Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for the year 2024 met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while the hotel business remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, which accounts for 40.46% of the net profit attributable to shareholders for the year [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 856 million yuan, with a year-on-year growth rate of 12.0% [4] - Net profit attributable to shareholders is projected to be 211 million yuan in 2025, reflecting a year-on-year increase of 13.7% [4] - The company’s gross profit margin is expected to improve to 51.1% in 2025, up from 50.2% in 2024 [4] Business Segment Performance - The hotel business revenue increased by 1.05% to 237 million yuan, while the revenue from the cable car business decreased by 0.56% to 293 million yuan [5] - The travel agency business saw a decline in revenue by 7.53% to 62 million yuan, but its gross margin improved [5] - The establishment of a transportation conversion center has alleviated congestion during peak seasons and increased the penetration rate of the passenger transport business [5] Strategic Insights - The company is expected to benefit from the ongoing development strategy of the Huangshan area and the expansion logic of the Lion Peak project [5] - The company is enhancing its restaurant brand and has successfully registered its vegetarian cooking skills as an intangible cultural heritage [5] - The Lion Peak cable car project has received approval and is entering the construction phase, which is anticipated to improve conversion rates through the introduction of supporting wellness and leisure projects [5]

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - The company's 2024 annual performance met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while hotel operations remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, representing 40.46% of the annual net profit attributable to shareholders [5] Financial Data and Profit Forecast - Total revenue projections for Jiuhua Tourism are as follows: - 2023: 724 million yuan - 2024: 764 million yuan - 2025E: 856 million yuan - 2026E: 926 million yuan - 2027E: 1,041 million yuan - Net profit attributable to shareholders is forecasted as: - 2023: 175 million yuan - 2024: 186 million yuan - 2025E: 211 million yuan - 2026E: 232 million yuan - 2027E: 267 million yuan - The company’s gross margin is expected to improve from 49.6% in 2023 to 53.2% in 2027 [4][5][7]

Investment Rating - The report maintains an "Accumulate" rating for Jiuhua Tourism (603199.SH) [2] Core Views - The company achieved record high revenue and profit in 2024, validating the investment logic [5] - In Q4 2024, the company reported revenue of 195 million yuan, a year-on-year increase of 20.7%, and a net profit of 32 million yuan, up 41.8% year-on-year [5] - The company expects to further increase revenue and profit in 2025, with projected revenue of 840 million yuan and net profit of 205 million yuan [5] Financial Summary - For 2023A, the company reported revenue of 724 million yuan, with a year-on-year growth rate of 118% [2] - The projected revenue for 2024A is 764 million yuan, with a growth rate of 6% [2] - The projected net profit for 2025E is 212 million yuan, reflecting a year-on-year growth rate of 14% [2] - The earnings per share (EPS) for 2024A is expected to be 1.68 yuan, increasing to 2.44 yuan by 2027E [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 22.6 in 2023A to 14.6 in 2027E [2] Business Performance - The passenger transport business saw significant growth, primarily due to the new transportation conversion center and stricter traffic management in scenic areas [5] - The revenue from the cable car business was 293 million yuan, down 0.6% year-on-year, while hotel revenue was 237 million yuan, up 1.1% year-on-year [5] - The travel agency business revenue decreased by 7.5% year-on-year to 62 million yuan [5] Market Outlook - The report indicates that the tourism industry is expected to continue its upward trend, supported by government policies aimed at boosting consumer spending [5] - The company is well-positioned to benefit from the ongoing recovery in the tourism sector, driven by its geographical advantages and cultural attributes [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 764 million yuan for 2024, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1] - The fourth quarter of 2024 showed a significant revenue increase of 20.65% year-on-year, reaching 195 million yuan, with a net profit growth of 41.79% year-on-year [1][2] - The company is expected to achieve long-term high-quality growth through project advancements and targeted marketing efforts [4] Financial Performance - In 2024, the company’s four main business segments generated revenues of 293 million yuan from cable cars, 159 million yuan from passenger transport, 237 million yuan from hotels, and 62 million yuan from travel agencies, with notable growth in passenger transport revenue by 31.2% year-on-year [2] - The company maintained excellent cost control, with sales and management expense ratios of 5.2% and 12.8% respectively for 2024, showing slight improvements year-on-year [3] - The gross profit margin for 2024 was 50.2%, reflecting a year-on-year increase of 0.6 percentage points [3] Future Projections - The company is projected to achieve revenues of 850 million yuan, 930 million yuan, and 1.04 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 220 million yuan, 260 million yuan, and 300 million yuan in the same years [5][6] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 17.9x, 15.2x, and 13.1x respectively [5][6]

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism, indicating a positive outlook for the company's stock performance in the near term [5]. Core Views - Jiuhua Tourism achieved a revenue of 764 million yuan in 2024, representing a year-on-year growth of 5.64%. The net profit attributable to the parent company was 186 million yuan, up by 6.5% [1][2]. - The company experienced a significant increase in customer traffic, with over 10 million visitors to Jiuhua Mountain Scenic Area, leading to tourism revenue exceeding 10 billion yuan [2]. - The operational efficiency and profitability of Jiuhua Tourism have shown steady improvement, with a gross profit margin of 50.2% in 2024, an increase of 0.6 percentage points year-on-year [2][3]. Financial Summary - In 2024, Jiuhua Tourism's revenue was 764 million yuan, with a projected increase to 834 million yuan in 2025, reflecting a growth rate of 9.15% [4]. - The net profit attributable to the parent company is expected to grow from 186 million yuan in 2024 to 205 million yuan in 2025, indicating a growth rate of 9.94% [4]. - The earnings per share (EPS) for 2024 is projected at 1.68 yuan, with a forecasted increase to 1.85 yuan in 2025 [4]. Business Development - The company is actively advancing key project constructions, including the completion of the transportation hub project and the commencement of the Lion Peak Scenic Area cable car project, which are expected to enhance regional development [3]. - The operational improvements and new projects are anticipated to sustain high-quality growth, especially with the extended peak season during the 2025 Spring Festival [3].

Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Outperform the Market" [6][4][15] Core Views - Jiuhua Tourism is expected to achieve stable growth in net profit in 2024, with a notable performance in the fourth quarter. The company reported a revenue of 764 million yuan in 2024, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1][9] - The growth in passenger transport business is the core driver, with significant improvement in passenger transport penetration rates due to operational enhancements and government traffic management [2][11] - The company anticipates further growth potential in passenger transport penetration, driven by the release of high-speed rail effects and project expansions [3][14] Summary by Sections Financial Performance - In 2024, Jiuhua Tourism achieved a revenue of 764 million yuan, with a net profit of 186 million yuan, marking a historical high in net profit [1][9] - The fourth quarter saw a revenue of 195 million yuan, a 20.65% increase year-on-year, and a net profit of 32 million yuan, up 41.79% year-on-year [1][9] - The company expects 2025 revenue to reach 840 million yuan and net profit to be 205 million yuan, both reflecting a 10% year-on-year growth [3][14] Business Segmentation - The passenger transport business generated 159 million yuan in revenue, a 31% increase year-on-year, with a gross margin of 52.37% [2][11] - The cable car business generated 293 million yuan, a slight decline of 0.56% year-on-year, while the hotel business saw a revenue of 237 million yuan, up 1% [2][11] Future Outlook - The company is optimistic about the potential for increased passenger transport penetration, especially with the opening of the Chi-Huang high-speed rail and ongoing government marketing efforts [3][14] - Upcoming projects, such as the Lion Peak Scenic Area and the Baisheng Palace cable car, are expected to contribute significantly to profits in the medium term [3][14]

Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Outperform the Market" [6][4][15] Core Views - Jiuhua Tourism is expected to achieve stable growth in net profit in 2024, with a notable performance in the fourth quarter. The company reported a revenue of 764 million yuan in 2024, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1][9] - The growth in passenger transport business is the core driver, with a significant increase in passenger transport penetration rate due to improved traffic management and infrastructure. The passenger transport revenue reached 159 million yuan, growing by 31% year-on-year [2][11] - The company anticipates further potential for passenger transport penetration in the peak season and expects the release of high-speed rail effects and project expansions to contribute to growth [3][14] Summary by Sections Financial Performance - In Q4 2024, Jiuhua Tourism achieved a revenue of 195 million yuan, a year-on-year increase of 20.65%, and a net profit of 32 million yuan, up 41.79% year-on-year [1][9] - The company plans to distribute a cash dividend of 6.80 yuan per 10 shares, with a dividend payout ratio of 40.46%, which is a decrease of 10% from the previous year [3][14] Business Segments - The passenger transport business is the main growth driver, with a revenue of 159 million yuan and a gross margin of 52.37%, reflecting a 3.82 percentage point increase year-on-year [2][11] - The cable car business generated 293 million yuan in revenue, a slight decline of 0.56% year-on-year, while the hotel business revenue was 237 million yuan, growing by 1% [2][11] Future Outlook - The company forecasts a revenue of 840 million yuan and a net profit of 205 million yuan for 2025, estimating a year-on-year growth of 10% [3][14] - The ongoing projects, such as the Lion Peak Scenic Area and the Baicui Palace cable car, are expected to contribute significantly to future profits [3][14]

RSM 容 诚 审计报告 安徽九华山旅游发展股份有限公司 容诚审字[2025]230Z0295 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | l-5 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 - 5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9 - 10 | | 10 | 财务报表附注 | 11 - 106 | 审计报告 容诚审字[2025]230Z0295 号 安徽九华山旅游发展股份有限公司全体股东: 一、审计意见 我们审计了安徽九华山旅游发展股份有限公司(以下简称九华旅游)财务报 表,包括 2024年 12月 31日的合并及母公司资产负债表,2024 ...

安徽九华山旅游发展股份有限公司 容诚审字[2025]230Z0294 号 容诚会计师事务所 (特殊普通合伙) RSM 容 诚 内部控制审计报告 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是九华 旅游董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 中国 · 北京 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事务 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 报告编码:京25 te and 内部控制审计报告 容诚审字[2025]230Z0294 号 安徽九华山旅游发展股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了安徽九华山旅游发展股份有限公司(以下简称"九华旅游")2024年12 月 31 目的财务报告内部控制的有效性。 三、内部控制的固有局限 ...

第一条 为进一步建立健全安徽九华山旅游发展股份有 限公司（以下简称"公司"）董事（非独立董事）及高级管 理人员的考核和薪酬管理制度，完善公司治理结构，根据 《中华人民共和国公司法》《上市公司治理准则》《上市公 司独立董事管理办法》《公司章程》及其他有关规定，公司 特设立董事会薪酬与考核委员会，并制定本实施细则。 第二条 薪酬与考核委员会是董事会下设的专门工作机 构，主要负责制定公司董事及高级管理人员的考核标准并 进行考核；负责制定、审查公司董事及高级管理人员的薪 酬政策与方案，对董事会负责。 第三条 本细则所称董事是指在本公司领取薪酬的董事， 高级管理人员是指董事会聘任的总经理、副总经理、财务 负责人、董事会秘书。 第二章 人员组成 1 第四条 薪酬与考核委员会成员由三名董事组成，其中 独立董事占二名。 第五条 薪酬与考核委员会委员由董事长、二分之一以 上独立董事或者全体董事的三分之一提名，并由董事会选 举产生。 安徽九华山旅游发展股份有限公司 董事会薪酬与考核委员会工作细则 （2025 年 3 月修订） 第一章 总则 第六条 薪酬与考核委员会召集人由独立董事委员担任， 负责主持委员会工作；召集人在委员内选举 ...