UTour (002707) 国投证券·2024-11-01 03:53Investment Rating - The report maintains a Buy-A rating for the company with a 6-month target price of 8.37 RMB [4] Core Views - The company's revenue for the first three quarters of 2024 reached 4.723 billion RMB, a year-on-year increase of 130.05%, driven by rapid business growth [1] - Net profit attributable to the parent company for the first three quarters of 2024 was 123 million RMB, a significant year-on-year increase of 773.86% [1] - The company's gross margin for the first three quarters of 2024 was 13.04%, an increase of 1.55 percentage points compared to the previous year [2] - The company is accelerating its digital transformation and expanding its nationwide retail network, with plans to reach 5,000 stores by the end of 2026 [4] Financial Performance - In Q3 2024, the company achieved revenue of 2.106 billion RMB, a year-on-year increase of 67.06%, with net profit attributable to the parent company of 52 million RMB, up 6.31% year-on-year [1] - The company's operating cash flow for the first three quarters of 2024 was 494 million RMB, a year-on-year increase of 344.78%, reflecting strong customer repayments and prepayments [1] - The company's net profit margin for the first three quarters of 2024 was 2.60%, an increase of 1.92 percentage points compared to the previous year [2] Industry Trends - The outbound tourism market is recovering, with demand shifting from traditional sightseeing to high-quality cultural and experiential travel [3] - The company is responding to market changes by optimizing product structures and expanding destination resources, such as launching the MSC Mediterranean Cruise 2026 Global Route [3] Strategic Initiatives - The company's retail brand, Zhongxin Youyou, secured 50 million RMB in Pre-A round financing and has expanded to 20 provinces and autonomous regions across China [4] - The company is focusing on building a digital retail model, integrating online and offline channels, and enhancing its digital marketing platform [4] Valuation and Forecast - The report forecasts the company's revenue for 2024-2026 to be 7.087 billion RMB, 10.824 billion RMB, and 12.376 billion RMB, respectively, with year-on-year growth rates of 114.9%, 52.7%, and 14.3% [7] - Net profit attributable to the parent company is expected to be 150 million RMB, 245 million RMB, and 334 million RMB for 2024-2026, with year-on-year growth rates of 363.3%, 64.1%, and 36.3% [7]