Investment Rating - The investment rating for the company is "Buy" [2] - The target price has been adjusted to 27.10, up from the previous forecast of 25.87 [2] Core Views - The company's performance is in line with expectations, with a focus on the high growth of its main business and the potential bottlenecks in capacity during peak seasons [3] - The report maintains a positive outlook on the company's net profit for 2024-2026, forecasting 198 million, 251 million, and 315 million respectively [4] - The anticipated industry average valuation for 2024 is 24x PE, while the company is given a higher valuation of 36x PE due to expected performance improvements from the opening of the Shenbai high-speed railway [4] Financial Summary - In H1 2024, the company achieved revenue of 254 million (+52%), gross profit of 75 million (+77%), and a gross margin of 29.43% (+4.21 percentage points) [4] - The net profit attributable to the parent company for H1 2024 was 21 million (+72%), with a profit margin of 8.3% (+1 percentage point) [4] - The company reported a revenue of 127 million in Q2 2024 (+29%), with a gross profit of 39 million (+17%) and a gross margin of 30.64% (-3.14 percentage points) [4] Business Segmentation - Revenue growth rates for H1 2024 by business segment include: Tianchi Hotel (+27%), Blue View Hot Springs (+50%), Yew Tree Ecological Products (+40%), Tianchi Management Consulting (+126%), Easy Travel (+12%), and Smart Travel (+76%) [4] - The decline in gross margin is attributed to weather impacts on ticket refunds and pre-purchased vehicles for capacity expansion during peak seasons [4] Future Focus - Attention is drawn to the progress of the company's capital increase plan and potential capacity bottlenecks, especially during the high season in July and August [4]

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].

长白山(603099) / 旅游及景区 / 公司点评 / 2024.08.08 冰雪游显著带动业绩,沈白高铁持续推进 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-08-07 | | 收盘价(元) | 22.93 | | | | | 流通股本(亿股) | 2.67 | | 每股净资产(元) | 3.90 | | 总股本(亿股) | 2.67 | | 最近 12月市场表现 | | 刘洋 分析师 SAC 证书编号: S0160521120001 liuyang()1@ctsec.com 相关报告 1. 《冰雪游带动业绩高增,关注外部交 通改善》 2024-04-27 2. 《23年各业务高增,关注 24年一季 度冰雪游贡献》 2024-03-22 3.《关注冰雪游高热度有望拉动公司一 季度业绩》 2024-01-22 of 核心观点 ■ 证券研究报告 事件:长白山发布 2024年半年度报告。2024年上半年公司营业收入为 2.54 亿元，同比增长 51.73%；归属于上市公司股东的净利润为 0.21 亿元， ...

长自山 (603099. SH) 二季度扩充产能拖累利润率，重点跟踪暑期下半程客流表现 核心观点 公司上半年业绩处于预告区间中值,二季度增收不增利。2024H1 公司营收 2.54 亿元/+51.7%，归母净利润 0.21 亿元/+71.7%，扣非净利润 0.27 亿元 /+138.3%,处业绩预告中值附近。分季度看,Q1/Q2 分别贡献收入 1. 28/1. 27 亿元,同比增长 83.7%/29.0%;归母净利润分别为 0. 11/0.10 亿元,同比分 别扭亏/-37.0%; 扣非净利润分别 0. 12/0.15 亿元,同比扭亏/-2. 1%。其中 Q2 增收不增利预计一是扩充交通产能以提升 Q3 旺季瓶颈而带来的成本增 加,Q2 毛利率同比下降 3pct,二是交通事故赔付带来数百万非经常损失。 上半年量增价减,预计新购客运车辆增加成本。2024年上半年长白山景区客 流 109 万人次/+64%,其中二季度客流 62 万人次/+33%,公司积极开展线上 营销,淡季客流增长良好;上半年客单收入同比-7%,预计受天池景点阶段 关闭对客单价有所影响。分业务看,旅游客运/酒店/旅行社/其他业务收入 分别为 1. ...

2024 年半年度报告 公司代码：603099 公司简称：长白山 长白山旅游股份有限公司 2024 年半年度报告 1 / 148 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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。 三、 本半年度报告未经审计。 四、 公司负责人王昆、主管会计工作负责人李洪刚及会计机构负责人（会计主管人员）刘晓薇声 明：保证半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 不适用 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 | --- | --- | --- | |---------------|--------------------------------------------------------------------------------------------- ...

本次电话会议仅供民生证券专业投资者参考会议内容任何情况下都不构成投资建议任何机构或个人不得以任何形式泄露本次会议内容 否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利各位领导欢迎参加台卖商暑期交流电话会我是民生证券旅游产研究员邓一成本次我们非常荣幸地请到台卖商董秘段总为我们解答一下台卖商近期的经营问题以及暑期的经营预期首先第一个问题想请问一下段总 这是市场目前非常关注的二季度的问题为何二季度的盈利表现较二三年同期有所减少且营收增长略逊于客流呢然后成本方面能否为我们解答一下成本结构方面有什么样的增加谢谢好的感谢各位投资者持续关注公司这个公司在9号发布了业绩预告 上半年实现了一个增长但是从这二季度来看我们收入是增长的但是呢利润端呢是照比去年同期有所下滑的这主要呢有几个方面吧刚才这个主持人还问了一个我回答第一个问题他就说的这个客流量的增幅呢要大于收入增幅这最主要呢是我们的一个特单价的情况今年的二季度 这个客单价呢照比去年同期呢有所下滑啊我掌握的情况是这样的因为这个二季度呢天气因素啊导致了我们的啊比如说北京区的天时景点啊万毕的天数要比去年同期呢啊多了接近四分之一啊四分之一嗯这个四分之一 ...