Investment Rating - The report maintains a "Buy" rating for the company [3][27]. Core Insights - The company is expected to benefit from the opening of new projects in 2024, a continuous recovery in visitor traffic, and effective cost control, with projected EPS for 2024-2026 at 0.46, 0.50, and 0.52 yuan respectively [3][26]. - The target price is set at 10.58 yuan based on a 23x PE ratio of comparable companies for 2024 [3][26]. Financial Performance - In 2023, the company reported total revenue of 799 million yuan, a year-on-year increase of 152.37%, and a net profit attributable to shareholders of 227 million yuan, up 5971.91% year-on-year [6][7]. - The revenue from the cable car business reached 387 million yuan, a 16.8% increase compared to 2019, while hotel operations generated 188 million yuan, a 57.8% increase compared to 2019 [6][7]. - The gross profit margin for the tourism segment was 61.49%, down 8.04 percentage points from 2019, primarily due to increased depreciation [6][7]. Visitor Traffic and Growth Potential - The company welcomed 6.1211 million visitors across its three cable cars in 2023, a 215.67% increase year-on-year [6][7]. - The opening of the high-end hotel in Lugu Lake in June 2024 is expected to provide new growth momentum for the company [6][7]. Dividend Performance - The company proposed a cash dividend of 3.50 yuan per 10 shares for the 2023 fiscal year, with a total payout of 192 million yuan, resulting in a dividend payout ratio of approximately 84.6% [6][7].

《丽江玉龙旅游股份有限公司 2023 年年度报告摘要》已于 2024 年 3 月 12 日刊登在《证券时报》和《中国证券报》，《2023 年年度 报告全文及摘要》同时刊登于巨潮资讯网(www.cninfo.com.cn)，为 使广大投资者，特别是中小投资者进一步详细了解公司年报信息，公 司定于 2024 年 3 月 27 日下午 15:00-17:00 通过全景网"投资者关系 互动平台"（https://ir.p5w.net）以网络远程方式召开 2023 年年 度报告说明会。届时公司董事长和献中、副总经理兼董事会秘书杨宁、 财务总监吕庆泽、独立董事盘莉红将就公司经营、未来发展等方面的 情况与投资者进行交流，欢迎广大投资者积极参与。 二、征集问题事项 为充分尊重投资者、提升交流的针对性，现就公司 2023年度业 绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议， 投资者可于 2024 年 3 月26日16：00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页 面。公司将在 2023 年度业绩说明会上，对投资者普遍关注的问题进 行回答。 股票代码：002033 ...

日前，首份旅游业上市公司2023年年报出炉——丽江股份实现营业收入7.99亿元，同比增长152.37%， 实现归母净利润2.27亿元，同比增长5971.91%。这一数据超越了公司2019年业绩。 受整体大环境向好 的影响，多数旅游业上市公司均预计2023年业绩均有不俗表现。同时，旅游业的回暖带动了相关行业的 发展，比如，2023年众多国内酒店集团迎来强势修复，实现扭亏为盈。 旅游业上市公司业绩高增长， 反映的是我国旅游业的“热辣滚烫”。根据国家统计局公布的数据，2023年，全年国内出游48.9亿人次， 比上年增长93.3%。国内游客出游总花费49133亿元，增长140.3%。 窥一斑而知全豹。旅游业“热辣滚 烫”，折射出我国经济恢复向好的态势和底气。这还可以从更多的“高频指标”中得到佐证。国家信息中 心大数据显示，春节假期后全国工程机械开工率稳步恢复，节后第一周（2月18日至2月24日，下同）平 均开工率较春节期间低点大幅回升12个百分点；线下商圈人流热度指数节后第一周较去年同期增长 2.6%；工业园区生产热度指数节后第一周日均值较去年同期增长14.4%；技术创新型企业经营活力指数 节后第一周日均值较去年同期 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8][17]. Core Views - The company's performance in 2023 met expectations, with a significant year-on-year revenue growth of 152% [8]. - The company plans to distribute a dividend of 3.5 yuan per 10 shares, reflecting a dividend yield of 3.68% [8]. - The report highlights the continuous verification of the company's business climate, particularly during the 2024 Spring Festival [8]. Financial Summary - **Revenue Forecast**: - 2022: 317 million yuan - 2023: 799 million yuan - 2024E: 867 million yuan - 2025E: 949 million yuan - 2026E: 1,000 million yuan - Year-on-year growth rates: 2023: 152%, 2024E: 9%, 2025E: 9%, 2026E: 5% [8][10]. - **Net Profit Forecast**: - 2022: 4 million yuan - 2023: 227 million yuan - 2024E: 272 million yuan - 2025E: 309 million yuan - 2026E: 337 million yuan - Year-on-year growth rates: 2023: 6,072%, 2024E: 20%, 2025E: 14%, 2026E: 9% [8][10]. - **Earnings Per Share (EPS)**: - 2022: 0.01 yuan - 2023: 0.41 yuan - 2024E: 0.49 yuan - 2025E: 0.56 yuan - 2026E: 0.61 yuan [8][10]. - **Cash Flow**: - Operating cash flow for 2023 is projected at 405 million yuan, increasing to 513 million yuan by 2026 [15]. - **Key Financial Ratios**: - Return on Equity (ROE) is expected to stabilize at around 10% from 2024 onwards [10][20]. - The company's debt-to-equity ratio is projected to rise from 0.59% in 2023 to 17.19% by 2026, indicating a gradual increase in leverage [20]. Business Segments - **Cableway Business**: - The report emphasizes the growth in visitor numbers for the Yunshanping and Yangniuping cableways, with a significant increase in total visitors in 2023 [8]. - **Hotel Business**: - The Lijiang HeFu Hotel Company achieved a net profit of 368.34 million yuan in 2023, indicating a positive trend in hotel operations [8]. - **Cost Management**: - The company has effectively controlled its management and sales expenses, with a sales expense ratio of 3.36% in 2023 [8].

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002033.SZ 股价表现 | --- | --- | --- | |----------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 549.49 | | 流通股 ( 百万 ) | | 549.48 | | 总市值 ( 人民币 百万 ) | | 5,220.16 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 268.08 | | 主要股东 | | | | 丽江玉龙雪山旅游开发有限责任公司 | | 15.73 | | 资料来源：公司公告， Wind | ，中银证券 | | 相关研究报告 《丽江股份》20240124 《丽江股份》20231024 《丽江股份》20230811 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务：旅游及景区 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 丽江股份 利润改善提高分红，供给优化增量可期 评级面临的主要风险 市场竞争风 ...

Financial Performance - The company's operating revenue for 2023 reached ¥798.90 million, a significant increase of 152.37% compared to ¥316.56 million in 2022[21]. - Net profit attributable to shareholders surged to ¥227.41 million, marking a dramatic increase of 5,971.91% from ¥3.68 million in 2022[21]. - The net profit after deducting non-recurring gains and losses was ¥235.23 million, up 1,251.42% from a loss of ¥20.49 million in 2022[21]. - The net cash flow from operating activities was ¥405.41 million, representing a 247.70% increase from ¥116.60 million in 2022[21]. - Basic earnings per share rose to ¥0.4139, a staggering increase of 5,986.76% from ¥0.0067 in 2022[21]. - Total assets at the end of 2023 were ¥2.92 billion, reflecting a growth of 6.33% from ¥2.75 billion at the end of 2022[21]. - The net assets attributable to shareholders increased to ¥2.51 billion, a rise of 3.72% from ¥2.42 billion in 2022[21]. - The company reported a quarterly operating revenue of ¥249.43 million in Q3 2023, with a net profit of ¥90.76 million for the same period[26]. Dividend Distribution - The company plans to distribute a cash dividend of 3.50 RMB per 10 shares to all shareholders, based on a total of 549,490,711 shares[5]. - The profit distribution plan for 2022 was approved, with a cash dividend of 2.50 yuan per 10 shares, totaling 137,372,677.75 yuan[133]. - The total amount of cash dividends distributed is 192,321,748.85 CNY, which accounts for 100% of the distributable profit[135]. - The cash dividend per 10 shares is set at 3.50 CNY (including tax), with no bonus shares issued[135]. - The company plans to maintain a minimum cash dividend ratio of 40% in future profit distributions[135]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, with all board members present for the meeting[5]. - The board of directors consists of 11 members, including 4 independent directors, ensuring a diverse and professional governance structure[94]. - The company has established a comprehensive governance framework, including specialized committees for nomination, compensation, audit, and strategy to enhance decision-making efficiency[95]. - The company held its annual general meeting within six months after the end of the previous fiscal year, adhering to legal requirements for corporate governance[93]. - The management team includes one general manager, four deputy general managers, and one financial director, ensuring effective operational leadership[96]. - The company emphasizes the protection of shareholder rights and the legal interests of employees through its governance structure[94]. - The company has implemented a series of internal control policies to monitor compliance and operational integrity[95]. - The company’s governance practices align with the regulations set forth by the China Securities Regulatory Commission, indicating no significant discrepancies[98]. Risk Management - Future plans and development strategies are outlined, but they do not constitute a commitment to investors, highlighting the need for caution regarding investment risks[5]. - The report includes a section on risk analysis related to the company's future development outlook[5]. - The company is focusing on risk management strategies to address safety risks associated with cable cars and increasing market competition[86][87]. Market and Operational Strategy - The company aims to expand its business in the mass sightseeing, leisure vacation, and ecological specialty tourism markets, focusing on internationalization, high-end, and distinctive development[84]. - The company is enhancing its sightseeing tourism products through various projects around the Yulong Snow Mountain, including cable cars and large-scale performances[85]. - The company is developing high-end customized tourism products in the Shangri-La ecological tourism circle and the Greater Yunnan tourism loop, meeting the demand for personalized travel experiences[85]. - The company is integrating resources and market opportunities to enhance product offerings and attract investment in key areas such as Yulong Snow Mountain and Lugu Lake[89]. - The company is actively pursuing project investments and partnerships to capitalize on market opportunities and enhance operational efficiency[88]. Environmental and Social Responsibility - The company has committed to environmental protection and energy consumption management, continuously improving its management level to reduce pollution and fulfill its social responsibility[154]. - The company has implemented advanced vacuum toilets in the Glacier Park, which use less than 5% of the water compared to traditional toilets, significantly reducing wastewater generation[154]. - The company has established multiple environmental protection facilities, including eco-friendly toilets and dedicated routes, to ensure sustainable development of the scenic area[154]. - In 2023, the company actively participated in poverty alleviation and rural revitalization efforts, implementing a plan to support local families and enhance community welfare[156]. - The company has developed a tailored support plan for poverty-stricken households, ensuring targeted assistance and monitoring[157]. Investment and Financial Management - The company has engaged in bank wealth management products totaling 23,000 million RMB, with an outstanding balance of 13,000 million RMB[189]. - The company has not reported any significant changes in the scope of consolidated financial statements compared to the previous year[167]. - The company has ensured that related party transactions are conducted fairly and transparently, adhering to market principles[161]. - The company has maintained a stable shareholding structure with no changes in the number of shares issued[195]. Employee Management and Development - The total number of employees at the end of the reporting period is 1,593, with 269 in the parent company and 1,324 in major subsidiaries[129]. - The company conducted 512 training sessions in 2023, with a total of 9,440 participants[132]. - The company maintains a competitive salary structure based on local labor market levels to attract and retain talent[131]. - The management team emphasized the importance of staff training and development to maintain high service standards in the competitive tourism market[110]. Future Outlook - The company plans to achieve an operating income of 829 million yuan and a net profit attributable to shareholders of 206 million yuan in 2024[89]. - Future guidance indicates a projected revenue growth of approximately 10% for the next fiscal year, driven by increased tourist arrivals and enhanced service offerings[110]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[116].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting its strong resource endowment and regional competitive advantage [14][16] Core Views - The company achieved record-high revenue and profit in 2023, with revenue reaching 800 million yuan (+152.4% YoY) and net profit attributable to shareholders reaching 230 million yuan (+6071.9% YoY) [14][37] - The company's three cableways served 6.12 million passengers in 2023, a 28% increase compared to 2019, with Yulong Snow Mountain cableway serving 3.16 million passengers (+3% vs 2019) [14][19] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, maintaining a high dividend payout ratio of 84.6% [14][27] Financial Performance - Revenue is expected to grow by 3.8% to 830 million yuan in 2024, while net profit attributable to shareholders is expected to decline by 9.3% to 210 million yuan due to the impact of new projects such as the Lugu Lake Indigo Hotel [14][29] - The company's EPS is forecasted to be 0.43 yuan in 2024, 0.49 yuan in 2025, and 0.54 yuan in 2026, with corresponding P/E ratios of 22x, 20x, and 18x [14][39] Business Segments - The Impression Lijiang show generated revenue of 140 million yuan and net profit of 60 million yuan in 2023, recovering to 76% and 82% of 2019 levels, respectively [14][19] - The Hefu Hotel achieved revenue of 150 million yuan in 2023, a 25% increase compared to 2019, while the Diqing Shangri-La Hotel recorded revenue of 40 million yuan and a loss of 20 million yuan [14][19] Future Outlook - The company is actively promoting the expansion of the Yak Meadow cableway and the construction of the Lugu Lake performance theater, which are expected to become medium-term growth drivers [14][29] - The newly opened Ganhaizi Tourist Distribution Center in Yulong Snow Mountain is expected to optimize traffic flow and enhance secondary consumption [14][29]

2023 年度社会责任报告 2024 年 3 月 | 目录 | | --- | | 报告说明 2 | | --- | | 公司概况 3 | | 社会责任理念 4 | | 2023 年关键数据 5 | | 公司治理结构 6 | | 维护股东权益 9 | | 加强安全生产，提升服务质量 9 | | 保障员工权益 145 | | 前行路上与合作伙伴携手共行 18 | | 积极承担社会责任 199 | | 荣誉榜 233 | | 展望未来 244 | 2023 年度社会责任报告 报告说明 重要提示 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，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。 报告时间范围 2023 年 1 月 1 日至 2023 年 12 月 31 日，部分内容超出上述时间范围。 报告发布周期 本报告为年度报告。 报告发布日期 此前报告发布情况 本报告是公司的第十五份企业社会责任报告。在此之前，公司于 2009 年、2010 年、2011 年、2012 年、2013 年、2014 年、2015 年、2016 年、2017 年、2018 年、 2019 年、20 ...

股票代码：002033 股票简称：丽江股份 公告编号：2024021 丽江玉龙旅游股份有限公司 2023 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、监事会意见 监事会认为，董事会提出的公司 2023 年度利润分配预案符合相关法律、法 规和《公司章程》的规定，不存在损害公司股东尤其是中小股东利益的情形，对 公司利润分配预案无异议，同意将该议案提交公司股东大会审议。 三、备查文件 特此公告。 丽江玉龙旅游股份有限公司（以下简称"公司"）于 2024 年3月8日召开第 七届董事会第二十九次会议，审议通过了《公司2023年度利润分配议案》，该议 案还需提交公司股东大会审议。现将具体情况公告如下： 一、公司 2023 年利润分配预案的基本情况 经中审众环会计师事务所(特殊普通合伙)审计，公司 2023 年实现归属于上 市公司股东的净利润 227,410,467.81 元，按规定提取法定盈余公积后，截止 2023 年 12 月 31 日，上市公司合并报表 "未分配利润"科目余额 1,128,788,258.39 元，母公司报表"未分配利润 ...