黄山旅游（600054）：项目多点开花，期待增长潜力

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In Q3 2025, the company achieved operating revenue of 595 million yuan, a year-on-year increase of 3.05%, while the net profit attributable to the parent company was 127 million yuan, a year-on-year decline of 17.17% [2][6] - The company is advancing its comprehensive layout and leveraging technology, with the AI travel assistant fully integrated with the DeepSeek model, enhancing smart interaction and service experiences [2][6] - The company is expected to benefit from improved transportation conditions and hotel renovations, leading to steady revenue growth [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total operating revenue of 1.535 billion yuan, a year-on-year increase of 8.75%, and a net profit of 253 million yuan, down 11.02% year-on-year [6] - In Q3 2025, the company received 1.493 million visitors, a slight increase of 0.02% year-on-year, while the increase in visitor numbers did not translate into profit growth due to rising resource usage fees [12] Project Developments - The company established Huangshan Yunqu Travel Service Co., Ltd. and successfully acquired land use rights for a state-owned construction site, which is expected to diversify its tourism offerings [12] - The renovation of the Beihai Hotel was completed in Q3 2025, and it opened on September 20, which is anticipated to contribute to new revenue growth [12] Profitability Analysis - The gross margin decreased by 4.43 percentage points to 53.61% due to increased resource usage fees [12] - The net profit margin fell by 5.65 percentage points to 23.13% as a result of rising operational costs [12] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 343 million, 382 million, and 424 million yuan, respectively, with corresponding P/E ratios of 24, 22, and 19 [12]