Investment Rating - The report maintains a "Recommended" rating for Jiuhua Tourism (603199.SH) with a target price of 34.80 CNY [3]. Core Views - Jiuhua Tourism's revenue for the first three quarters of 2024 reached 569 million CNY, a year-on-year increase of 1.31%, while the net profit attributable to shareholders was 154 million CNY, up 1.18% year-on-year [1]. - The third quarter of 2024 saw a revenue decline of 4.15% year-on-year to 174 million CNY, and a net profit decrease of 2.84% year-on-year to 39 million CNY, attributed to adverse weather conditions affecting tourist traffic [1]. - The company is focusing on the Lion Peak cable car project, expected to commence in December 2024 and be operational by November 2026, with a total investment of 326 million CNY [1]. - The "Ring Jiuhua Mountain Area" tourism development plan is progressing, aiming to enhance the tourism matrix centered around Jiuhua Mountain, with a total investment of 20.4 billion CNY and a target of over 15 million visitors by 2028 [1]. Financial Summary - For 2024, the projected revenue is 724 million CNY, with a growth rate of 117.9%, and the net profit is expected to be 175 million CNY, reflecting a growth rate of 1374.9% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.58 CNY, with a price-to-earnings (PE) ratio of 22 [2]. - The report forecasts net profits of 177 million CNY in 2025 and 219 million CNY in 2026, with corresponding PE ratios of 22 and 18 [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.89 yuan, down 5% from the previous target of 45.11 yuan [4] Core Views - The company's performance in 2024Q3 was slightly below expectations due to the impact of extreme weather, particularly typhoons, which pressured tourist traffic [3] - Revenue for 2024Q1-3 was 569 million yuan, up 1.31% YoY, with gross profit of 295 million yuan, up 2.77% YoY [3] - Net profit attributable to the parent company for 2024Q1-3 was 154 million yuan, up 1.19% YoY [3] - Single Q3 revenue was 174 million yuan, down 4.15% YoY, with gross profit of 81 million yuan, down 2.72% YoY [3] - The company's Lion Peak project is progressing as planned, with construction expected to start in December 2024 and completion in November 2026, which is expected to boost profits through additional cable car and hotel business [3] Financial Performance - The company's 2024Q3 gross margin was 46.33%, up 0.68% YoY [3] - Operating expenses for 2024Q3 increased by 0.85% YoY, with tax and surcharges, sales, management, and financial expense ratios rising by 0.63%, -0.19%, 0.34%, and 0.08% respectively [3] - Net profit margin for 2024Q3 was 22.59%, up 0.3% YoY [3] Industry and Market Context - The company's 52-week stock price range is between 24.67 yuan and 39.32 yuan, with a total market capitalization of 3.868 billion yuan [5] - The company's stock has shown a 36% increase over the past 12 months, outperforming the index by 27% [8] - The company's financial forecasts for 2024-2026 show expected revenue growth of 3.4%, 9.7%, and 7.9% respectively, with net profit growth of 4.0%, 12.6%, and 11.9% [9] Future Outlook - The report highlights the potential for improved traffic due to transportation infrastructure enhancements, such as the newly opened Chihuang High-Speed Rail, which could support future growth in passenger business [3] - The company's parking lot expansion is expected to increase passenger capacity, providing further support for growth in the transportation business [3]

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199) [4][6] Core Views - The company's third-quarter performance is under short-term pressure, but the opening of high-speed rail is expected to boost visitor traffic [4][5] - For the first three quarters of 2024, Jiuhua Tourism achieved operating revenue of 569 million yuan, a year-on-year increase of 1.31%, and a net profit attributable to shareholders of 154 million yuan, up 1.18% year-on-year [4][6] - The third quarter saw a decline in operating revenue to 174 million yuan, down 4.15% year-on-year, and a net profit of 39.29 million yuan, down 2.85% year-on-year [4][6] Financial Summary - The company reported a gross profit margin of 46.3% in the third quarter, an increase of 0.7 percentage points year-on-year [4] - The number of visitors to Jiuhua Mountain Scenic Area reached 7.988 million in the first three quarters, a year-on-year increase of 14.2%, with 2.512 million visitors in the third quarter, up 23.7% year-on-year [5] - The scenic area generated tourism revenue of 4.27 billion yuan in the third quarter, a year-on-year increase of 44%, with an average spending per visitor of 1,699 yuan, up 16.3% [5] - The company has ongoing projects, including the Jiuhua Mountain Traffic Conversion Center, which can accommodate 5,207 vehicles and handle over 5,000 visitors per hour during peak times [5][6] Growth Drivers - The opening of the high-speed rail and the expansion of Jiuhua Mountain Airport are expected to enhance the network effect and increase visitor traffic [6] - The operation of Wenzong Ancient Village, which began in 2023, aims to improve leisure and vacation reception capabilities [6] - The company is also advancing the construction of the Lion Peak cable car project, which is expected to enhance visitor conversion rates [6] Profit Forecast - The report slightly lowers the profit forecast for 2024-2026, expecting net profits of 184 million, 206 million, and 228 million yuan respectively [6][8] - The current stock price corresponds to a price-to-earnings ratio of 22, 20, and 18 times for the years 2024, 2025, and 2026 respectively [6][8]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a slight decline in revenue for Q3 2024, with expectations for growth driven by the new Lion Peak project and strategic opportunities in the Dahuangshan area [3][4] - Q3 2024 revenue decreased by 4.15% year-on-year to 1.74 billion CNY, while net profit attributable to shareholders fell by 2.85% to 0.39 billion CNY [2][4] - The company is expected to achieve revenue growth from 7.5 billion CNY in 2024 to 8.9 billion CNY in 2026, with net profit increasing from 1.8 billion CNY to 2.4 billion CNY over the same period [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.69 billion CNY, a year-on-year increase of 1.31%, and a net profit of 1.54 billion CNY, up 1.18% year-on-year [1] - In Q3 2024, the gross margin improved by 0.7 percentage points to 46.3%, attributed to a decrease in low-margin travel agency business revenue [2] - The company maintained excellent cost control, with sales expenses decreasing by 7.5% year-on-year in Q3 [2] Project Developments - The Lion Peak cable car project, with an estimated total investment of 326 million CNY, is expected to generate an average annual revenue of 111 million CNY and a profit of approximately 49.97 million CNY over 15 years [3] - The rebranding of the controlling shareholder to better align with the Dahuangshan strategic opportunities indicates a focus on integrating into the cultural and tourism development of the Yangtze River Delta [3] Future Projections - The company forecasts revenue of 7.47 billion CNY for 2024, with a projected net profit of 180 million CNY, reflecting a growth rate of 3.3% year-on-year [5] - The expected earnings per share (EPS) for 2024 is 1.63 CNY, with a price-to-earnings (P/E) ratio of 22.6x [5][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 569 million yuan for the first three quarters of 2024, representing a year-on-year growth of 1.31%, and a net profit attributable to shareholders of 154 million yuan, up 1.18% year-on-year. The decline in performance during the third quarter was primarily due to weather disturbances, although the National Day holiday saw a recovery in visitor numbers [2][3] - The company is making significant progress on the Lion Peak project, which is expected to enhance the reception capacity of the scenic area. The transportation conversion center has been completed and is operational, providing 5,207 parking spaces and accommodating over 5,000 visitors per hour during peak times [3] - The company anticipates revenues of 773 million yuan, 852 million yuan, and 947 million yuan for 2024, 2025, and 2026 respectively, with net profits of 182 million yuan, 202 million yuan, and 225 million yuan for the same years. The corresponding price-to-earnings ratios are projected to be 22.5, 20.2, and 18.1 times [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 569 million yuan, a 1.31% increase year-on-year, and a net profit of 154 million yuan, reflecting a 1.18% growth year-on-year [2] - The expected revenue growth rates for the upcoming years are 6.83% for 2024, 10.23% for 2025, and 11.12% for 2026 [5] - The projected net profit growth rates are 3.93% for 2024, 11.01% for 2025, and 11.81% for 2026 [5] - The company's earnings per share (EPS) are forecasted to be 1.64 yuan in 2024, 1.82 yuan in 2025, and 2.04 yuan in 2026 [5]

证券代码：603199 证券简称：九华旅游 公告编号：临 2024-028 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 11 月 19 日 14 点 30 分 召开地点：安徽省池州市青阳县五溪新区安徽九华山旅游发展股份有限公司 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 安徽九华山旅游发展股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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 11 月 19 日 至 2024 年 11 月 19 日 采用上海证券交易所网络投票系统， ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-027 安徽九华山旅游发展股份有限公司 关于续聘会计师事务所的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所由原华普天健会计师事务所（特殊普通合伙）更名而来， 初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内 最早获准从事证券服务业务的会计师事务所之一，长期从事证券服务业务。注册 地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首 席合伙人肖厚发。 截至 2023 年 12 月 31 日，容诚会计师事务所共有合伙人 179 人，共有注册 会计师 1395 人，其中 745 人签署过证券服务业务审计报告。 容诚会计师事务所经审计的 2023 年度收入总额为 287,224.60 万元，其中审 计业务收入 27 ...

Financial Performance - Revenue for Q3 2024 was CNY 173,962,374.50, a decrease of 4.15% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 39,292,148.22, down 2.85% year-over-year[2]. - Basic earnings per share for Q3 2024 was CNY 0.3550, reflecting a decrease of 2.85% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥569,006,578.42, a slight increase of 1.9% compared to ¥561,653,236.33 in the same period of 2023[12]. - Net profit for the first three quarters of 2024 was ¥153,591,640.87, representing a 1.2% increase from ¥151,795,294.17 in 2023[13]. - Total profit for the first three quarters was ¥203,760,141.90, up from ¥201,581,144.08 in 2023, marking a growth of 1.1%[12]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 1,854,609,326.23, an increase of 2.38% from the end of the previous year[2]. - The total current liabilities decreased to RMB 344,515,217.88 from RMB 380,709,811.60, showing a reduction of about 9.5%[10]. - The company's total equity attributable to shareholders increased to RMB 1,482,690,310.48 from RMB 1,418,129,648.94, marking a growth of approximately 4.5%[10]. - The total liabilities decreased to RMB 371,919,015.75 from RMB 393,385,281.61, indicating a reduction of about 5.4%[10]. Cash Flow - Net cash flow from operating activities decreased by 34.23% year-to-date due to increased income tax payments[6]. - Cash flow from operating activities amounted to ¥581,960,391.01, an increase from ¥568,398,417.40 in the previous year[14]. - Operating cash inflow totaled CNY 595,313,033.38, an increase from CNY 576,150,440.66 in the previous period[15]. - Net cash flow from operating activities was CNY 162,444,685.21, a decrease from CNY 246,987,023.81 in the prior year[15]. - Cash flow from financing activities resulted in a net outflow of -CNY 88,162,488.50, compared to -CNY 230,000.00 last year[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,188[6]. - The largest shareholder, Anhui Jiuhua Mountain Cultural Tourism Group Co., Ltd., holds 29.93% of the shares[6]. Investment and Expenses - The company received government subsidies amounting to CNY 1,054,016.15 during the current period[4]. - Tax expenses rose significantly to ¥11,623,931.10, compared to ¥4,509,126.74 in the same period of 2023, indicating a substantial increase[12]. - The company paid CNY 189,159,141.99 to employees, an increase from CNY 163,305,172.17 year-over-year[15]. Other Financial Metrics - The weighted average return on equity for Q3 2024 was 2.68%, a decrease of 0.26 percentage points year-over-year[2]. - Non-recurring gains and losses for the current period totaled CNY 2,265,992.94[5]. - The company's cash and cash equivalents increased to RMB 245,019,275.88 from RMB 178,503,403.36, representing a growth of about 37.2% year-over-year[8]. - Accounts receivable rose significantly to RMB 22,792,130.91, compared to RMB 2,672,294.76 in the previous year, indicating an increase of approximately 754.5%[8]. - The company's inventory decreased to RMB 7,486,412.93 from RMB 8,043,172.76, indicating a decline of approximately 6.9%[9].

安徽九华山旅游发展股份有限公司 2024年第二次临时股东大会 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会 会议资料 二〇二四年十一月 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会 会议文件目录 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会 会议文件目录 | 2024 | 年第二次临时股东大会有关规定 | 1 | | --- | --- | --- | | 2024 | 年第二次临时股东大会注意事项 | 2 | | 2024 | 年第二次临时股东大会议程 | 4 | | 议案 | 1 关于续聘会计师事务所的议案 | 5 | 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会会议材料 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会有关规定 为了维护投资者的合法权益，确保股东在本公司 2024 年第二次临时股东大会期 间依法行使权利，保证股东大会的正常秩序和议事效率，依据中国证券监督管理委员 会《上市公司股东大会规则》等有关规定，制定如下有关规定： 一、董事会在股东大会的召开过程中，应当以维护股东的合法权益，确保正常程 序和议事效率 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-026 安徽九华山旅游发展股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 安徽九华山旅游发展股份有限公司(以下简称"公司")第八届监事会第十四 次会议通知于2024年10月23日以专人派送或电子邮件的方式发出。会议于2024 年 10 月 28 日以通讯表决方式召开。本次会议应出席监事 6 人，实际出席监事 6 人。会议的召开程序符合《中华人民共和国公司法》《公司章程》等有关规定。 会议由监事会主席李晓颖女士召集并主持，经与会监事签署表决，审议并通过如 下议案： 一、审议通过了《2024 年第三季度报告》 表决结果：6 票同意，0 票反对，0 票弃权。 根据法律法规和《公司章程》的规定，监事会对《2024 年第三季度报告》 进行审核，审核意见如下：公司 2024 年第三季度报告及摘要的编制和审议程序 符合法律法规、《公司章程》和公司内部管理制度的各项规定；第三季度报告的 内容和格式符合中国证券监督管理委员会和上海证 ...