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]

在工艺装备方面，新凯来展示了扩散装备RTP（三清山）、EPI（峨眉山）；刻蚀产品ETCH（武夷 山）；薄膜产品PVD（普陀山）、CVD（长白山（603099））、ALD（阿里山）。 在量检测装备方面，展示了光学检测产品岳麓山BFI、丹霞山DFI、蓬莱山PC、莫干山MBI；光学量测 产品天门山IBO、天门山DBO；PX量测产品沂蒙山AFM、赤壁山-XP XPS、赤壁山-XD XRD、赤壁山- XF XRF；功率检测产品RATE-CP、RATE-KGD、RATE-FT。 21世纪经济报道记者观察到，每块展板的下面都展示着部分半导体设备的1：15的模型，比如赤壁山- XP、岳麓山、三清山1号等，这些设备模型可以帮助观众更加直观地了解此类半导体设备。 每年的SEMICON CHINA展会是半导体界的盛会，今年的SEMICON依旧吸引了全球半导体顶级行业领 袖、国内外产业巨头和新兴企业。其中，首次公开亮相的深圳市新凯来技术有限公司是展会"人气王"。 3月26日-28日，SEMICON CHINA 2015在上海新国际博览中心进行。3月28日，21世纪经济报道记者到 访当日，新凯来的展台仍被围得水泄不通。 走进新凯来的展 ...

Core Viewpoint - The A-share market is experiencing significant differentiation between large-cap and small-cap stocks, with macroeconomic policies remaining supportive, but internal market risks are accumulating due to high valuations and potential profit-taking pressures [5][4]. Market Performance - The three major A-share indices saw slight increases, with the Shanghai Composite Index up 0.15%, the Shenzhen Component Index up 0.07%, and the ChiNext Index up 0.01%. However, there was a notable decline in the micro-cap index, which fell nearly 4%. The total market turnover was 14,744 billion, down 1,053 billion from the previous day, with over 3,800 stocks declining [2][4]. Sector Analysis - The hotel and tourism sector led the market today, with significant gains in stocks such as Zhangjiajie and Emei Mountain A, which both hit the daily limit. Other tourism-related stocks also saw increases, reflecting a growing interest in travel as the Qingming holiday approaches [7][8][10]. Policy and Economic Outlook - The Guangdong provincial government has launched initiatives to boost tourism, aiming for 9.5 billion annual visitors and 1.3 trillion in tourism revenue by 2027. This is expected to enhance the tourism economy, with a shift towards immersive experiences and personalized travel becoming trends [10][11]. AI Glasses Market - The AI glasses sector is gaining traction, with several companies, including major tech firms, actively developing products. The market anticipates significant growth in this area by 2025, driven by advancements in AI technology and consumer interest [12][13].

Group 1 - The tourism and hotel sector is experiencing significant activity, with stocks such as Zhangjiajie, Emei Mountain A, Dalian Shengya, and Tianfu Cultural Tourism hitting the daily limit up, indicating strong market performance [1][2] - The increase in stock prices is attributed to favorable policies and enhanced consumer vitality, which are expected to further boost the spring and summer tourism market [1][3] - The upcoming Qingming Festival (April 4-6) is anticipated to drive travel demand, with short-distance trips being the primary focus, particularly within high-speed rail circles [3] Group 2 - Recent reports from online travel platforms indicate a rise in travel enthusiasm due to warming temperatures, with many travelers opting for quick domestic trips or short overseas excursions [3] - The Guangdong provincial government has introduced measures to promote high-quality tourism development, aiming to enhance urban tourism capabilities and support the construction of world-class tourist cities [3] - Analysts from Zhonghang Securities suggest that the combination of policy support and increased consumer activity is likely to accelerate the growth of China's tourism economy [3]

Group 1: A-share Market Overview - The A-share market experienced narrow fluctuations in the morning, with major indices declining [1][5] - The tourism sector saw significant gains, with an overall increase of over 4%, leading to a surge in stocks hitting the daily limit [5][4] - Key stocks in the tourism sector included Zhangjiajie, Emei Mountain A, Dalian Shengya, and Tianfu Culture Tourism, all reaching the daily limit [5] Group 2: New Stock Performance - The newly listed stock, Xidian Co., saw its price surge by over 260% during the morning session, with potential gains exceeding 60,000 yuan for investors who received a subscription [10][11] - Xidian Co. specializes in the research, development, production, and sales of semiconductor testing equipment, focusing on probe testing technology [11][12] - The company has become the largest probe station equipment manufacturer in mainland China, holding a 13% market share in the probe station equipment market as of 2019 [12] Group 3: Hong Kong Market Overview - The Hong Kong market showed overall fluctuations, with stocks like Weishi Jiajie experiencing a price increase of over 19% [3][13] - Weishi Jiajie reported a revenue of 89.086 billion HKD for the fiscal year 2024, with a net profit attributable to shareholders of 1.052 billion HKD [16] - The company's AI business revenue grew by 42%, while cloud computing revenue increased by 28%, indicating strong growth in these sectors [16]

大消费 [Table_ReportDate] 2025 年 2 月 17 日 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 [T分析师able_A：uthor 罗鹏 ] 证券研究报告 [Table_Title] 《哪吒 2》助力"谷子"消费热潮 [Table_ReportType] 大消费行业周报（2 月第 2 周） [Table_Summary] 行业观点： 风险提示：行业竞争加剧，终端需求疲软，宏观经济增长放缓， 重点 IP 热度波动的风险等。 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（ ...

一、总经理辞职情况 长白山旅游股份有限公司（以下简称"公司"）于近日收到公司 董事长、总经理王昆先生的书面辞职报告，因工作职务调整原因，王 昆先生申请辞去公司总经理职务，辞职报告自送达董事会之日起生 效。辞任总经理后，王昆先生仍担任公司董事长、董事会战略委员会 委员（召集人）、董事会薪酬与考核委员会委员等职务。 证券代码：603099 证券名称：长白山 公告编号：2024-084 长白山旅游股份有限公司 关于公司监事、总经理及副总经理变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 附件： 一、总经理简历 王昆先生在担任公司总经理期间恪尽职守、勤勉尽责，公司董事 会对王昆先生在任职总经理期间为公司增强核心竞争力，提升经营管 理效能等方面做出的贡献表示衷心感谢！ 王俊超，男，1983 年 10 月出生，中国国籍，中共党员，无境外 永久居留权，研究生学历。曾任长白山旅游股份有限公司企管企划部 副部长；长白山旅游股份有限公司企管企划部部长；现任长白山旅游 股份有限公司副总经理。 二、聘任总经理、副总经理的情况 审核 ...

2024年第四次临时股东会的法律意见书 吉兢法律意见书【2024】第 056号 致:长白山旅游股份有限公司 吉林兢诚律师事务所(以下称本所)接受长白山旅游股份有限公 司(以下称公司)的委托,指派本所律师出具公司 2024年第四次临 时股东会的法律意见书(以下称本次股东会)。本所律师根据《中华 人民共和国公司法》(以下称《公司法》)、《中华人民共和国证券 法》(以下称《证券法》)、中国证券监督管理委员会《上市公司股 东大会规则》(以下称《股东会规则》)等法律、法规和规范性文件 及《长白山旅游股份有限公司章程》(以下称《公司章程》)、《长 白山旅游股份有限公司股东会议事规则》(以下称《公司股东会议事 规则》)等有关规定,就本次股东会进行见证并出具法律意见书。 为出具本法律意见书,本所律师审查了公司提供的本次股东会的 相关资料,包括但不限于公司召开 2024年第四次临时股东会的通知、 公司 2024年第四次临时股东会议程、议案及决议等文件资料。公司 已向本所作出保证和承诺,其提供的资料和文件均真实、准确、完整, 无重大遗漏。 地址:长春市净月区生态大街与福祉大路交汇处恒丰国际大厦 A座 26 层 网址: www.j ...

长白山旅游股份有限公司董事会独立董事专门会议文件 长白山旅游股份有限公司 第四届董事会独立董事专门会议 第四次会议决议 时间:2024年11月25日 地点:长白山旅游股份有限公司三楼会议室 出席人:张 超、彭德成、陈秀丽 主持人:张 超 本次会议以通讯表决的方式召开,会议应到独立董事 3 人,实到独立董事 3人,出席会议的独立董事符合《公司法》、 《公司章程》等的规定。本次会议的召开、表决合法有效。 与会独立董事对本次会议审议的议案进行了充分讨论, 审议通过了如下议案: 1、关于延长公司向特定对象发行 A 股股票股东会决议有 效期的议案。 表决结果:3票赞成，0 票反对,0 票弃权。 2、关于提请股东会延长授权董事会办理公司本次向特定 对象发行 A 股股票相关事宜有效期的议案。 表决结果:3票赞成，0票反对,0票弃权。 3、公司控股子公司向控股股东全资子公司租赁房屋暨关 联交易的议案。 表决结果: 3 票赞成，0 票反对，0 票弃权。 (下接签字页) （本页为《长白山旅游 股份有限公司第四届董事会独立董事 专门会议第四次会议决议》签字页，无正文） 委员签字: Syly 4/2 1933 彭德成 and and ...

证券代码：603099 证券名称：长白山 公告编号：2024-071 长白山旅游股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： ●会议召开时间：2024 年 11 月 15 日(星期五）下午 15：00—16： 00 ●会议召开形式：网络互动形式 ●登陆网址： "进门财经"（https://s.comein.cn/zgv677ze） 一、说明会类型 公司于 2024 年 10 月 29 日在《中国证券报》、《上海证券报》、 《证券时报》及上海证券交易所网站 www.sse.com.cn 披露了公司 2024 年第三季度报告。为加强与投资者的深入交流，使投资者更加 全面、深入地了解公司情况，公司拟以网络互动形式召开 2024 年第 三季度业绩说明会，欢迎广大投资者积极参与。公司现就 2024 年第 三季度业绩说明会提前向广大投资者征集相关问题，广泛听取投资者 的意见和建议。 二、说明会召开的时间和形式 参会方式： 1. APP/小程序： 搜索" ...