LN Holdings(000524) 中银国际·2025-04-03 07:38Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4][6] Core Views - The company has shown strong revenue growth, with a 25.43% year-on-year increase in operating income for 2024, and a significant 116.08% increase in net profit attributable to shareholders [4][9] - The recovery in various business segments, particularly in tourism and hotel management, is expected to drive future growth [4][9] - The report projects earnings per share (EPS) for 2025 to be 0.27 RMB, with corresponding price-to-earnings ratios of 46.5, 33.9, and 28.8 for the years 2025, 2026, and 2027 respectively [6][8] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4,309 million RMB, with a net profit of 150 million RMB and a non-recurring net profit of 60 million RMB [9][11] - The company confirmed investment income of approximately 75 million RMB from its associate, contributing to the net profit increase [9] Business Segments - The travel agency segment accounted for 72.36% of revenue, with a year-on-year growth of 36.87%, while hotel operations and management contributed 21.99% and 5.28% respectively [9] - The inbound tourism segment is expected to grow further as policies continue to relax, with 2024 revenue reaching 3.497 million RMB [9] Future Projections - The report forecasts a steady increase in revenue, projecting 5,754 million RMB for 2025, with a growth rate of 33.5% [8][11] - The EBITDA is expected to rise to 447 million RMB in 2025, reflecting a positive growth trajectory [8][11]