LIJIANG TOURISM(002033) 中银证券·2024-08-16 14:30Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company experienced a slight decline in performance in H1 2024, with revenue of RMB 385 million, down 1.93% year-on-year, and a net profit of RMB 112 million, down 7.22% year-on-year. However, the domestic tourism market remains vibrant, and the performance during peak seasons is expected to improve, supported by new project contributions [3][4] - The company’s major attractions, including the cable car services, saw a total of 3.2367 million visitors in H1 2024, an increase of 7.65% year-on-year, despite some operational disruptions due to weather conditions [3] - The company is optimistic about the upcoming peak season, with significant increases in flight operations and passenger throughput at Lijiang Airport in July 2024, indicating sustained tourism interest [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 385 million, a decrease of 1.93% year-on-year, and a net profit of RMB 112 million, down 7.22% year-on-year. In Q2 2024, revenue was RMB 205 million, down 3.52% year-on-year, and net profit was RMB 56 million, down 14.20% year-on-year [3] - The cable car business generated revenue of RMB 198 million, up 1.46% year-on-year, with a gross margin of 83.82% [3] Visitor Statistics - The company’s three cable cars received a total of 3.2367 million visitors in H1 2024, with the Glacier Park cable car receiving 1.5019 million visitors (down 8.14%), while the Yunsongping cable car and Yangniu Ping cable car saw increases of 19.97% and 79.39% respectively [3] Future Outlook - The company is set to benefit from new projects, including the trial operation of the Indigo Hotel at Lugu Lake, which is expected to generate annual revenue of approximately RMB 50 million [3] - The company forecasts EPS of RMB 0.43, 0.47, and 0.52 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19.5, 17.8, and 16.3 [4][5]