HSTD(600054) 长江证券·2024-09-02 09:12Investment Rating - The report maintains a "Buy" rating for Huangshan Tourism (600054 SH) [1][5][7] Core Views - The company achieved revenue of 834 million yuan in H1 2024, a year-on-year decrease of 0 39% Net profit attributable to shareholders was 132 million yuan, down 34 1% year-on-year [1][4] - The company is expected to benefit from improved transportation conditions, hotel renovations, and upgraded catering business models, leading to steady growth in revenue and performance [1][5] - The opening of the Chihuang high-speed railway in 2024 is expected to further improve visitor traffic to the mountain [1][5] - Hotel renovations and upgrades are expected to drive both volume and pricing to new highs [1][5] - The catering sector, particularly the Huishang Guli brand, is exploring a light-asset expansion model, which may reduce drag on the company's performance [1][5] Operational Performance - In H1 2024, Huangshan Scenic Area received 2 1396 million visitors, a year-on-year increase of 2 3% Cable cars and ropeways transported 4 2098 million passengers, up 1 06% year-on-year [4] - The company implemented targeted marketing strategies, including discounts for specific groups and regions, and expanded into markets such as large groups, parent-child study tours, health and wellness vacations, and conference exhibitions [4] - The company's sales gross margin and net margin were 50 21% and 17 56%, respectively, down 2 47 and 8 54 percentage points year-on-year [4] Strategic Developments - The company is advancing the construction of the Greater Huangshan area, including upgrading the Taiping Lake scenic area and adding night tourism brands [5] - The Huishang Guli brand opened a new store in Hefei Lugang Park, with three more stores under construction [5] - The company is expanding its cultural and retail businesses, opening new "Huangshan Gifts" themed offline stores [5] - Infrastructure projects, such as the renovation of Beihai Hotel, Tangquan Hotel, and Huangshan International Hotel, are progressing as planned [5] Financial Projections - The company's net profit attributable to shareholders is expected to be 434 million yuan, 518 million yuan, and 558 million yuan in 2024, 2025, and 2026, respectively [1][5] - The corresponding P/E ratios are projected to be 17 82X, 14 93X, and 13 85X for 2024, 2025, and 2026, respectively [1][5] Market Performance - The current stock price is 10 60 yuan, with a total market capitalization of 729 38 million shares [7] - The stock's 12-month high and low prices are 14 21 yuan and 9 28 yuan, respectively [7]