Core Viewpoint - The tourism and scenic spots industry in China has shown robust growth in 2024, with significant increases in revenue and net profit, driven by rising domestic and international travel demand [1][4]. Group 1: Industry Performance - In 2024, 22 listed tourism and scenic companies achieved a total revenue of 35.423 billion yuan, a year-on-year increase of 15.34%, and a net profit of 1.673 billion yuan, up 7.19% [1]. - The first quarter of 2025 saw 23 listed tourism and scenic companies generate 7.342 billion yuan in revenue, reflecting a 3.45% year-on-year growth [4]. Group 2: Market Trends - There is a growing interest among foreign tourists in Chinese culture and natural scenery, which is expected to create more opportunities for listed tourism companies [1]. - The "May Day" holiday in 2025 is projected to reach peak travel activity since 2023, indicating a strong recovery in the tourism sector [4]. Group 3: Company-Specific Insights - Companies like Tianfu Culture Tourism and Xiangyuan Culture Tourism reported revenue growth exceeding 30% in the first quarter of 2025 [6]. - Tianfu Culture Tourism plans to enhance its core competitiveness by expanding its cultural tourism offerings and integrating film and tourism [7]. Group 4: Inbound Tourism Growth - The inbound tourism market is experiencing a surge, with a 61% increase in foreign visitors in 2024, recovering to over 90% of 2019 levels [9]. - The "May Day" holiday saw a 173% year-on-year increase in inbound travel orders, highlighting the sector's recovery [9]. Group 5: Policy Impact - Recent policy changes, including optimized tax refund measures for outbound tourists, are expected to enhance the inbound tourism experience and stimulate demand [10].

Core Viewpoint - The performance of Songcheng Performance in 2024 is outstanding, with a net profit of 1.049 billion yuan, accounting for 63.6% of the total net profit of 22 tourism and scenic area listed companies in A-shares [1][2] Group 1: Financial Performance - In 2024, the total net profit of 22 tourism and scenic area listed companies reached 1.648 billion yuan, with Songcheng Performance contributing 1.049 billion yuan [1] - Songcheng Performance's revenue increased by 25.49% year-on-year, while management expenses grew by only 17.79%, resulting in a management expense ratio of 7.14%, a decrease of 0.47 percentage points from 2023 [1] Group 2: Brand and Marketing Strategy - The company has established a commercial closed loop through four major festival IPs, including "Carnival Chinese New Year," which enhances brand communication and drives consumer engagement [1] - The average visitor stay at some of the company's scenic spots can reach up to 7 hours, indicating strong customer engagement [1] Group 3: Operational Management - Songcheng Performance employs a dual-driven strategy of "internal growth + external introduction," creating a talent matrix that covers the entire cultural tourism industry chain [1] - The company focuses on dynamic human resource allocation to reduce costs, emphasizing "professional talent, digital management, and agile organization" for efficient operations [1] Group 4: New Projects and Market Impact - The newly opened "Qian Guqing" scenic areas have generated significant consumer interest, with the Guangdong Qian Guqing area achieving profitability in its first year [2] - The "Three Gorges Qian Guqing" scenic area generated over 100 million yuan in revenue within 100 days of opening, boosting local tourism revenue by over 40% [2]

同花顺（300033）数据显示，截至4月29日，有22家旅游及景区上市公司发布了2024年年报。其中，8家 公司出现亏损。从净利润变动情况看，10家公司同比有所上涨，其他公司则有不同程度的下滑。 综合上述公司的年报信息来看，传统旅游业务面临转型升级、新项目发展不及预期等，是部分企业去年 业绩欠佳的原因。 具体来看，云南旅游（002059）股份有限公司的年报显示，公司传统旅游业务受客单消费下降影响，旅 游文化科技板块新项目拓展不及预期，收入较同期有所下降；公司报告期内对部分存在减值迹象资产进 行评估，计提资产减值，资产减值损失较同期增加；报告期内参股企业项目确认投资收益较上年同期减 亏。 桂林旅游（000978）股份有限公司(以下简称"桂林旅游")的年报显示，随着旅游需求的不断增长，旅游 市场有望继续保持稳健发展态势。国际旅游方面，随着中国免签政策的不断放宽，入境旅游市场将迎来 良好的发展态势。 4月29日，桂林旅游召开业绩说明会，董事长陈靖在回答《证券日报》记者提问时表示，公司注重文旅 融合，深挖文化底蕴，打磨核心产品，完善基础设施，提升服务质量，创新旅游体验，吸引更多的境外 游客到桂林的景区、景点观光、旅游 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company reported a revenue of RMB 743 million in 2024, representing a year-on-year growth of 19.81%, and a net profit attributable to shareholders of RMB 144 million, up 4.48% year-on-year. The performance in 2024 indicates stable growth, while the first quarter of 2025 shows steady growth in visitor numbers, although short-term performance is under pressure due to cost factors. The long-term outlook remains positive due to expected improvements in external transportation and the launch of new projects [5][10] - The company is actively expanding its transportation capacity within the scenic area, and the anticipated improvements in external transportation, combined with the company's proactive project expansion, are expected to attract more visitors and gradually contribute to performance growth [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 743 million, with a growth rate of 19.8%. The EBITDA was RMB 282 million, and the net profit attributable to shareholders was RMB 144 million, reflecting a growth rate of 4.5% [9][10] - For Q1 2025, the company reported revenue of RMB 129 million, a year-on-year increase of 0.73%, but the net profit decreased by 58.93% to RMB 4 million due to increased costs [10] Future Projections - The projected EPS for 2025, 2026, and 2027 are RMB 0.70, RMB 0.85, and RMB 0.95 respectively, with corresponding P/E ratios of 46.6, 38.5, and 34.2 [7][9] - The company expects to benefit from the operational launch of the Shen-Jia high-speed rail segment, which will significantly reduce travel times to the scenic area, thereby increasing visitor numbers [10] Shareholder Information - The total market capitalization of the company is approximately RMB 8.696 billion, with a circulating share count of 266.67 million shares [2][3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with 2024 revenue projected at 24.17 billion yuan, a year-on-year increase of 25% [8] - The company has turned profitable with a net profit of 1.05 billion yuan in 2024, compared to a loss in 2023, marking a substantial recovery [8] - New projects are expected to contribute positively to profit growth, with notable revenue from new projects in Xi'an, Shanghai, and Guangdong [8] - The company signed a light asset project in Qingdao, which is anticipated to enhance revenue streams [8] - The report highlights the company's unique positioning in the tourism and performance industry, combining theme parks and cultural performances [8] Financial Summary - Total revenue is forecasted to grow from 24.17 billion yuan in 2024 to 31.51 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [1] - The net profit is expected to increase from 1.05 billion yuan in 2024 to 1.42 billion yuan in 2027, reflecting a strong growth trajectory [1] - Earnings per share (EPS) is projected to rise from 0.40 yuan in 2024 to 0.54 yuan in 2027 [1] - The company's price-to-earnings (P/E) ratio is expected to decrease from 24.61 in 2024 to 18.16 in 2027, indicating improving valuation metrics [1]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [9][16]. Core Views - The company is expected to achieve a revenue of 540 million yuan in 2024, a decrease of 14.9% year-on-year, and a net profit of 100 million yuan, down 28.8% year-on-year due to external market conditions [1]. - In Q1 2025, the company reported a revenue of 100 million yuan, a slight decline of 1.6% year-on-year, but a net profit increase of 26.45% year-on-year, indicating effective cost control [1][3]. - The company aims for a revenue of 580 million yuan in 2025, representing an 8.6% growth, and a net profit of 150 million yuan, up 22.8% year-on-year [4]. Revenue Breakdown - In 2024, the scenic area business is projected to generate 280 million yuan, down 13.0% year-on-year, with specific declines in revenue from various attractions [2]. - The hotel business is expected to see a revenue drop of 23.1% to 160 million yuan, while the water world business is anticipated to decline by 41.3% to 7.46 million yuan [2]. Profitability Analysis - The gross margin for 2024 is forecasted at 52.4%, a decrease of 1.9 percentage points year-on-year, with various business segments experiencing declines in gross margins [3]. - In Q1 2025, the gross margin improved to 41.4%, an increase of 3.3 percentage points year-on-year, reflecting better cost management [3]. Financial Projections - The company forecasts a net profit of 140.59 million yuan for 2025, with corresponding P/E ratios of 23, 21, and 18 for the years 2025 to 2027 [4][6]. - The projected revenue growth rates for the years 2025 to 2027 are 8.94%, 9.31%, and 9.52%, respectively [6].

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company reported a revenue of RMB 2.417 billion in 2024, representing a year-on-year growth of 25.49%, and a net profit attributable to shareholders of RMB 1.049 billion, marking a turnaround from a loss [3][8] - The growth in 2024 was primarily due to a low base from the previous year, with existing projects under pressure, necessitating ongoing attention to optimization [3][8] - New projects are ramping up quickly and showing excellent performance, with stable progress in light-asset contracts, indicating promising growth potential [3][5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.417 billion, up 25.49% year-on-year, and a net profit of RMB 1.049 billion, recovering from a loss [8] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 525 million, with a payout ratio of 50% [8] Project Performance - Existing projects showed mixed results, with most under pressure; however, new projects are performing well, such as the Guangdong Foshan project, which became profitable in its first year [8] - The company has signed a cooperation agreement for the "Silk Road Eternal Love" project, with expected service fees of RMB 50 million, set to open in July 2026 [8] Earnings Forecast - The company expects EPS of RMB 0.45, 0.50, and 0.55 for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21.3, 19.3, and 17.5 [5][7] - Revenue projections for 2025 are estimated at RMB 2.686 billion, with a growth rate of 11.1% [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is facing profit pressure, with a focus on the progress of resource integration [1] - The company is the only publicly listed cultural tourism platform in the Xinjiang Autonomous Region, with scarce resource endowments [7] - The market for cultural tourism in Xinjiang remains robust, and the company is expected to achieve steady growth through diversified business operations [7] - The adjustment of profit forecasts for 2025 and 2026 is due to significant increases in cost and expenses, with projected net profits of 1.0 billion, 1.3 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [7] Financial Performance Summary - Total revenue for 2023 is projected at 3.05 billion, with a slight decline of 0.51% year-on-year for 2024, followed by a growth of 15.44% in 2025 [1][8] - The net profit attributable to the parent company is expected to decrease by 18.06% in 2024, but is projected to grow by 20.56% in 2025 [1][8] - The earnings per share (EPS) for 2024 is estimated at 0.56 yuan, with a forecasted increase to 0.67 yuan in 2025 [1][8] Business Segment Performance - Passenger transport revenue remained stable, while boat business revenue saw significant growth of 31% year-on-year [7] - The company plans to expand new projects and integrate resources to enhance market share and operational capacity [7]

社会服务 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 603136.SH 买入 原评级：买入 市场价格:人民币 12.39 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.6 1.5 7.9 (37.0) 相对上证综指 6.6 3.7 6.6 (44.9) (27%) (19%) (11%) (3%) 4% 12% Apr-24 May-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 天目湖 上证综指 | 发行股数 (百万) | 270.13 | | --- | --- | | 流通股 (百万) | 270.13 | | 总市值 (人民币 百万) | 3,346.87 | | 3 个月日均交易额 (人民币 百万) | 86.08 | | 主要股东持股比例（%） | | | 溧阳市城市建设发展集团有限公司 | 26.86 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 《天目湖》2024 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][7] Core Views - The company's performance in 2024 is under pressure due to multiple factors, but medium to long-term project developments are expected to boost the scenic area capacity and enhance business synergy [5][10] - The company achieved a revenue of RMB 1.931 billion in 2024, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders decreased by 25.51% to RMB 315 million [5][10] - The report anticipates a recovery in tourist growth and potential increases in capacity from both mountain and valley projects [10] Financial Summary - The company is projected to implement new regulations for paid use of scenic resources from 2025 to 2026, with adjusted EPS estimates of RMB 0.47, 0.54, and 0.63 for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25.4, 22.0, and 19.0 [7][9] - The main revenue sources and their growth rates are as follows: - Main revenue: RMB 1,931 million in 2024, with a growth rate of 0.1% - EBITDA: RMB 788 million in 2024, with a decrease of 7.9% - Net profit: RMB 315 million in 2024, with a decrease of 25.5% [9][10] - The report highlights that the company’s revenue from ticket sales decreased due to various discount policies, while the cable car business showed stable growth [10]