HSTD(SH:600054) Guoxin Securities·2024-04-23 10:00Investment Rating - The investment rating for Huangshan Tourism (600054.SH) is "Buy" [2][4]. Core Insights - In 2023, the company's net profit attributable to shareholders increased by 24% compared to 2019, with a cash dividend payout ratio of 36%. The total revenue for 2023 reached 1.93 billion yuan, representing a year-on-year growth of 141.2% and a 20.1% increase compared to 2019 [2][4]. - The company reported a net profit of 423 million yuan in 2023, a significant turnaround from losses in previous years, with a net profit growth of 420.5% year-on-year. The fourth quarter saw revenues and net profits of 495 million yuan and 15 million yuan, respectively, marking increases of 34.6% and 258.8% compared to Q4 2019 [2][4]. - The company aims for a 9% year-on-year increase in visitor numbers for 2024, targeting over 5 million visitors to the Huangshan Scenic Area [2][4]. Summary by Sections Scenic Area Business - In 2023, the Huangshan Scenic Area received 4.57 million visitors, a 31% increase from 2019, generating revenue of 260 million yuan, up 24% from pre-pandemic levels. However, other scenic areas reported losses, with the Huashan Miku experiencing a net loss of 60 million yuan due to renovation impacts [2][4]. Cable Car Business - The cable car business saw 9.51 million visitors in 2023, a 29% increase from 2019, leading to revenue of 700 million yuan, a 26% increase from 2019. The gross margin for the cable car business was 89%, up 1.3 percentage points from 2019 [2][4]. Hotel and Cuisine Business - Hotel revenue reached 460 million yuan in 2023, with a 6% increase compared to 2019 after consolidating the cuisine business. The gross margin for the hotel and cuisine segment was 32%, an increase of 1.0 percentage point from 2019 [2][4]. Tourism Services - The tourism services segment generated 470 million yuan in revenue, a 3% increase from 2019, indicating stable performance [2][4]. Financial Forecasts - The company forecasts net profits of 476 million yuan for 2024, 525 million yuan for 2025, and 573 million yuan for 2026, with corresponding dynamic P/E ratios of 21, 19, and 17 times [2][4].