Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - In Q3 2024, the tourism and scenic area revenue growth has slowed down due to a high base from the previous year, with total revenue for the first three quarters reaching 26.627 billion, a year-on-year increase of 18.14%, while Q3 revenue was 10.825 billion, up 6.59% year-on-year [2] - The hotel and catering sector has also experienced a decline in performance, with total revenue for the first three quarters at 22.598 billion, a year-on-year decrease of 0.58%, and Q3 revenue down 6.22% to 8.058 billion [3] - Despite the challenges, domestic tourism consumption is expected to achieve steady growth in Q4, with data showing that during the National Day holiday, there were 765 million domestic trips, a year-on-year increase of 5.9% [4] Summary by Sections Tourism and Scenic Areas - The tourism and scenic area sector's total revenue for Q3 2024 was 10.825 billion, with a year-on-year growth of 6.59% [2] - The net profit attributable to the parent company for Q3 2024 was 1.749 billion, reflecting a year-on-year increase of 10.78% [2] - Major companies in this sector showed varying performance, with some experiencing declines in net profit [2] Hotel and Catering - The hotel and catering sector's total revenue for Q3 2024 was 8.058 billion, down 6.22% year-on-year [3] - The net profit attributable to the parent company for Q3 2024 was 618 million, a significant decline of 33.53% [3] - The sector's performance is influenced by increased supply and a high base from the previous year [3] Investment Recommendations - The report suggests focusing on companies such as Songcheng Performance, ShouLai Hotel, Jinjiang Hotel, and others for potential investment opportunities [4]
社服行业24年三季报总结：24Q3业绩压力显现，未来稳健增长可期
Yong Xing Zheng Quan·2024-11-08 06:00