Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 CNY [1] Core Views - The company is actively pursuing growth strategies during a challenging industry phase, focusing on optimizing its organizational structure and enhancing execution efficiency [7] - The company has established itself as a leader in the 100-500 CNY price range within its home province, with ongoing opportunities for market expansion [7] - The company is making significant strides in its V series and expanding its presence in markets outside its home province, particularly in the Yangtze River Delta region [7] - The company has shown resilience in maintaining stable pricing and strong sales performance during the seasonal downturn, with a notable increase in banquet events during the May Day holiday [7] - The company is expected to achieve steady revenue growth, with projected total revenue of 11,546 million CNY in 2024, reflecting a year-on-year growth rate of 14.3% [3] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,546 million CNY, 12,578 million CNY, 13,641 million CNY, and 14,695 million CNY respectively, with corresponding growth rates of 14.3%, 8.9%, 8.5%, and 7.7% [3] - The net profit attributable to shareholders is projected to be 3,412 million CNY in 2024A, with growth rates of 8.8%, 6.9%, 7.8%, and 7.8% for the following years [3] - Earnings per share (EPS) are forecasted to be 2.74 CNY for 2024A, increasing to 3.40 CNY by 2027E [3] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 17 in 2024A to 14 in 2027E, indicating potential value for investors [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 yuan [1] Core Views - The company is actively pursuing growth strategies during a challenging industry phase, focusing on optimizing its organizational structure and enhancing execution efficiency [7] - The company has established itself as a leader in the 100-500 yuan price range within its home province, with ongoing efforts to expand market share and explore growth opportunities in both domestic and provincial markets [7] - The company is making significant strides in its V series and expanding its presence in provincial markets, particularly in the Yangtze River Delta region, which is expected to contribute to long-term growth [7] - The company has shown resilience in maintaining stable pricing and operational performance, with a notable increase in banquet events during the May Day holiday [7] - The report forecasts steady revenue growth, with total revenue projected to reach 11,546 million yuan in 2024, reflecting a year-on-year growth rate of 14.3% [3] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,546 million yuan, 12,578 million yuan, 13,641 million yuan, and 14,695 million yuan respectively, with corresponding growth rates of 14.3%, 8.9%, 8.5%, and 7.7% [3] - The net profit attributable to the parent company is expected to be 3,412 million yuan in 2024A, increasing to 4,235 million yuan by 2027E, with growth rates of 8.8%, 6.9%, 7.8%, and 7.8% for the respective years [3] - Earnings per share (EPS) are projected to be 2.74 yuan in 2024A, rising to 3.40 yuan by 2027E [3] - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 17 in 2024A to 14 in 2027E, indicating potential value for investors [3]

阳春三月，春和景明。3月20日，"智造未来、向新而行"苏州金龙客运旅游产品交流会——山东站 在美丽的海滨城市烟台举行。来自山东省内的客运旅游行业从业者近200人齐聚一堂，共同探讨行业发 展新动态，谋划道路客运新未来，品鉴苏州金龙跨代升级产品——新V系客车! 解锁旅运升级密码！苏州金龙客运旅游产品交流会 闪耀烟台 此外，对于客运行业用户普遍关注的服务问题，苏州金龙售后服务区域经理纪扣平也在现场进行了 分享。 上市满周年 新V系收获高品质口碑 行业深刻变革 客运解决方案亟需迭代 随着出行方式的多元化发展以及人们对出行品质需求的提高，我国客运旅游行业进入转型升级的变 革期，旅游客运市场对高品质、高运营效率以及低碳环保车辆的需求日益迫切。 山东，更是如此。正如苏州金龙副总经理邱远红在此次交流会上所说，"山东是齐鲁文化的发源 地，改革创新、开放包容、务实拼搏、敢为人先的精神深刻地影响着这片土地，因此，山东客运旅游行 业对高效、舒适、智能的客运解决方案的需求也尤为迫切。" 本次交流会，苏州金龙共展出了4款新V系车型，分别是56座配装商务座椅的V13、V12复兴号及改 装版，还有一款2+1座椅布局的V9，吸引了众多旅游客运 ...