峨眉山A动态跟踪 —— 客流回暖，股东回馈拉动淡季，运力有望改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.28 yuan based on a 32x PE ratio for 2026 [3][10][6]. Core Insights - The company is experiencing a recovery in visitor traffic, supported by shareholder return policies that are boosting off-season performance [2][9]. - Revenue for 2025 is expected to be weak, leading to adjustments in EPS forecasts to 0.45, 0.54, and 0.61 yuan for 2025-2027, down from previous estimates [3][10]. - The company has completed a board restructuring and is advancing its tea tourism strategy, which is expected to enhance operational synergies [9]. - The company is implementing improvements in transportation and capacity, which are anticipated to elevate long-term visitor numbers [9]. Financial Summary - The company's revenue is projected to decline from 1,045 million yuan in 2023 to 973 million yuan in 2025, before recovering to 1,090 million yuan by 2027, reflecting a growth rate of -4.0% in 2025 and 5.4% in 2027 [5][14]. - Operating profit is expected to increase from 135 million yuan in 2023 to 334 million yuan in 2027, with a significant growth of 168.4% in 2023 [5][14]. - Net profit attributable to the parent company is forecasted to grow from 228 million yuan in 2023 to 323 million yuan in 2027, with a notable increase of 256.2% in 2023 [5][14]. - The company’s gross margin is expected to stabilize around 50% over the forecast period, with a slight increase to 51.6% by 2027 [5][14].