UTour (002707) CAITONG SECURITIES·2024-11-07 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The outbound tourism business is steadily recovering, and offline stores are expected to accelerate growth [1] - For the first three quarters of 2024, the company achieved revenue of 4.723 billion yuan, a year-on-year increase of 130.05%, and a net profit attributable to shareholders of 123 million yuan, a year-on-year increase of 773.86% [4] - The booking situation for the National Day holiday shows a continued high growth trend, with a 50% increase in product richness compared to the same period last year and a 55% increase in the number of travelers [4] - The company plans to expand its store network to over 5,000 by the end of 2026, currently having over 2,000 stores [4] Financial Projections - Expected revenues for 2024, 2025, and 2026 are 6.55 billion yuan, 11.25 billion yuan, and 13.195 billion yuan respectively, with net profits of 150 million yuan, 254 million yuan, and 317 million yuan [5] - Corresponding PE ratios are projected to be 50.3, 29.7, and 23.8 for the years 2024, 2025, and 2026 [5]