Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.241 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 10.96%, while the net profit attributable to shareholders was 67 million yuan, down 45.73% year-on-year [1] - The retail business is expanding rapidly through a franchise model, with plans to increase the number of retail stores from 2,500 to 5,000 by 2027 [1][2] - The company is positioned as a leader in the outbound group travel market, with strong product and brand value, as well as robust supply chain and resource integration capabilities [2] Financial Performance - In Q3 2025, the company achieved a revenue of 2.366 billion yuan, a year-on-year increase of 12.35%, but the net profit attributable to shareholders was 27 million yuan, down 48.64% year-on-year [1] - The gross margin for Q3 2025 was 10.21%, a decrease of 2.78 percentage points year-on-year, primarily due to intensified competition in the group travel market [2] - The company expects revenues of 7.224 billion yuan, 8.050 billion yuan, and 9.119 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.9%, 11.4%, and 13.3% [2][3] Business Segments - The wholesale travel business remains the core revenue driver for the company, with a recovery rate of 87.8% in the international aviation market compared to 2019 [1] - The retail business is leveraging digital technologies such as the "U Protection" service plan and AI assistants to enhance operational efficiency and customer experience [1] Market Outlook - The company is actively expanding into inbound tourism and other trending business areas, which is expected to open up long-term growth opportunities [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant recovery in revenue and net profit for 2024, with operating income reaching 6.455 billion yuan, a year-on-year increase of 95.7%, and a net profit of 106 million yuan, up 228.2% year-on-year [3] - The wholesale business showed a rapid recovery, with revenue of 4.793 billion yuan, a year-on-year increase of 136.43%, while the retail business also performed well with a revenue of 746 million yuan, up 59.83% year-on-year [4] - The company is focusing on expanding its retail business, which has a higher gross margin compared to wholesale, and is expected to become a major profit contributor [6] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 6.455 billion yuan and a net profit of 106 million yuan, with a gross margin of 13.0% and a net margin of 1.64% [3] - For Q1 2025, the company reported an operating income of 1.165 billion yuan, a year-on-year increase of 13.74%, but a net profit decline of 32.39% to 19 million yuan due to rising sales and management expenses [5] Business Segmentation - The wholesale business revenue for 2024 was 4.793 billion yuan, while the retail business generated 746 million yuan, indicating strong growth in both segments [4] - The company has over 2,000 retail stores across more than 20 provinces, enhancing its market presence and service experience [4] Future Projections - The revenue forecast for 2025-2027 is adjusted to 8.438 billion yuan, 12.106 billion yuan, and 14.019 billion yuan, respectively, with corresponding net profit estimates of 147 million yuan, 232 million yuan, and 329 million yuan [7] - The expected EPS for 2025, 2026, and 2027 is projected to be 0.15 yuan, 0.24 yuan, and 0.34 yuan, respectively, with a PE ratio of 56, 35, and 25 times [7]