HSTD(600054) Southwest Securities·2024-05-05 01:00Investment Rating - The report maintains a "Buy" rating for the company [2][26][32] Core Views - The company is expected to achieve a net profit attributable to shareholders of 470 million, 570 million, and 640 million yuan for the years 2024, 2025, and 2026 respectively, driven by favorable tourism policies and the company's strong position in the Huangshan tourism market [2][12][18] - The opening of the Tiandu Peak and the launch of the Chi-Huang high-speed rail are anticipated to boost visitor traffic to Huangshan, enhancing the company's revenue potential [13][26] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 340 million yuan, a year-on-year decrease of 0.4%, and a net profit of 30 million yuan, down 60.5% year-on-year [12][17] - The gross margin was 39.5%, down 8.3 percentage points year-on-year, while the net margin was 8.6%, a decrease of 12.3 percentage points compared to 2019 [12] Visitor Statistics - The Huangshan scenic area received 827,000 visitors in Q1 2024, a decline of 2.1% year-on-year [12] Future Projections - The company anticipates a revenue growth rate of 12.14% in 2024, with further increases of 19.04% and 11.29% in 2025 and 2026 respectively [18] - The net profit growth rate is projected at 12.03% for 2024, 20.10% for 2025, and 12.49% for 2026 [18] Strategic Initiatives - The "Big Huangshan" policy aims to develop the region into a world-class leisure and tourism destination, targeting a GDP of 1.4 trillion yuan by 2033 and attracting over 670 million domestic tourists [26]