| 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.020 | 0.08% T主力成交量 | 99199 | 3956↑ | | | TF主力收盘价 | 105.590 | 0.07% TF主力成交量 | 62229 | -8338↓ | | | TS主力收盘价 | 102.406 | 0.02% TS主力成交量 | 27789 | -5141↓ | | | TL主力收盘价 | 117.400 | 0.24% TL主力成交量 | 163183 | 22208↑ | | 期货价差 | TL2512-2509价差 | -0.42 | -0.01↓ T12-TL12价差 | -9.38 | -0.11↓ | | | T2512-2509价差 | -0.18 | +0.01↑ TF12-T12价差 | -2.43 | 0.01↑ | | | TF2512-2509价差 | -0.07 | -0.01↓ TS12-T12价差 | -5.61 | -0.02↓ | | | TS ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [15]. Core Views - The company has shown strong revenue growth driven by new projects, with 2024 revenue reaching 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit of 1.049 billion yuan, marking a return to profitability [1][2]. - The light asset business has significantly contributed to revenue, achieving 1.85 billion yuan in 2024, a substantial increase of 118.56% year-on-year, and accounting for 7.65% of total revenue [2]. - The company is expected to benefit from favorable national and regional service consumption policies, with projected net profits for 2025-2027 at 1.163 billion, 1.295 billion, and 1.417 billion yuan respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 67.60%, an increase of 1.25 percentage points year-on-year, while the sales expense ratio rose to 5.79% due to increased advertising expenditures [3]. - For Q1 2025, the gross margin slightly decreased to 68.09%, with a net profit margin of 45.10%, reflecting a minor decline of 0.44 percentage points year-on-year [3]. Revenue Breakdown - New projects have been a key growth driver, with the newly opened Guangdong Qian Guqing generating 256 million yuan in revenue, accounting for over 10% of total revenue [2]. - The Hangzhou Songcheng Tourist Area remains the largest revenue contributor, generating 637 million yuan in 2024, although it saw a decline of 2.71% year-on-year [2]. Profit Forecast - The company’s earnings per share (EPS) are projected to be 0.44, 0.49, and 0.54 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 21, 19, and 17 times [3][5].