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黄山旅游(600054):上半年客流增长 期待暑期旺季表现
Xin Lang Cai Jing· 2025-08-30 00:53
Group 1 - The company experienced an increase in visitor numbers, with a total of 2.2641 million visitors in 1H2025, representing a year-on-year growth of 5.82% [1] - The revenue from various business segments in 1H2025 showed significant growth: hotel revenue at 209 million, cable car revenue at 356 million, scenic area revenue at 138 million, tourism services at 234 million, and Huizhou cuisine at 131 million, with year-on-year growth rates of +8.82%, +15.19%, +40.61%, +17.44%, and +6.17% respectively [1] - The gross profit margins for these segments were as follows: hotel at 28.39%, cable car at 74.21%, scenic area at 47.73%, tourism services at 8.19%, and Huizhou cuisine at 1.01%, with notable declines in cable car margins due to adjustments in resource usage fees [1] Group 2 - The company is strategically located near the Huangshan scenic area, benefiting from proximity to the economically strong East China region, which is expected to enhance visitor growth following the opening of the Chihuang high-speed railway [2] - Revenue projections for the company from 2025 to 2027 are estimated at 2.062 billion, 2.207 billion, and 2.372 billion respectively, with net profits expected to be 353 million, 403 million, and 448 million, corresponding to price-to-earnings ratios of 25, 22, and 20 [2]