LIJIANG TOURISM(002033) 中银证券·2025-03-20 15:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a revenue of RMB 808 million for 2024, a year-on-year increase of 1.19%, while the net profit attributable to shareholders was RMB 211 million, a decrease of 7.27% [4][7] - The report anticipates performance improvement from new project expansions, particularly the upgrade of the cable car system, which is expected to enhance peak season capacity [4][7] - The company has a stable dividend policy, proposing a cash dividend of RMB 3.5 per 10 shares, reflecting a commitment to shareholder returns [7] Financial Summary - Revenue projections for the company are as follows: RMB 854 million in 2025, RMB 913 million in 2026, and RMB 955 million in 2027, with growth rates of 5.6%, 6.9%, and 4.6% respectively [6][8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.42, RMB 0.46, and RMB 0.50, with corresponding price-to-earnings ratios of 23.1, 20.9, and 19.4 [4][6] - The EBITDA for 2024 is projected at RMB 382 million, with an expected increase to RMB 409 million in 2025 [6][8] Operational Insights - The company’s cable car operations received 6.6684 million visitors in 2024, an increase of 8.94% year-on-year, with significant growth in smaller cable car usage [7] - The hotel segment faced challenges, with a revenue decline of 11.09% year-on-year, attributed to the opening of a new hotel that incurred startup costs [7] - The introduction of visa-free entry for ASEAN tourists is expected to boost tourism in the region, positively impacting the company's performance [7]