黄山旅游：天都峰恢复开放，旺季客流可期

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [14][8]. Core Views - The reopening of Tiandu Peak on May 20, 2024, is expected to boost visitor traffic during the peak season, enhancing revenue potential [6][7]. - Despite a slight year-over-year decline in visitor numbers in Q1 2024, the figures remain significantly better than pre-pandemic levels, suggesting a recovery trend [7]. - The company is projected to achieve net profits of RMB 4.7 billion, RMB 5.4 billion, and RMB 5.8 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 11.8%, 14.4%, and 6.5% [8]. Company Overview - The company operates in the leisure services industry, with a current stock price of RMB 11.98 and a market capitalization of RMB 61.49 billion [2]. - Major shareholders include Huangshan Tourism Group Co., Ltd., holding 40.66% of shares [2]. - The company's product mix includes hotel services (23.8%), tourism services (24.4%), cableway services (36.3%), and landscape development (13.7%) [3]. Financial Performance - In Q1 2024, the company reported revenue of RMB 340 million, a slight decrease of 0.4% year-over-year, and a net profit of RMB 30 million, down 60.5% year-over-year [7]. - The decline in revenue is attributed to a reduction in effective ticket purchases due to a free ticket policy, while profit was impacted by increased depreciation from rapid expansion in the Huizhou cuisine business [7]. - The company anticipates gradual improvement in profit performance as the Huizhou cuisine business matures and tax base discrepancies are resolved [8]. Future Outlook - The company is positioned to benefit from the Anhui provincial government's initiative to develop the Greater Huangshan area into a world-class leisure and wellness tourism destination by 2033, targeting a GDP of RMB 1.4 trillion and over 670 million domestic tourists [8]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be RMB 0.65, RMB 0.74, and RMB 0.79, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 15 [8].