证券日报网讯12月19日，中青旅（600138）在互动平台回答投资者提问时表示，中青旅创格主营云计 算、大数据、信息安全、监控、存储等IT产品硬件销售代理及系统集成业务，其业务模式符合行业惯 例，自设立以来保持平稳发展态势，在疫情期间及之后的业务恢复期均有良好的业绩表现，近三年每年 净利润均在五千万元以上，为公司旅游业务发展提供有力支持。同时公司持有乌镇景区、中青旅大厦、 中青旅品牌等优质资产，多年来在资本市场、供应商、同业、客户等方面均积累了丰富的资源，自上市 以来打造了旅游服务、整合营销、景区、酒店等多个专业化平台，并积极探索旅游与其他产业的融合发 展，不断推进旅游产业价值链的整合与延伸，构建起自己的核心经营模式、品牌优势和竞争壁垒，在旅 游行业加速变革的浪潮中打下了坚实的根基。未来公司将立足存量业务深挖消费潜力，同时积极探索增 量业务开拓空间。 ...

Core Insights - The company reported a revenue of 1.129 billion yuan for 2024, representing a year-on-year growth of 12.05%, while the net profit attributable to shareholders decreased by 10.56% to 201 million yuan [1] - In Q1 2025, the company achieved a revenue of 249 million yuan, a year-on-year increase of 10.41%, and a net profit attributable to shareholders of 42 million yuan, up 14.64% [1][2] Financial Performance - The company's revenue for 2024 was 1.129 billion yuan, with a gross margin of 41.73%, down 4.22 percentage points year-on-year [2] - R&D expenses increased by 27.69% in 2024, contributing to short-term profit pressure [2] - In Q1 2025, the gross margin improved to 43.61%, up 1.92 percentage points year-on-year, with significant reductions in sales, management, and R&D expense ratios [2] Product and Technology Development - The company is leveraging cutting-edge technologies such as IoT, software, 5G, and AI to expand into new sectors, including non-coal mining and chemicals [3] - The successful development of an underground autonomous mining vehicle by the end of 2024 marks a significant milestone, with initial acceptance of a project in collaboration with Shaanxi Coal Group [3] - A partnership with Xingshun New Materials for underground intelligent transportation, including autonomous electric vehicles and smart driving systems, indicates the expansion of autonomous operations in non-coal mining [3] Investment Outlook - The company is expected to see revenues of 1.354 billion, 1.612 billion, and 1.894 billion yuan from 2025 to 2027, with net profits of 256 million, 322 million, and 395 million yuan respectively [4] - A target price of 48.5 yuan is set based on a 25x PE ratio for 2025, maintaining a "recommended" rating [4]