HSTD(600054) Shanxi Securities·2024-11-01 01:30Investment Rating - The report assigns an "Accumulate-A" rating to Huangshan Tourism (600054.SH) for the first time [1]. Core Views - The company's short-term performance is under pressure due to adverse weather conditions, but the opening of high-speed rail is expected to boost visitor traffic [1][3]. - The company has unique natural resources centered around Huangshan Scenic Area, which includes other top ecological resources, attracting over 10,000 visitors daily [3]. - The financial situation is solid, with ample free cash flow and smooth financing channels, supported by the state-owned platform of Huangshan City [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.78 billion yuan, a decrease of 3.25% year-on-year, and a net profit of 1.53 billion yuan, down 26.35% [1][2]. - Cumulative visitors to Huangshan Scenic Area reached 3.63 million in the first three quarters of 2024, an increase of 2.8% [2]. - The gross margin for the period was 53.41%, down 4.01 percentage points, while the net margin was 22.15%, down 8.72 percentage points [2]. Future Earnings Estimates - The report forecasts EPS for 2024, 2025, and 2026 to be 0.55 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding P/E ratios of 20.8, 16.9, and 15.2 [3][5].