CYTS(600138) 华创证券·2024-05-13 01:32Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.42 CNY, compared to the current price of 10.57 CNY [2][3]. Core Insights - In 2023, the company achieved a revenue of 9.635 billion CNY, a year-on-year increase of 50.15%. The net profit attributable to shareholders was 194 million CNY, recovering from a loss of 333 million CNY in 2022. The net cash flow from operating activities was 920 million CNY, significantly improving from a negative 312 million CNY in 2022 [2][3]. - For Q1 2024, the company reported a revenue of 1.922 billion CNY, a year-on-year increase of 15.96%, but a net loss of 29 million CNY, which is a larger loss compared to the 24 Q1 loss of 24.2 million CNY [2][3]. - The Wuzhen scenic area has seen a continuous recovery, with revenue reaching 1.784 billion CNY in 2023, recovering to 81.9% of the 2019 level, and a net profit of 284 million CNY. The number of visitors reached 7.721 million, recovering to 84.1% of the 2019 level [2][3]. - The company expects net profits for 2024-2026 to be 360 million CNY, 526 million CNY, and 609 million CNY, with growth rates of 85.3%, 46.2%, and 15.8% respectively [2][3]. Financial Summary - Total revenue for 2023 was 9.635 billion CNY, with a projected revenue of 11.094 billion CNY for 2024, reflecting a growth rate of 15.1% [4]. - The net profit attributable to shareholders for 2023 was 194 million CNY, with projections of 360 million CNY for 2024, indicating a growth rate of 158.2% [4]. - The earnings per share (EPS) for 2023 was 0.27 CNY, expected to rise to 0.50 CNY in 2024 [4].