祥源文旅（600576）：解锁低空新地标，持续推进低空文旅布局

Investment Rating - The report assigns a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [12]. Core Insights - The company is actively exploring low-altitude tourism, aligning with national policy directions, and has made significant strides in commercializing low-altitude tourism products [3][4]. - The company is expected to experience substantial profit growth in 2025, with projected net profit reaching approximately 400 million RMB, indicating a high safety margin at the current market valuation of about 25 times earnings [4][6]. - The company has a rich resource base from its controlling shareholder, which supports ongoing asset integration and business expansion [4]. Financial Projections - The company is projected to achieve total revenue of 8.25 billion RMB in 2024, increasing to 11.40 billion RMB in 2025, and 13.13 billion RMB in 2026, reflecting year-on-year growth rates of 14%, 38%, and 15% respectively [5][7]. - The net profit forecast for the same period is 1.74 billion RMB in 2024, 3.96 billion RMB in 2025, and 5.40 billion RMB in 2026, with year-on-year growth rates of 15%, 127%, and 37% respectively [5][6]. - The company's earnings per share (EPS) are expected to rise from 0.14 RMB in 2023 to 0.51 RMB in 2026 [7][9].