XIYU TOURISM(SZ:300859) Soochow Securities·2025-04-28 05:58Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is facing profit pressure, with a focus on the progress of resource integration [1] - The company is the only publicly listed cultural tourism platform in the Xinjiang Autonomous Region, with scarce resource endowments [7] - The market for cultural tourism in Xinjiang remains robust, and the company is expected to achieve steady growth through diversified business operations [7] - The adjustment of profit forecasts for 2025 and 2026 is due to significant increases in cost and expenses, with projected net profits of 1.0 billion, 1.3 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - Total revenue for 2023 is projected at 3.05 billion, with a slight decline of 0.51% year-on-year for 2024, followed by a growth of 15.44% in 2025 [1][8] - The net profit attributable to the parent company is expected to decrease by 18.06% in 2024, but is projected to grow by 20.56% in 2025 [1][8] - The earnings per share (EPS) for 2024 is estimated at 0.56 yuan, with a forecasted increase to 0.67 yuan in 2025 [1][8] Business Segment Performance - Passenger transport revenue remained stable, while boat business revenue saw significant growth of 31% year-on-year [7] - The company plans to expand new projects and integrate resources to enhance market share and operational capacity [7]