2023年报点评：核心景区表现优异，业务结构大幅优化

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Insights - The company has achieved significant growth in revenue and net profit for 2023, with revenue reaching 722.6 million yuan, a year-on-year increase of 55.81%, and net profit attributable to shareholders amounting to 151.4 million yuan, a staggering increase of 670.72% [9][10] - The business structure has been significantly optimized, with the tourism-related business accounting for 71.77% of total revenue, an increase of 28.59 percentage points year-on-year [10] - The company has successfully integrated its acquisitions and improved operational efficiency, leading to record-high visitor numbers and revenue at key scenic spots [2] Financial Performance - The company reported a gross margin of 51.96% in 2023, an increase of 8.98 percentage points year-on-year, and a net margin of 20.96%, up by 16.72 percentage points [10] - The forecast for 2024-2026 indicates continued revenue growth, with projected revenues of 1.08 billion yuan, 1.46 billion yuan, and 1.90 billion yuan respectively, alongside net profits of 227 million yuan, 304 million yuan, and 399 million yuan [12][19] - The company's earnings per share (EPS) is expected to rise from 0.14 yuan in 2023 to 0.37 yuan by 2026, reflecting strong growth potential [19] Business Developments - The company has made strategic acquisitions, including an 80% stake in the Sichuan Yaan Bifengxia Scenic Area, enhancing its presence in the Sichuan-Chongqing region [2] - Internal restructuring has involved asset swaps that have strengthened the company's portfolio, integrating various tourism-related services such as hotel operations and tea sales [2][10]