Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company has achieved a comprehensive recovery in performance, with a revenue of 17.15 billion yuan in 2023, representing a year-on-year increase of 24.5%. The net profit attributable to shareholders was 307 million yuan, marking a return to profitability [3][4] - The company's four main business segments, including Club Med and Sanya Atlantis, generated a total revenue of 18.13 billion yuan, up 18.8% year-on-year, driven by strong post-pandemic demand [3][4] - The report highlights the successful launch of new high-end resorts and the ongoing upgrade strategy for existing properties, which contributed to improved operational metrics [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 5.595 billion yuan, with a gross margin of 32.62%, an increase of 3.66 percentage points year-on-year [3] - The adjusted EBITDA for the year was 3.73 billion yuan, reflecting a year-on-year growth of 59.1% [3] - The company expects EPS for 2024-2026 to be 0.30, 0.35, and 0.42 yuan respectively, with corresponding PE ratios of 11, 9, and 8 times [4][5] Business Segments - Club Med: Achieved a revenue of 15.122 billion yuan, up 19.2% year-on-year, with a significant recovery in the Asia-Pacific region, particularly in mainland China, where revenue increased by 86.3% [3][4] - Sanya Atlantis: Revenue reached 1.675 billion yuan, a remarkable increase of 90.9%, with an occupancy rate of 81.9% [3][4] - Vacation Asset Management Center: New projects have performed well, with the Taicang Alps International Resort achieving rapid growth since its opening [3][4] Membership and Customer Engagement - The company's membership platform, "Revival Club," reached 6.529 million members, a 16.5% increase, with paid members growing by 52.6% to 114,000 [4] - The revenue from the Revival Club was 355 million yuan, reflecting a 9.0% increase [4]
公司简评报告：2023年报点评，业绩全面复苏，关注新项目表现