LIJIANG TOURISM(SZ:002033) Orient Securities·2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][27]. Core Insights - The company is expected to benefit from the opening of new projects in 2024, a continuous recovery in visitor traffic, and effective cost control, with projected EPS for 2024-2026 at 0.46, 0.50, and 0.52 yuan respectively [3][26]. - The target price is set at 10.58 yuan based on a 23x PE ratio of comparable companies for 2024 [3][26]. Financial Performance - In 2023, the company reported total revenue of 799 million yuan, a year-on-year increase of 152.37%, and a net profit attributable to shareholders of 227 million yuan, up 5971.91% year-on-year [6][7]. - The revenue from the cable car business reached 387 million yuan, a 16.8% increase compared to 2019, while hotel operations generated 188 million yuan, a 57.8% increase compared to 2019 [6][7]. - The gross profit margin for the tourism segment was 61.49%, down 8.04 percentage points from 2019, primarily due to increased depreciation [6][7]. Visitor Traffic and Growth Potential - The company welcomed 6.1211 million visitors across its three cable cars in 2023, a 215.67% increase year-on-year [6][7]. - The opening of the high-end hotel in Lugu Lake in June 2024 is expected to provide new growth momentum for the company [6][7]. Dividend Performance - The company proposed a cash dividend of 3.50 yuan per 10 shares for the 2023 fiscal year, with a total payout of 192 million yuan, resulting in a dividend payout ratio of approximately 84.6% [6][7].