EMEI SHAN(SZ:000888)2024-04-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Insights - In 2023, the company achieved a revenue of 1.045 billion yuan, a year-on-year increase of 142%, and a net profit attributable to shareholders of 228 million yuan, marking a turnaround from losses [9]. - The number of visitors to the company's scenic area reached a historical high of 4.75 million, benefiting from a strong recovery in the domestic tourism market, which is a 177% increase year-on-year and a 19% increase compared to 2019 [9]. - The company's gross profit margin improved significantly to 50%, an increase of 46 percentage points year-on-year, and 7 percentage points compared to 2019 [9]. Financial Performance Summary - The company reported a revenue of 1.045 billion yuan in 2023, with a revenue growth rate of 142.33% [10]. - The net profit attributable to shareholders for 2023 was 228 million yuan, with a profit growth rate of 256.24% [10]. - The gross profit margin for 2023 was 49.71%, with projections for 2024-2026 indicating a gradual increase to 52.50% [10]. Future Outlook - The company is expected to continue benefiting from its unique natural heritage resources and management changes, with projected net profits of 260 million yuan, 280 million yuan, and 300 million yuan for 2024, 2025, and 2026 respectively [9]. - Corresponding price-to-earnings ratios (PE) are projected to be 21X, 18X, and 20X for the same years [9].