LIJIANG TOURISM(SZ:002033) GF SECURITIES·2026-03-27 06:07Investment Rating - The investment rating for the company is "Buy" with a current price of 9.07 CNY and a fair value of 10.44 CNY [3]. Core Insights - The company achieved a revenue of 860 million CNY in 2025, representing a year-on-year growth of 6.42%. The net profit attributable to shareholders was 213 million CNY, with a growth of 1.24% [7]. - The company’s core project, the Yak Cow Peak cableway expansion, commenced construction in November 2025 and is expected to be operational by 2028, significantly enhancing the accessibility and capacity of the scenic area [7]. - The hotel business experienced rapid growth, with revenue increasing by 18.88% to 199 million CNY, while the cableway transportation segment saw a slight decline in revenue by 1.63% to 407 million CNY due to weather impacts [7]. Financial Performance Summary - Revenue Forecast: Expected revenues for 2026, 2027, and 2028 are 922 million CNY, 987 million CNY, and 1,101 million CNY, with growth rates of 7.2%, 7.0%, and 11.6% respectively [2]. - Net Profit Forecast: Projected net profits for the same years are 229 million CNY, 246 million CNY, and 280 million CNY, with growth rates of 7.5%, 7.4%, and 13.8% respectively [2]. - Earnings Per Share (EPS): EPS is expected to increase from 0.39 CNY in 2025 to 0.51 CNY in 2028 [2]. - Profitability Ratios: The company’s return on equity (ROE) is projected to rise from 8.3% in 2025 to 10.3% in 2028 [2]. Business Segment Performance - Cableway Transportation: Revenue of 407 million CNY with a stable gross margin of 84.72% [7]. - Hotel Operations: Revenue of 199 million CNY with a gross margin of 23.18%, an increase of 4.33 percentage points year-on-year [7]. - Catering Services: Revenue increased by 9.59% to 39 million CNY [7].