Investment Rating - The report assigns a rating of "Accumulate" for the company with a target price of 42.00 CNY [5][16]. Core Insights - The report highlights the potential for significant growth in visitor numbers due to the opening of the Shenbai High-Speed Railway and the expansion of Changbai Mountain Airport, which are expected to enhance accessibility and attract more tourists [2][40]. - The connection between the popular IP "Tomb Raider Notes" and Changbai Mountain is emphasized, suggesting that the upcoming "ten-year agreement" will further boost tourism and revenue [17][28]. Financial Summary - Total revenue is projected to grow from 620 million CNY in 2023 to 1,156 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.4% [4]. - Net profit attributable to the parent company is expected to increase from 138 million CNY in 2023 to 301 million CNY in 2027, with a notable growth rate of 340.6% in 2023 [4]. - Earnings per share (EPS) is forecasted to rise from 0.52 CNY in 2023 to 1.13 CNY in 2027 [4]. Visitor Growth Potential - The report anticipates that the opening of the Shenbai High-Speed Railway will significantly increase visitor numbers, with an expected annual capacity of over 10 million passengers [41][43]. - The expansion of Changbai Mountain Airport is projected to enhance its annual passenger capacity to 1.8 million, further broadening the tourist base [69][71]. Cultural and Tourism Integration - The integration of the "Tomb Raider Notes" IP into the tourism strategy is expected to create a unique cultural experience, attracting a younger demographic and enhancing visitor engagement [17][28]. - Various events and activities related to the "Tomb Raider Notes" are planned to coincide with the second "ten-year agreement," aiming to stimulate interest and increase foot traffic [31][28].