景区业绩创新高，持续推进文旅升级

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 6.63 CNY per share [67] Core Views - The company achieved a revenue of 722 million CNY in 2023, a YoY increase of 55.81%, and a net profit attributable to the parent company of 151 million CNY, a YoY increase of 670.72% [39][67] - The company's tourism-related businesses showed strong recovery, with revenue from scenic transportation (景交) reaching 353 million CNY, a YoY increase of 148.74%, and a gross margin increase of 17.66 percentage points to 66.98% [5][67] - The company's gross margin in 2023 was 51.96%, an increase of 8.98 percentage points YoY, driven by higher revenue diluting fixed costs and an increased proportion of high-margin scenic transportation business [47][67] - The company's operating expenses ratio in 2023 was 22.59%, a decrease of 4.61 percentage points YoY, with sales/management/R&D/financial expense ratios decreasing by 1.67/2.91/0.48 percentage points respectively, and R&D expense ratio increasing by 0.44 percentage points [47][67] Business Performance - The company's revenue from hotels in 2023 was 38 million CNY, a YoY increase of 58.71%, with a gross margin decrease of 0.56 percentage points to 36.23% [5] - The company's revenue from zoos in 2023 was 37 million CNY, with a gross margin of 39.21% [5] - In Q4 2023, the company achieved a revenue of 148 million CNY, a YoY increase of 59.89%, and a net profit attributable to the parent company of 20 million CNY, compared to a loss of 19 million CNY in Q4 2022 [49][67] Future Outlook - The company is expected to achieve revenues of 1.08 billion, 1.46 billion, and 1.90 billion CNY in 2024-2026, with YoY growth rates of 49.2%, 35.1%, and 30.8% respectively [52][67] - The company's net profit attributable to the parent company is expected to be 227 million, 305 million, and 400 million CNY in 2024-2026, with YoY growth rates of 50.1%, 34.0%, and 31.3% respectively [52][67] - The company plans to optimize its tourism resort products and enhance the digitalization of its tourism experiences through its subsidiary "祥源旅行" [52][67] Industry and Strategy - The company is upgrading its "Cultural IP + Tourism + Technology" business model and expanding its presence in the Sichuan-Chongqing region through the acquisition of 80% equity in Bifengxia [26][67] - Bifengxia Scenic Area received over 1 million visitors in 2023, achieving record-high annual revenue [26]