CYTS(600138) 民生证券·2024-04-06 16:00Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company's revenue in 2023 reached RMB 9.635 billion, a year-on-year increase of 50.15%, recovering to 68.56% of the 2019 level [3] - Net profit attributable to the parent company in 2023 was RMB 194 million, turning from a loss of RMB -334 million in 2022, recovering to 34.15% of the 2019 level [3] - The company's gross profit margin in 2023 was 24.45%, an increase of 8.43 percentage points year-on-year, surpassing the 2019 level [3] - The net profit margin in 2023 was 2.01%, turning from negative to positive, but still 2.03 percentage points lower than the 2019 level [3] Business Performance Tourism Product Services - Revenue from tourism product services in 2023 was RMB 1.233 billion, a year-on-year increase of 178.99%, recovering to 26.13% of the 2019 level [3] - The gross profit margin for tourism product services was 12.95%, higher than the 2019 level [3] Integrated Marketing Services - Revenue from integrated marketing services in 2023 was RMB 2.18 billion, a year-on-year increase of 108.29%, recovering to 81.61% of the 2019 level [3] - The gross profit margin for integrated marketing services was 21.43%, higher than the 2019 level [3] Scenic Area Operations - Revenue from scenic area operations in 2023 was RMB 1.72 billion, a year-on-year increase of 262.49%, recovering to 97.87% of the 2019 level [3] - The gross profit margin for scenic area operations was 75.14%, an increase of 21.25 percentage points year-on-year [3] - Wuzhen received 7.7207 million visitors in 2023, recovering to 84.08% of the 2019 level, with revenue of RMB 1.784 billion, recovering to 81.87% of the 2019 level [3] - Gubei Water Town received 1.5236 million visitors in 2023, recovering to 63.65% of the 2019 level, with revenue of RMB 735 million, recovering to 77.37% of the 2019 level [3] Financial Forecast - The company's revenue is expected to reach RMB 12.503 billion in 2024, RMB 13.558 billion in 2025, and RMB 14.071 billion in 2026 [4] - Net profit attributable to the parent company is expected to be RMB 466 million in 2024, RMB 558 million in 2025, and RMB 628 million in 2026 [4] - The PE ratio is expected to be 17X in 2024, 14X in 2025, and 13X in 2026 [4] Key Drivers for Future Growth - The recovery of ancient town business, with Wuzhen expected to accelerate its recovery in 2024 [3] - The gradual recovery of the outbound tourism market, with the company expected to regain market share [3]