UTour (002707) 东吴证券·2024-05-28 08:30Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [11]. Core Insights - The outbound tourism market is recovering, and the leading travel agency is accelerating its growth. The company is expected to benefit significantly from the recovery of outbound tourism, with a projected increase in revenue and profitability [11][10]. - The company has a comprehensive national layout, integrating wholesale and retail operations, and has established a strong brand presence in the outbound tourism sector [11][10]. Summary by Sections Company Overview - Founded in 1992, the company is a leading player in the outbound tourism market in China, focusing on both wholesale and retail operations, and has a nationwide presence with 1,500 stores as of the end of 2023 [11][10]. Industry Analysis - The outbound tourism market is showing signs of recovery, with a significant increase in travel demand. In 2023, outbound tourism reached 87 million trips, recovering to 56% of 2019 levels, and is expected to reach 130 million trips in 2024 [10][11]. - The supply of travel agencies has been significantly reduced due to the pandemic, leading to an increase in market share for leading companies like the report's subject [10][11]. Product and Operations - The company is enhancing its brand advantage through product innovation and operational improvements. It is focusing on high-end markets and diversifying its product offerings to include various travel styles and destinations [10][11]. - The company is implementing a comprehensive marketing strategy that combines online and offline channels, leveraging digital transformation in the cultural tourism sector [10][11]. Financial Analysis - The company's revenue is projected to grow significantly, with total revenue expected to reach 6.37 billion yuan in 2024, reflecting a year-on-year increase of 93.07% [11]. - The net profit attributable to shareholders is forecasted to be 117.86 million yuan in 2024, with a substantial growth rate of 265.19% compared to the previous year [11]. Profit Forecast and Investment Advice - The report predicts that the company will continue to recover its profitability, with net profits expected to reach 1.2 billion yuan in 2024, corresponding to a P/E ratio of 54 times [11].