 00:33 关键词 长白山 业绩交流会 同比增长 中报 董秘 情绪客流 景区 投资建议 法律责任 电话会议 广发证券 白名单权 限 广东省 年龄结构 客源地 利润 二道白河镇 商区 招商 市政配套 全文摘要 广发商社在2024年上半年度业绩交流会上展示了其在长白山景区游客接待方面取得的显著增长，这得益 于国家政策的支持和市场需求的增加。公司积极响应发展消费策略，成功吸引了来自多个地区的游 客，特别是广东省游客的增长尤为明显。年龄段数据显示，主要游客群体集中于18至44岁之间，显示出 公司在吸引年轻家庭方面的潜力。同时，公司的营收和净利润实现了双双增长，表明了良好的经营态势 和发展前景。 该公司已经托管了恩都里休闲度假社区项目，并计划在国庆节前将其投入运营。该项目 一期建筑面积达五万平方米，目前正处于重建之中，包括管网检修和升级等工程。此外，公司在二道白 河镇进行了招商活动，旨在恢复和增强该地区的商业活力。景区方面，为了应对即将到来的旅游旺 季，正在加强基础设施建设和运力提升准备工作，同时通过增设安全演练等手段来提升服务质量。 交 通业务因景点关闭和相关因素 ...

Financial Data and Key Metrics Changes - As of June 30, 2024, the company received 1.087 million visitors, a year-on-year increase of 64.3%. The revenue for the first half of 2024 was 126.5 million yuan, up 23.5% year-on-year, despite a decrease in average spending per visitor due to weather-related closures [1][3][4]. Business Line Data and Key Metrics Changes - The hotel segment, specifically the Crowne Plaza Hotel, saw a revenue increase of 43.48% and a net profit increase of 102.82%. The overall occupancy rate and average room price significantly improved, contributing to the company's performance [3][21]. - The transportation business generated 161 million yuan in revenue, showing growth, but average spending per visitor declined due to weather impacts and site closures [4][20]. Market Data and Key Metrics Changes - In July 2024, visitor numbers dropped to 578,000, a decrease of 8.8% year-on-year, primarily due to heavy rainfall causing site closures. However, early August showed a positive trend with a 26% year-on-year increase in visitor numbers [1][7][28]. - The main source provinces for visitors in the second half of the year include Jilin (8.8%), Guangdong (8.745%), and Liaoning (8.24%) [9][10]. Company Strategy and Development Direction - The company plans to enhance its marketing strategies by leveraging social media influencers to increase brand awareness and visitor numbers. Future promotional efforts will also benefit from support from central and local governments [5][24][26]. - A new project, the Enduri Leisure Resort Community, has been entrusted to the company, expected to enhance overall visitor experience and operational efficiency [3][15]. Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming peak season, anticipating significant visitor growth if weather conditions remain favorable. The company is preparing infrastructure to accommodate increased visitor numbers [16][18]. - The management highlighted that the upcoming winter season will see increased investment in new snow tourism products to enhance visitor experience [23][27]. Other Important Information - The company has expanded its daily visitor capacity from 28,000 to 33,000, with a maximum capacity of 41,000, while ensuring visitor experience and satisfaction have improved [2][17]. - The age distribution of visitors shows that 65% are between 18 and 40 years old, indicating a younger demographic is increasingly attracted to the destination [11]. Q&A Session Summary Question: How was the visitor reception at Changbai Mountain in the first half of 2024? - The company reported 1.087 million visitors, a 64.3% increase year-on-year, with significant growth in the first quarter due to improved transportation access [6]. Question: What was the visitor reception in July 2024? - Visitor numbers in July were 578,000, down 8.8% year-on-year, mainly due to heavy rainfall causing site closures [7]. Question: What are the expectations for visitor reception in the coming months? - August is expected to see significant growth in visitor numbers, with favorable weather conditions predicted [8]. Question: What are the main source provinces for visitors? - The top provinces include Jilin, Guangdong, and Liaoning, with a notable recovery in visitors from South Korea [9][10][13]. Question: How is the hotel segment performing? - The hotel segment's revenue increased by 26.81%, with the Crowne Plaza Hotel showing substantial growth in both revenue and net profit [21]. Question: What are the company's plans for the upcoming winter season? - The company plans to introduce new snow tourism products and enhance existing offerings to attract more visitors during the winter [23][27].