HSTD(600054) 国信证券·2025-04-23 09:36Investment Rating - The investment rating for Huangshan Tourism (600054.SH) is "Outperform the Market" [6][4][18] Core Views - The overall performance in 2024 is under pressure, but Q4 shows a year-on-year increase. The company plans to distribute a cash dividend of 1.72 yuan per 10 shares, with a dividend payout ratio of 39.83%, up by 3.78 percentage points year-on-year [1][9] - The effective ticket purchasing flow has declined, with the main scenic area and cable car business being the core profit contributors. Other new scenic areas and businesses are still a drag on performance [2][11] - The company is focusing on expanding capacity on the mountain and integrating resources at the base, with a significant increase in visitor numbers expected in early 2025 [3][17] Financial Performance Summary - In 2024, the company expects total revenue of 1.931 billion yuan, a slight increase of 0.09% year-on-year. The net profit attributable to shareholders is projected to be 315 million yuan, a decrease of 25.51% year-on-year [1][5] - The number of visitors to the Huangshan scenic area is expected to reach 4.9224 million in 2024, a year-on-year increase of 7.60%, while the revenue from scenic area operations is projected to decline by 9.22% to 240 million yuan [2][11] - The cable car business is expected to generate 718 million yuan in revenue, a year-on-year increase of 2.55%, with a gross margin of 87.56% [2][11] Future Outlook - The company anticipates a significant increase in visitor numbers in early 2025, with a 36% growth in the Huangshan scenic area expected in January and February [3][17] - The development of East Huangshan and the renovation of the Beihai Hotel are expected to alleviate capacity constraints and enhance visitor experience [3][17] - The company maintains its "Outperform the Market" rating, citing the potential for growth through resource integration and the development of new business lines [4][18]