UTour (SZ:002707) CAITONG SECURITIES·2025-09-01 04:01Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 2.875 billion yuan in 1H2025, representing a year-on-year increase of 9.85%, while the net profit attributable to shareholders was 40 million yuan, down 43.64% year-on-year [7] - The decline in profitability is attributed to increased expenses due to business expansion, with a gross margin of 12.42% in 1H2025, down 0.66 percentage points year-on-year [7] - The travel service business remains stable, with significant growth in travel retail revenue, which increased by 44.07% year-on-year [7] - The company is expected to achieve net profits of 65 million yuan, 92 million yuan, and 136 million yuan for the years 2025, 2026, and 2027 respectively, with a current market value corresponding to PE ratios of 125x, 89x, and 60x [7] Financial Performance Summary - Revenue for 2023 is projected at 3.298 billion yuan, with a growth rate of 559.0%, and is expected to reach 6.455 billion yuan in 2024, with a growth rate of 95.7% [6][8] - The net profit for 2023 is estimated at 32 million yuan, with a projected increase to 106 million yuan in 2024, reflecting a growth rate of 228.2% [6][8] - The company's EPS is expected to be 0.03 yuan in 2023, increasing to 0.11 yuan in 2024 and 0.07 yuan in 2025 [6][8] - The company's ROE is projected to be 4.3% in 2023, increasing to 12.3% in 2024 and stabilizing at 7.1% in 2025 [6][8]