2023年主业渐进复苏，未来聚焦存量景区优化提升

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [12][16]. Core Views - The report highlights that the company is focusing on optimizing its existing asset operations and exploring extensions in scenic areas. The company has sold 41% of its stake in Shanghai Deep Light Culture and plans to sell 37% of its stake in the Puyuan project, emphasizing core business development. The Wuzhen scenic area has seen a recovery in visitor numbers, with a 50.15% increase in revenue in 2023 compared to the previous year, and a 69% recovery compared to 2019 [3][11][26]. - The report anticipates a gradual recovery in the tourism sector, particularly with outbound tourism expected to rebound in 2024, which may further enhance the company's main business growth [3][11][27]. Financial Performance - In 2023, the company achieved a revenue of 9.635 billion yuan, a 50.15% increase year-on-year, and a net profit of 194 million yuan, marking a return to profitability. This represents a 34% recovery compared to 2019 [11][26]. - The Wuzhen scenic area saw visitor numbers recover to 84% of 2019 levels, with revenues and profits recovering to 82% and 35% of 2019 levels, respectively. However, the recovery in profits was hindered by high fixed costs and reduced government subsidies [27][26]. - The company has adjusted its earnings per share (EPS) forecasts for 2023-2025 to 0.48, 0.62, and 0.77 yuan, respectively, reflecting a cautious outlook on future subsidies [16][11]. Asset Management and Strategic Focus - The company is gradually optimizing its existing asset management and exploring new projects in scenic areas. The focus is on enhancing the operational capabilities of its scenic areas and developing new revenue streams through B-end and G-end projects [3][11][27]. - The report indicates that the company is working on improving its scenic area operations and building its own operational team, which is expected to contribute to long-term growth [3][11][27].