祥源文旅：Q2业绩增长亮眼，多区域联动提升竞争力

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.23 CNY per share, compared to the current price of 4.67 CNY [4]. Core Insights - The company reported a revenue of 369 million CNY for the first half of 2024, reflecting an 11.3% year-on-year increase. The net profit attributable to shareholders was 59 million CNY, showing a 2.92% decrease year-on-year, while the net profit excluding non-recurring items was 58 million CNY, indicating a 5.87% increase year-on-year. In Q2 2024, the company achieved a revenue of 233 million CNY, a 33.25% increase year-on-year, and a net profit of 47 million CNY, a 42.99% increase year-on-year [2][3]. Financial Performance Summary - Revenue for 2022 was 464 million CNY, which is projected to grow to 968 million CNY in 2024, representing a growth rate of 34.0%. By 2026, revenue is expected to reach 1.476 billion CNY [3][8]. - The net profit attributable to shareholders was 20 million CNY in 2022, expected to rise to 199 million CNY in 2024, with a growth rate of 31.7%. By 2026, net profit is projected to be 310 million CNY [3][8]. - The company’s EBITDA for 2024 is estimated at 345 million CNY, with a steady increase projected through 2026 [3][8]. Cost and Margin Analysis - The gross margin for Q2 2024 was 47.66%, a decrease of 2.56 percentage points year-on-year. The period expense ratio for Q2 2024 was 19.34%, an increase of 5.15 percentage points year-on-year, primarily due to higher sales and financial expense ratios [2][3]. - The net profit margin for Q2 2024 was 20.36%, down 1.29 percentage points year-on-year [2]. Strategic Positioning - The company employs a unique business model combining "Cultural IP + Tourism + Technology," enhancing competitiveness through multi-regional synergies. It has established a presence in key areas such as "Daxiangxi," "Dahuangshan," and "Chengyu," which enriches visitor experiences and improves operational efficiency [2][3].