2023业绩稳健复苏，持续推动产品升级迭代

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.16 CNY per share, indicating an expected performance that exceeds the market by 10% or more over the next 12 months [68][71]. Core Insights - The company has shown a robust recovery in 2023, with total revenue reaching 630 million CNY, a year-on-year increase of 70.9%, and a net profit attributable to shareholders of 147 million CNY, up 623.9% from the previous year [25][67]. - The company's EBITDA for 2023 was reported at 325 million CNY, reflecting a significant recovery in the tourism sector post-pandemic [2][30]. - The report highlights that the company's scenic area revenue has returned to pre-pandemic levels, with a notable increase in hotel and spa business revenues [4][81]. Financial Performance Summary - Revenue for 2023 was 630 million CNY, with a growth rate of 70.9% compared to 2022 [2]. - The net profit attributable to shareholders for 2023 was 147 million CNY, showing a remarkable growth of 623.9% [2]. - The company achieved an EBITDA of 325 million CNY in 2023, with a projected EBITDA growth to 355 million CNY in 2024 [2][88]. - The earnings per share (EPS) for 2023 was 0.79 CNY, with a projected increase to 0.96 CNY in 2024 [2][88]. - The company's return on equity (ROE) improved to 11.0% in 2023, with expectations of further growth in the coming years [2][88]. Business Segment Performance - The scenic area business generated revenue of 325 million CNY in 2023, a year-on-year increase of 108% [4][81]. - The hotel business reported revenue of 207 million CNY, reflecting a growth of 45.24% compared to the previous year [4][33]. - The spa business achieved revenue of 47.19 million CNY, with a growth rate of 47.71% [4][15]. - The travel agency segment saw revenue of 9.07 million CNY, marking a 25.71% increase [4][16]. Future Outlook - The company is expected to achieve revenues of 721 million CNY, 805 million CNY, and 882 million CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 14.5%, 11.7%, and 9.6% [88]. - The net profit forecast for 2024 is 179 million CNY, with expected growth rates of 21.9%, 19.1%, and 14.7% for the subsequent years [88].