Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company demonstrates stable operations with high dividends, and new project layouts are expected to open up growth opportunities [1] - The forecast for EPS from 2025 to 2027 is adjusted to 0.43, 0.46, and 0.52 yuan respectively, with a target price set at 11.61 yuan based on a 27 times P/E ratio for 2025 [2][8] Financial Information - The company's revenue for 2023 is reported at 799 million yuan, with a year-on-year growth of 152.4%. Projections for 2024, 2025, 2026, and 2027 are 808 million yuan (+1.2%), 863 million yuan (+6.8%), 915 million yuan (+6.0%), and 972 million yuan (+6.2%) respectively [4] - Operating profit for 2023 is 319 million yuan, with a staggering year-on-year growth of 2517.0%. The projections for the following years are 300 million yuan (-5.8%), 326 million yuan (+8.6%), 351 million yuan (+7.7%), and 390 million yuan (+11.2%) [4] - The net profit attributable to the parent company for 2023 is 227 million yuan, with a year-on-year growth of 5971.9%. The projections for the next years are 211 million yuan (-7.3%), 236 million yuan (+12.0%), 255 million yuan (+8.0%), and 284 million yuan (+11.5%) [4] - The gross margin for 2023 is 58.7%, with projections of 57.4% for 2024, 58.9% for 2025, 59.7% for 2026, and 60.9% for 2027 [4] - The net margin for 2023 is 28.5%, with projections of 26.1% for 2024, 27.4% for 2025, 27.9% for 2026, and 29.2% for 2027 [4] - The return on equity (ROE) for 2023 is 9.2%, with projections of 8.4% for 2024, 8.9% for 2025, 9.0% for 2026, and 9.7% for 2027 [4] Business Performance - The company reported a strong performance in Q4, with a revenue of 173 million yuan (+10.0%) and a net profit of 19 million yuan (+19.2%) during the off-peak season [7] - The company has a high dividend payout ratio of 91%, with a cash dividend proposal of 3.50 yuan per 10 shares [7] - The company’s three cableway operations received a total of 6.6684 million visitors in 2024, representing an increase of 8.9% year-on-year [7]

Core Insights - Lijiang Co. achieved total operating revenue of 808 million yuan in 2024, marking a historical high with continued positive growth; net profit attributable to shareholders was 211 million yuan, remaining stable year-on-year [1] - The company reported significant fluctuations in fixed assets and management expenses, primarily due to the trial operation of the Lugu Lake Indigo Hotel starting July 30, 2024, which contributed to the increase in fixed assets and management costs [1] Business Performance - The core business of Lijiang Co. showed steady improvement, with three cableways achieving remarkable operational results; the total number of visitors reached 6.6684 million, an increase of 547,300 visitors year-on-year [1] - The Yak Cow Flat cableway received 526,600 visitors, reflecting a year-on-year growth of 14.51%, with an increase of nearly 40% in demand for capacity [1] Infrastructure Development - The company is actively promoting the expansion and renovation of the Yak Cow Flat cableway, aiming to start construction in the first half of the year, with a planned construction period of 18 months; the current capacity is 360 people per hour, which is expected to increase to 1,900 people per hour post-renovation [2] - Lijiang Co. intends to leverage its core tourism resource advantages, brand strengths, management experience, and marketing advantages to elevate its business to new heights [2]

4月1日，在线旅游概念上涨1.11%，今日主力资金流入4188.21万元，概念股19只上涨，7只下跌。 主力资金净流入居前的分别为岭南控股（000524）(5492.32万元)、ST华闻（000793）(1755.99万元)、滨 江集团（002244）(1448.34万元)、首旅酒店（600258）(1079.55万元)、众信旅游（002707）(756.52万 元)。 | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 主力净流入 | 主力净占比 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 000524 | 岭南控股 | 11.4 | 5.56 | 5492.32万元 | 8.9% | | 2 | 000793 | ST华闻 | 2.33 | 4.95 | 1755.99万元 | 14.54% | | 3 | 002244 | 滨江集团 | 10.07 | -3.54 | 1448.34万元 | 3.86% | | 4 | 600258 | 首旅酒店 | 13.96 | 4.88 | 1079.55万元 | 3.13% | | 5 | 002 ...

Summary of Lijiang Co., Ltd. Conference Call Industry and Company Overview - The conference call focuses on Lijiang Co., Ltd., a company operating in the tourism sector, particularly in scenic areas in Yunnan, China, with a strong emphasis on its core resource, Yulong Snow Mountain [3][7]. Key Points and Arguments - **Post-Pandemic Financial Performance**: Lijiang Co. reported its best-ever performance in Q1 2023, indicating a strong recovery in market demand and the ability to attract visitors to its scenic spots [3][6]. - **Supply-Side Improvements**: The company is enhancing its infrastructure and launching new projects, such as the renovation of the Yak Cow Slope cableway and the development of mid-to-high-end hotels and performance businesses in Shangri-La and Lugu Lake areas, which are expected to drive future growth [3][4]. - **High Profitability**: Lijiang Co. boasts a net profit margin of 30%, leading among listed companies in the scenic area sector, with a valuation consistently between 20-25 times earnings. The company also has a high dividend payout ratio, planning to distribute 90% of its profits in 2024, making it an attractive investment option [3][5]. - **Core Tourism Resource**: Yulong Snow Mountain is identified as the company's primary tourism asset, with the company controlling three cableways, particularly the Yulong Glacier Park cableway, which has an annual visitor capacity of 3-3.2 million [3][8]. - **Diverse Business Operations**: In addition to cableway operations, Lijiang Co. runs the "Impression Lijiang" performance series and operates mid-to-high-end hotel brands like Indigo and InterContinental, which contribute to overall performance and growth potential [3][9]. - **Future Growth Potential in Hotel Sector**: The hotel business is seen as a crucial component for future growth. Despite recent revenue declines due to consumption fluctuations, the mid-to-high-end hotel market still holds potential. Achieving breakeven and consistent profitability in this segment will positively impact overall performance [3][10]. - **Long-Term Outlook**: The company is optimistic about its future, with limited downside risk to its stock price and reasonable valuation. Ongoing supply-side improvements and new tourism projects are expected to enhance competitiveness and attract more visitors [3][6]. Other Important Insights - **Visitor Capacity and Demand**: The Yulong Glacier Park cableway's high demand and exclusivity contribute to its profitability, with a daily visitor cap of 11,000, ensuring consistent high load factors and fixed costs [3][8]. - **Strategic Expansion**: The company is strategically expanding its operations in the northwestern Yunnan region, focusing on new performance and cableway renovation projects, which could provide additional growth opportunities in the long term [3][10].

Investment Rating - The report maintains an "Accumulate" rating for Lijiang Co., indicating a forecasted relative performance increase of 5% to 15% over the next 6 to 12 months [2][8]. Core Views - The company is expected to achieve stable operations in 2024, with Q4 revenue performance showing double growth. The dividend proposal remains consistent with the previous year, yielding a dividend rate of 3.5% based on the closing price on March 18 [3][5]. - The company’s 2024 revenue is projected at 808 million yuan, reflecting a year-on-year growth of 1.2%, while the net profit attributable to shareholders is expected to be 211 million yuan, down 7.3% year-on-year due to fluctuations in gross margin and expense ratios [5][6]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 799 million yuan - 2024A: 808 million yuan - 2025E: 866 million yuan - 2026E: 936 million yuan - 2027E: 967 million yuan - Year-on-year growth rates: 152% (2023A), 1% (2024A), 7% (2025E), 8% (2026E), 3% (2027E) [2][5]. - **Net Profit Forecast**: - 2023A: 227 million yuan - 2024A: 211 million yuan - 2025E: 250 million yuan - 2026E: 283 million yuan - 2027E: 303 million yuan - Year-on-year growth rates: 6072% (2023A), -7% (2024A), 18% (2025E), 13% (2026E), 7% (2027E) [2][5]. - **Earnings Per Share (EPS)**: - 2023A: 0.41 yuan - 2024A: 0.38 yuan - 2025E: 0.45 yuan - 2026E: 0.52 yuan - 2027E: 0.55 yuan [2][5]. - **Valuation Ratios**: - P/E: 24.0 (2023A), 25.9 (2024A), 21.9 (2025E), 19.3 (2026E), 18.0 (2027E) - P/B: 2.2 (2023A), 2.2 (2024A), 2.0 (2025E), 1.9 (2026E), 1.8 (2027E) [2][5]. Business Segment Performance - The company’s core business segments, including cableway and performance services, continue to show growth. In 2024, the total number of visitors to the three cableways reached 6.6684 million, an increase of 8.9% year-on-year. The revenue from cableway services was 410 million yuan, up 7.0% year-on-year, while performance revenue was 140 million yuan, reflecting a 2.5% increase [5][6]. - The hotel business remains under pressure, with a revenue of 167 million yuan in 2024, down 11.1% year-on-year. The company continues to expand its hotel offerings, including the opening of a luxury hotel in July 2024 [5][6].

丽江玉龙旅游股份有限公司 募集资金存放与使用专项核查意见 国信证券股份有限公司关于丽江玉龙旅游股份有限公司 2024 年度募集资金存放与使用专项核查意见 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法律法规的 要求，作为丽江玉龙旅游股份有限公司（以下简称"丽江股份"或"公司"） 2013 年非公开发行的保荐人，国信证券股份有限公司（以下简称"国信证券"、 "保荐人"）对公司 2024 年度募集资金存放与使用情况进行了认真、审慎核查。 核查的具体情况如下： 一、保荐人进行的核查工作 国信证券保荐代表人通过与公司董事、监事、高级管理人员等人员交谈， 查询了募集资金专户，查阅了内部审计报告、募集资金存放与使用的专项说明、 会计师募集资金使用情况鉴证报告以及各项业务和管理规章制度，从公司募集 资金的管理、募集资金的用途、募集资金的信息披露情况等方面对其募集资金 制度的完整性、合理 ...

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