盈利预测与评级：我们预计公司25-27 年实现营收49.67/56.02/62.77 亿元，同比增速分别为 15.26%/12.80%/12.03%，实现归母净利润1.35/1.82/2.35 亿元，同比增速分别为-10.22%/35.04%/28.90%， 当前股价对应PE 分别为65.18/48.27/37.45 倍。 我们选取同有旅行社业务的众信旅游、中青旅及有酒店业务的锦江酒店作为可比公司，根据ifind 一致 预期，可比公司2026 年PE 为49.23 倍，考虑到行业端持续复苏，公司的旅行社及酒店业务有望持续受 益于出境游、入境游及国内游的增长；公司作为广州市国资委下属文旅平台，未来有望承接其资源，为 公司赋能。首次覆盖，给予"增持"评级。 风险提示：市场竞争日益加剧的风险；宏观经济增长不及预期；出入境政策变动等。 业务全国化及多元化发展并行。1）广之旅完成全国化布局，产品端持续创新深化： 25H1 旅行社运营占公司收入的七成以上，为公司收入的主要构成。广之旅业务已完成全国性布局，建 成华南总部及华北、华中、西北、华东和西南运营中心，业务遍及全球100 多个国家和地区。2）住宿 业有序推进"南北协 ...

Group 1 - The core point of the article is that Lingnan Holdings announced the convening of its 21st board meeting on December 8, 2025, to discuss the proposal for the third extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, Lingnan Holdings' revenue composition is as follows: travel agency operations account for 73.47%, hotel operations for 21.13%, hotel services for 5.01%, and automotive services for 0.39% [1] - As of the report date, Lingnan Holdings has a market capitalization of 7.9 billion yuan [1]

Core Viewpoint - Lingnan Holdings has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the tourism and hospitality sector [1][2]. Financial Performance - For the first half of 2025, Lingnan Holdings achieved a revenue of 2.09 billion yuan, representing a year-on-year growth of 8.52% [2]. - The net profit attributable to shareholders for the same period was 49.53 million yuan, reflecting a year-on-year increase of 24.39% [2]. Stock Performance - As of October 30, Lingnan Holdings' stock price rose by 50.83% year-to-date, with a 3.58% increase over the last five trading days [1]. - The stock has been actively traded, with a turnover of 92.49 million yuan and a market capitalization of 9.705 billion yuan [1]. Shareholder Information - As of June 30, the number of shareholders increased by 29.68% to 46,900, while the average number of circulating shares per person decreased by 22.89% to 14,284 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 25.52 million shares, an increase of 699,600 shares from the previous period [3]. Business Segments - Lingnan Holdings' main business segments include travel agency operations (73.47% of revenue), hotel operations (21.13%), hotel management (5.01%), and automotive services (0.39%) [1].

Group 1 - Lingnan Holdings (SZ 000524) announced on September 19 that its 11th Board of Directors meeting was held via telecommunication, where it reviewed proposals regarding the leasing of properties by its wholly-owned subsidiary and related transactions [1] - For the first half of 2025, Lingnan Holdings reported that its revenue composition was as follows: travel agency operations accounted for 73.47%, hotel operations for 21.13%, hotel services for 5.01%, and automotive services for 0.39% [1] - As of the report date, Lingnan Holdings had a market capitalization of 10.2 billion yuan [1]

Core Viewpoint - Lingnan Holdings has shown a significant increase in stock price this year, with a year-to-date rise of 59.27%, despite a recent decline in the last five trading days [1][2]. Financial Performance - For the first half of 2025, Lingnan Holdings achieved a revenue of 2.09 billion yuan, representing a year-on-year growth of 8.52%. The net profit attributable to shareholders was 49.53 million yuan, up 24.39% year-on-year [2]. - The company has distributed a total of 698 million yuan in dividends since its A-share listing, with 53.62 million yuan distributed in the last three years [3]. Stock Market Activity - As of September 18, Lingnan Holdings' stock price was 15.29 yuan per share, with a market capitalization of 10.25 billion yuan. The trading volume was 349 million yuan, with a turnover rate of 3.46% [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 11, where it recorded a net buy of -19.23 million yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 29.68% to 46,900, while the average circulating shares per person decreased by 22.89% to 14,284 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 25.52 million shares, and new entrants such as Nuoan Flexible Allocation Mixed Fund [3]. Business Segments - Lingnan Holdings' main business segments include travel agency operations (73.47% of revenue), hotel operations (21.13%), hotel management (5.01%), and automotive services (0.39%) [1].