三峡旅游：2025年净利同比预降38.77%-52.38%

Core Viewpoint - The company, Three Gorges Tourism, has announced a profit forecast for 2025, expecting a significant decline in net profit and non-recurring net profit compared to the previous year [4]. Financial Performance - The forecasted net profit for 2025 is estimated to be between 56 million to 72 million yuan, representing a year-on-year decrease of 38.77% to 52.38% [4]. - The expected non-recurring net profit is projected to be between 67 million to 87 million yuan, indicating a decline of 9.65% to 30.42% year-on-year [4]. - The basic earnings per share are estimated to be between 0.0773 yuan and 0.0994 yuan [4]. Valuation Metrics - As of January 28, the company's price-to-earnings (P/E) ratio (TTM) is approximately 88.16 to 113.35 times, while the price-to-book (P/B) ratio (LF) is about 2.05 times, and the price-to-sales (P/S) ratio (TTM) is around 7.99 times [4]. Reasons for Performance Change - The decline in performance is attributed to a tax payment and late fees of 54.94 million yuan that will impact the net profit by approximately 44.33 million yuan for 2025 [13]. - The company’s scenic area, Jiu Feng Gu, has faced ongoing losses due to intensified market competition, leading to asset impairment testing and increased impairment losses affecting the current net profit [13].