业绩总体稳健，新文旅战略下业务焕发生机

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.58 CNY per share, reflecting a 40x PE for 2024 [22]. Core Insights - The company has shown a robust recovery in its overall performance, achieving a revenue of 3.92 billion CNY in 2023, a year-on-year increase of 5.2%. The gross margin remained stable at 30.7%, while the net profit attributable to shareholders decreased by 16% to 176 million CNY [20][27]. - The tourism segment has experienced strong growth, with a revenue of 271 million CNY in 2023, representing a year-on-year increase of 76.5%. The hotel segment, however, saw a decline in revenue by 9.6% to 138 million CNY [2][20]. - The gaming business generated revenue of 4.51 billion CNY in 2023, slightly down by 0.55%, while the advertising segment achieved a revenue of 2.47 billion CNY, up by 2.7% [2][20]. Summary by Sections Revenue and Profit Forecast - The company is expected to achieve revenues of 4.33 billion CNY, 4.79 billion CNY, and 5.28 billion CNY for 2024, 2025, and 2026 respectively, with a compound annual growth rate of approximately 10% [27][28]. - The net profit attributable to shareholders is projected to be 233 million CNY, 332 million CNY, and 436 million CNY for the same years, indicating significant growth rates of 32.8%, 42.2%, and 31.6% respectively [27][28]. Business Segments Performance - The tourism business is expected to continue its recovery, driven by strong consumer demand, while the gaming segment is anticipated to maintain stable revenue growth due to ongoing product iterations and new game developments [10][27]. - The advertising business is projected to improve its profitability as new business initiatives take effect, with expected revenues of 28.40 billion CNY, 31.24 billion CNY, and 34.37 billion CNY from 2024 to 2026 [8][10]. Investment Management - The investment management segment is expected to generate revenues of 4.92 billion CNY, 5.41 billion CNY, and 5.85 billion CNY from 2024 to 2026, reflecting a stable growth trajectory [27][28].