Core Insights - The company reported a total revenue of 864 million yuan for 2024, representing a year-on-year growth of 19.64%, while the net profit attributable to shareholders decreased by 3.14% to 147 million yuan [1] - In Q4 2024, the company achieved a revenue of 241 million yuan, a significant year-on-year increase of 62.2%, and a net profit attributable to shareholders of 36 million yuan, up 83.87% [1] - The company’s gross margin for 2024 was 49.43%, a decrease of 2.53 percentage points compared to the previous year, while the sales expense ratio increased by 0.77 percentage points to 9.05% due to increased promotional efforts [1] Financial Performance - For Q1 2025, the company reported a revenue of 212 million yuan, a year-on-year increase of 55.22%, and a net profit attributable to shareholders of 31.19 million yuan, up 158.67% [2] - The company’s non-recurring net profit for Q1 2025 was 27.5 million yuan, reflecting a year-on-year growth of 112.44% [2] - The company’s revenue projections for 2025-2027 are 1.385 billion, 1.589 billion, and 1.762 billion yuan, with respective growth rates of 60.3%, 14.7%, and 10.9% [2] Project Performance - In 2024, the Baolong Tianti (Baolong Green) project achieved a non-recurring net profit of 108 million yuan, while Huanglong Cave (Tourism Development) and Phoenix Ancient City (Phoenix Xiangsheng) achieved non-recurring net profits of 21.68 million yuan and 19.7 million yuan, respectively, all meeting their annual performance commitments [1] Valuation and Investment Recommendation - Based on comparable company valuations, a PE ratio of 32 for 2025 is suggested, leading to a reasonable value of 11.04 yuan per share, maintaining a "buy" rating [3]

今年五一，被网友称为"最早崩溃"的景区出现了。5月2日，多名网友通过社交平台反映，湖南张家界国家森林公园出现拥堵： 天梯排队三小时拍摄不到两分钟 晚上排队七八个小时才下山 上千名游客深夜滞留山上大喊退票 随后，张家界致歉，并承认景区在旅游高峰时段"综合管理能力方面还存在较大差距"。 5月2日-3日，笔者恰好在张家界游玩，经历了两天时间内排队时间超过9个小时（不算最长的），目睹现场游客们排队的种种艰难，因为排队下山太久， 差点误了飞机。 张家界为何堵到崩溃？"排队困局"怎么破？答案事关每一个人。 01 堵到崩溃，在张家界不是第一次。 今年3月，极目新闻报道，有网友发视频反映称，湖南张家界天子山景区数千名游客滞留，无法顺畅下山。 2023年春节，红星新闻报道，大年初三，湖南张家界国家森林公园接待游客逾6万，接待人数创单日新高。但有游客在网上反映，景区未控制人流量，导 致成千上万名游客大晚上被困在山上。 今年五一假期，笔者也领教到了人生最频繁、最长时间的排队经历。 5月2日上午10点前，抵达天门山森林公园景区，在山门外跟随大批游客一起，步行2公里到大门口，排队进入景区，耗时大约2.5小时； 5月2日下午，排队从天门 ...