Xin Lang Cai Jing·2025-05-06 07:37Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant increase in losses in Q1 2025, primarily due to rising costs from new projects and increased marketing expenses [1][2]. Financial Performance - In 2024, the company achieved revenue of 304 million yuan, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 87 million yuan, down 18% [1]. - The fourth quarter of 2024 saw revenue of 34 million yuan, a year-over-year decline of 8%, with a net loss of 29 million yuan, indicating an increase in losses compared to the previous year [1]. - For Q1 2025, the company reported revenue of 16 million yuan, a decrease of 0.7% year-over-year, and a net loss of 30 million yuan, which is an increase in losses from 12 million yuan in Q1 2024 [1]. Business Segmentation - Revenue from the tourism passenger transport segment was 195 million yuan, up 0.9% year-over-year, with a gross margin of 56.68%, down 3.1 percentage points [2]. - The cableway transportation segment generated 46 million yuan, down 21% year-over-year, with a gross margin of 73.36%, down 4.7 percentage points [2]. - The boat tour segment saw revenue of 44 million yuan, an increase of 31% year-over-year, with a gross margin of 74.09%, up 3.8 percentage points [2]. - The hot spring hotel segment reported revenue of 4 million yuan, down 18% year-over-year, while the travel agency segment also saw revenue of 4 million yuan, down 20% [2]. Profitability and Dividends - The overall gross margin for 2024 was 55.6%, a decrease of 4.4 percentage points year-over-year, with a sales expense ratio of 1.2%, up 0.7 percentage points due to increased marketing activities during the off-peak season [2]. - The net profit margin was 28.5%, down 6.1 percentage points year-over-year [2]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 46.5 million yuan, which represents 53.8% of the annual net profit [2]. Shareholding and Control - On September 26, 2024, the company's controlling shareholder, Xinjiang Tianchi Holdings, signed a voting rights entrustment agreement with Xinjiang Cultural Tourism Investment, transferring 23.64% of the company's shares and corresponding voting rights [3]. - Following this agreement, Xinjiang Cultural Tourism Investment will become the controlling shareholder, with the regional state-owned assets supervision and administration commission as the actual controller, which is expected to enhance management efficiency and business development [3]. Future Outlook - The company is positioned as the leading tourism stock in Xinjiang, leveraging the growth in tourist traffic to the Tianshan Tianchi scenic area [3]. - Revenue projections for 2025-2027 are 349 million yuan, 391 million yuan, and 434 million yuan, representing year-over-year growth of 15%, 12%, and 11% respectively [3]. - Expected net profits for the same period are 105 million yuan, 122 million yuan, and 138 million yuan, with growth rates of 21%, 16%, and 14% respectively [3].