Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company demonstrates stable operations with high dividends, and new project layouts are expected to open up growth opportunities [1] - The forecast for EPS from 2025 to 2027 is adjusted to 0.43, 0.46, and 0.52 yuan respectively, with a target price set at 11.61 yuan based on a 27 times P/E ratio for 2025 [2][8] Financial Information - The company's revenue for 2023 is reported at 799 million yuan, with a year-on-year growth of 152.4%. Projections for 2024, 2025, 2026, and 2027 are 808 million yuan (+1.2%), 863 million yuan (+6.8%), 915 million yuan (+6.0%), and 972 million yuan (+6.2%) respectively [4] - Operating profit for 2023 is 319 million yuan, with a staggering year-on-year growth of 2517.0%. The projections for the following years are 300 million yuan (-5.8%), 326 million yuan (+8.6%), 351 million yuan (+7.7%), and 390 million yuan (+11.2%) [4] - The net profit attributable to the parent company for 2023 is 227 million yuan, with a year-on-year growth of 5971.9%. The projections for the next years are 211 million yuan (-7.3%), 236 million yuan (+12.0%), 255 million yuan (+8.0%), and 284 million yuan (+11.5%) [4] - The gross margin for 2023 is 58.7%, with projections of 57.4% for 2024, 58.9% for 2025, 59.7% for 2026, and 60.9% for 2027 [4] - The net margin for 2023 is 28.5%, with projections of 26.1% for 2024, 27.4% for 2025, 27.9% for 2026, and 29.2% for 2027 [4] - The return on equity (ROE) for 2023 is 9.2%, with projections of 8.4% for 2024, 8.9% for 2025, 9.0% for 2026, and 9.7% for 2027 [4] Business Performance - The company reported a strong performance in Q4, with a revenue of 173 million yuan (+10.0%) and a net profit of 19 million yuan (+19.2%) during the off-peak season [7] - The company has a high dividend payout ratio of 91%, with a cash dividend proposal of 3.50 yuan per 10 shares [7] - The company’s three cableway operations received a total of 6.6684 million visitors in 2024, representing an increase of 8.9% year-on-year [7]

Core Insights - Lijiang Co. achieved total operating revenue of 808 million yuan in 2024, marking a historical high with continued positive growth; net profit attributable to shareholders was 211 million yuan, remaining stable year-on-year [1] - The company reported significant fluctuations in fixed assets and management expenses, primarily due to the trial operation of the Lugu Lake Indigo Hotel starting July 30, 2024, which contributed to the increase in fixed assets and management costs [1] Business Performance - The core business of Lijiang Co. showed steady improvement, with three cableways achieving remarkable operational results; the total number of visitors reached 6.6684 million, an increase of 547,300 visitors year-on-year [1] - The Yak Cow Flat cableway received 526,600 visitors, reflecting a year-on-year growth of 14.51%, with an increase of nearly 40% in demand for capacity [1] Infrastructure Development - The company is actively promoting the expansion and renovation of the Yak Cow Flat cableway, aiming to start construction in the first half of the year, with a planned construction period of 18 months; the current capacity is 360 people per hour, which is expected to increase to 1,900 people per hour post-renovation [2] - Lijiang Co. intends to leverage its core tourism resource advantages, brand strengths, management experience, and marketing advantages to elevate its business to new heights [2]

公司公告汇总 2025年3月26日，丽江玉龙旅游股份有限公司收到股东云南云投资本运营有限公司《关于增持公司股份 计划实施期限过半的告知函》。云投资本基于对公司未来发展前景的信心及中长期价值的认可，计划自 2025年2月11日起3个月内通过深圳证券交易所集中竞价交易方式增持公司无限售条件流通A股股份，增 持金额不低于人民币550万元，不超过人民币1100万元，增持价格不超过人民币10.00元/股。截至本公告 披露日，云投资本累计增持公司股份47万股，占公司总股本的0.0855%，累计增持金额为人民币408.52 万元。云投资本持有本公司5103.35万股，占公司总股本的9.2874%。本次增持计划尚未实施完毕，云投 资本将继续按照计划增持股份。本次增持计划及实施过程符合相关法律法规的规定，不会导致公司控股 股东、实际控制人发生变化，不会导致公司股权分布不具备上市条件。云投资本承诺在本次增持计划实 施期间及法定期限内不减持所持有的公司股份。本次增持计划存在因资本市场情况变化导致延迟实施或 无法完成的风险。公司将严格按照要求及时履行信息披露义务。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备31010 ...

股票代码：002033 股票简称： 丽江股份 公告编号：2025014 《丽江玉龙旅游股份有限公司 2024 年年度报告摘要》已于 2025 年 3 月 18 日刊登在《证券时报》和《中国证券报》，《2024 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 2024 年报信 息，公司定于 2025 年 4 月 2 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 2024 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、财务总监杨慧、独立董事刘星将就公司经营、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2024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2025年4月1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2024年度业绩说 明会上， ...

Group 1 - The core point of the announcement is that Yunnan Yulong Tourism Co., Ltd. (the company) is disclosing the progress of its major shareholder's shareholding increase plan, which is currently halfway through its implementation period [1][3]. - The major shareholder, Yunnan Yun Investment Capital Operation Co., Ltd. (referred to as "Yun Investment"), plans to increase its shareholding by investing between RMB 5.5 million and RMB 11 million within three months from the announcement date, with a maximum purchase price of RMB 10.00 per share [1][2]. - As of the announcement date, Yun Investment has already acquired 470,000 shares, representing 0.0855% of the company's total share capital, with a total investment of RMB 4.0852 million [3]. Group 2 - The company emphasizes its commitment to maintaining investor confidence and enhancing company value through this shareholding increase plan [1][3]. - Yun Investment currently holds 51.0335 million shares, which constitutes a significant portion of the company's total share capital [3]. - The company will continue to monitor the progress of this shareholding increase plan and ensure compliance with relevant laws and regulations [3].

证券代码：002033 证券简称：丽江股份 公告编号：20250013 丽江玉龙旅游股份有限公司 关于 5%以上股东增持计划进展暨实施期限过半的公告 云南云投资本运营有限公司保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 2025 年 3 月 26 日，丽江玉龙旅游股份有限公司（以下简称"公司"）收到 股东云南云投资本运营有限公司（以下简称"云投资本"）《关于增持公司股份 计划实施期限过半的告知函》，现将有关情况公告如下： 一、本次增持计划的基本情况 2025 年 2 月 11 日，公司在《证券时报》、《中国证券报》及巨潮资讯网 （http://www.cninfo.com.cn）登载了《关于 5%以上股东取得金融机构增持贷 款授信批复暨增持股份计划的公告》：云投资本基于对公司未来发展前景的坚定 信心及中长期价值的认可，为增强投资者对公司的投资信心，提升公司价值，切 实维护广大投资者利益，计划自本公告披露之日（即 2025 年 2 月 11 日））起 3 个月内通过深圳证券交易所集中竞价交易方式增持公司无限 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a revenue of RMB 808 million for 2024, a year-on-year increase of 1.19%, while the net profit attributable to shareholders was RMB 211 million, a decrease of 7.27% [4][7] - The report anticipates performance improvement from new project expansions, particularly the upgrade of the cable car system, which is expected to enhance peak season capacity [4][7] - The company has a stable dividend policy, proposing a cash dividend of RMB 3.5 per 10 shares, reflecting a commitment to shareholder returns [7] Financial Summary - Revenue projections for the company are as follows: RMB 854 million in 2025, RMB 913 million in 2026, and RMB 955 million in 2027, with growth rates of 5.6%, 6.9%, and 4.6% respectively [6][8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.42, RMB 0.46, and RMB 0.50, with corresponding price-to-earnings ratios of 23.1, 20.9, and 19.4 [4][6] - The EBITDA for 2024 is projected at RMB 382 million, with an expected increase to RMB 409 million in 2025 [6][8] Operational Insights - The company’s cable car operations received 6.6684 million visitors in 2024, an increase of 8.94% year-on-year, with significant growth in smaller cable car usage [7] - The hotel segment faced challenges, with a revenue decline of 11.09% year-on-year, attributed to the opening of a new hotel that incurred startup costs [7] - The introduction of visa-free entry for ASEAN tourists is expected to boost tourism in the region, positively impacting the company's performance [7]

丽江股份 20250318 摘要 Q&A 丽江股份在疫情后的财务表现如何？为何选择在 2023 年上半年进行覆盖？ 2023 年上半年是疫情后旅游景区财务表现的重要观察期。经历了报复性出行， 丽江股份的收入和利润恢复情况成为检验其成色的关键指标。2023 年第一季度， 丽江股份创造了历史最佳业绩，显示出其经营情况基本符合预期。我们选择在 这一时期覆盖丽江股份，是因为这一季度的数据能够反映出景区是否具备持续 吸引客流的能力。如果在此期间业绩未能恢复良好，可能意味着需求尚未完全 恢复或产品不再受欢迎。 丽江股份供给侧改善的进展如何？ 丽江股份供给侧改善主要集中在基础设施改造和新项目落地。公司计划对牦牛 坪索道进行改造，目前该索道接待量较低，仅为 50 多万人次，而其他两条索道 每年的接待量均超过 300 万人次。此外，公司还在云南西北部，如香格里拉和 泸沽湖地区逐步落地中高端酒店及演出业务。例如，2024 年下半年，公司将在 泸沽湖落成英迪格酒店，并计划进一步拓展香格里拉和泸沽湖片区的演出业务。 这些供给侧改善项目虽然进展较慢，但将为公司未来带来新的增长点。 丽江股份的财务状况和股息政策如何？ 丽江股份净利率高达 ...

Investment Rating - The report maintains an "Accumulate" rating for Lijiang Co., indicating a forecasted relative performance increase of 5% to 15% over the next 6 to 12 months [2][8]. Core Views - The company is expected to achieve stable operations in 2024, with Q4 revenue performance showing double growth. The dividend proposal remains consistent with the previous year, yielding a dividend rate of 3.5% based on the closing price on March 18 [3][5]. - The company’s 2024 revenue is projected at 808 million yuan, reflecting a year-on-year growth of 1.2%, while the net profit attributable to shareholders is expected to be 211 million yuan, down 7.3% year-on-year due to fluctuations in gross margin and expense ratios [5][6]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 799 million yuan - 2024A: 808 million yuan - 2025E: 866 million yuan - 2026E: 936 million yuan - 2027E: 967 million yuan - Year-on-year growth rates: 152% (2023A), 1% (2024A), 7% (2025E), 8% (2026E), 3% (2027E) [2][5]. - **Net Profit Forecast**: - 2023A: 227 million yuan - 2024A: 211 million yuan - 2025E: 250 million yuan - 2026E: 283 million yuan - 2027E: 303 million yuan - Year-on-year growth rates: 6072% (2023A), -7% (2024A), 18% (2025E), 13% (2026E), 7% (2027E) [2][5]. - **Earnings Per Share (EPS)**: - 2023A: 0.41 yuan - 2024A: 0.38 yuan - 2025E: 0.45 yuan - 2026E: 0.52 yuan - 2027E: 0.55 yuan [2][5]. - **Valuation Ratios**: - P/E: 24.0 (2023A), 25.9 (2024A), 21.9 (2025E), 19.3 (2026E), 18.0 (2027E) - P/B: 2.2 (2023A), 2.2 (2024A), 2.0 (2025E), 1.9 (2026E), 1.8 (2027E) [2][5]. Business Segment Performance - The company’s core business segments, including cableway and performance services, continue to show growth. In 2024, the total number of visitors to the three cableways reached 6.6684 million, an increase of 8.9% year-on-year. The revenue from cableway services was 410 million yuan, up 7.0% year-on-year, while performance revenue was 140 million yuan, reflecting a 2.5% increase [5][6]. - The hotel business remains under pressure, with a revenue of 167 million yuan in 2024, down 11.1% year-on-year. The company continues to expand its hotel offerings, including the opening of a luxury hotel in July 2024 [5][6].

丽江玉龙旅游股份有限公司 募集资金存放与使用专项核查意见 国信证券股份有限公司关于丽江玉龙旅游股份有限公司 2024 年度募集资金存放与使用专项核查意见 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法律法规的 要求，作为丽江玉龙旅游股份有限公司（以下简称"丽江股份"或"公司"） 2013 年非公开发行的保荐人，国信证券股份有限公司（以下简称"国信证券"、 "保荐人"）对公司 2024 年度募集资金存放与使用情况进行了认真、审慎核查。 核查的具体情况如下： 一、保荐人进行的核查工作 国信证券保荐代表人通过与公司董事、监事、高级管理人员等人员交谈， 查询了募集资金专户，查阅了内部审计报告、募集资金存放与使用的专项说明、 会计师募集资金使用情况鉴证报告以及各项业务和管理规章制度，从公司募集 资金的管理、募集资金的用途、募集资金的信息披露情况等方面对其募集资金 制度的完整性、合理 ...