两镇客流逐步恢复，各板块业务弹性可期

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 9.635 billion yuan in 2023, a year-on-year increase of 50.15%, and a net profit attributable to shareholders of 194 million yuan, compared to a loss of 334 million yuan in 2022 [15][23]. - The recovery of visitor traffic in key attractions like Wuzhen and Gubei Water Town is expected to enhance the company's cash flow stability, with significant growth potential in hotel occupancy rates and average spending per customer [9][15]. - The company has adjusted its profit forecasts for 2024-2025, expecting net profits of 4.09 billion yuan and 5.92 billion yuan respectively, with a new forecast for 2026 at 7.51 billion yuan [9]. Financial Summary - Total revenue for 2023 is projected at 9.635 billion yuan, with a gross profit margin of 24.5%, an increase from 16.0% in 2022 [3][23]. - The company achieved a net profit of 194 million yuan in 2023, a significant recovery from the previous year's loss [23]. - The earnings per share for 2023 is estimated at 0.27 yuan, with projections of 0.56 yuan for 2024 and 0.82 yuan for 2025 [23]. Business Segment Performance - The tourism product service segment generated revenue of 1.232 billion yuan in 2023, a year-on-year increase of 178.99%, with a gross margin of 12.95% [2]. - Integrated marketing services achieved revenue of 2.18 billion yuan, up 108.29% year-on-year, recovering to 81.61% of the 2019 level [2]. - The scenic area operations saw a revenue increase of 262.49% year-on-year, reaching 1.72 billion yuan, with a gross margin of 75.14% [15].