HSTD(600054) 海通国际证券·2025-04-23 08:46Investment Rating - The report initiates coverage with an "Outperform" rating for Huangshan Tourism, with a target price of RMB 13.20 based on a 30x PE for 2025, compared to the industry average of 24x PE [2][10]. Core Views - The company's EPS forecast for 2025-2027 is projected at RMB 0.44, RMB 0.47, and RMB 0.49 respectively. The performance is under pressure due to declining ticket prices, extreme weather impacts, and fluctuations in the fair value of financial assets [2][11]. - In 2024, the company reported a revenue of RMB 1.931 billion, a slight increase of 0.1%, while net profit decreased by 25.5% to RMB 315 million. The fourth quarter showed a revenue of RMB 519 million, up 4.9% year-on-year, with a net profit of RMB 30 million, reflecting a 100.3% increase year-on-year [2][11]. Financial Summary - Revenue and profit forecasts indicate a gradual recovery, with expected revenues of RMB 2.038 billion in 2025, RMB 2.133 billion in 2026, and RMB 2.182 billion in 2027. Net profit is expected to stabilize at RMB 317 million in 2025, increasing to RMB 343 million in 2026 and RMB 356 million in 2027 [5][6]. - The company’s revenue breakdown by business segment in 2024 shows cableway and cable car revenue at RMB 718 million (+2.6%) with a gross profit margin of 87.6%, while scenic area revenue was RMB 240 million (-9.2%) with a gross profit margin of 39.4% [3][12]. Business Development - Huangshan Tourism is advancing its business diversification and smart transformation, with ongoing projects like Huangshan International Hotel and Tea Tent Camp. The company is also enhancing operational efficiency through the development of an AI travel assistant and upgrades to its official tourism platform [3][13].