LIJIANG TOURISM(002033) 国信证券·2024-03-11 16:00Investment Rating - The report maintains a "Buy" rating for the company, reflecting its strong resource endowment and regional competitive advantage [14][16] Core Views - The company achieved record-high revenue and profit in 2023, with revenue reaching 800 million yuan (+152.4% YoY) and net profit attributable to shareholders reaching 230 million yuan (+6071.9% YoY) [14][37] - The company's three cableways served 6.12 million passengers in 2023, a 28% increase compared to 2019, with Yulong Snow Mountain cableway serving 3.16 million passengers (+3% vs 2019) [14][19] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, maintaining a high dividend payout ratio of 84.6% [14][27] Financial Performance - Revenue is expected to grow by 3.8% to 830 million yuan in 2024, while net profit attributable to shareholders is expected to decline by 9.3% to 210 million yuan due to the impact of new projects such as the Lugu Lake Indigo Hotel [14][29] - The company's EPS is forecasted to be 0.43 yuan in 2024, 0.49 yuan in 2025, and 0.54 yuan in 2026, with corresponding P/E ratios of 22x, 20x, and 18x [14][39] Business Segments - The Impression Lijiang show generated revenue of 140 million yuan and net profit of 60 million yuan in 2023, recovering to 76% and 82% of 2019 levels, respectively [14][19] - The Hefu Hotel achieved revenue of 150 million yuan in 2023, a 25% increase compared to 2019, while the Diqing Shangri-La Hotel recorded revenue of 40 million yuan and a loss of 20 million yuan [14][19] Future Outlook - The company is actively promoting the expansion of the Yak Meadow cableway and the construction of the Lugu Lake performance theater, which are expected to become medium-term growth drivers [14][29] - The newly opened Ganhaizi Tourist Distribution Center in Yulong Snow Mountain is expected to optimize traffic flow and enhance secondary consumption [14][29]