祥源文旅(600576)：25Q1业绩同比高增 关注低空项目进展

Core Insights - The company reported a total revenue of 864 million yuan for 2024, representing a year-on-year growth of 19.64%, while the net profit attributable to shareholders decreased by 3.14% to 147 million yuan [1] - In Q4 2024, the company achieved a revenue of 241 million yuan, a significant year-on-year increase of 62.2%, and a net profit attributable to shareholders of 36 million yuan, up 83.87% [1] - The company’s gross margin for 2024 was 49.43%, a decrease of 2.53 percentage points compared to the previous year, while the sales expense ratio increased by 0.77 percentage points to 9.05% due to increased promotional efforts [1] Financial Performance - For Q1 2025, the company reported a revenue of 212 million yuan, a year-on-year increase of 55.22%, and a net profit attributable to shareholders of 31.19 million yuan, up 158.67% [2] - The company’s non-recurring net profit for Q1 2025 was 27.5 million yuan, reflecting a year-on-year growth of 112.44% [2] - The company’s revenue projections for 2025-2027 are 1.385 billion, 1.589 billion, and 1.762 billion yuan, with respective growth rates of 60.3%, 14.7%, and 10.9% [2] Project Performance - In 2024, the Baolong Tianti (Baolong Green) project achieved a non-recurring net profit of 108 million yuan, while Huanglong Cave (Tourism Development) and Phoenix Ancient City (Phoenix Xiangsheng) achieved non-recurring net profits of 21.68 million yuan and 19.7 million yuan, respectively, all meeting their annual performance commitments [1] Valuation and Investment Recommendation - Based on comparable company valuations, a PE ratio of 32 for 2025 is suggested, leading to a reasonable value of 11.04 yuan per share, maintaining a "buy" rating [3]