What happened: the company released its quarterly report in 2024, and 2024Q1 achieved revenue of 3%.Deuceswildbonuspokerfree40 million yuan, down 0% from the same period last yearDeuceswildbonuspokerfree.4%DeuceswildbonuspokerfreeThe net profit of home ownership was 30 million yuan, down 60.5% from the same period last year.DeuceswildbonuspokerfreeThe gross profit margin was 39.5%, down 8.3% from the same period last year, and the net profit margin was 8.6%, down 12.3% from the same period in 2019. The Huangshan Scenic spot received a total of 827000 visitors, down 2.1 percent from the same period last year. The reasons for the expected decline are as follows: (1) the ticket-free policy of Huangshan City: the 24Q1 Huangshan Municipal Government has introduced a "no-reduction policy" for category A scenic spots in Huangshan City, resulting in a decrease in ticket revenue in the company's scenic spot business compared with the same period last year. (2) the arrival of the company's new project leads to an increase in depreciation and amortization compared with the same period last year, which is a drag on the performance: although the passenger flow of 2024Q1 in Huangshan Scenic spot decreases slightly and its revenue remains basically unchanged, the company's operating cost is 200 million yuan, an increase of 15.3% over the same period last year, mainly due to the increase of 7 stores in the hometown of Q1 merchants this year, and the landing of the company's Taiping Lake Manxin Hotel in Q1. The arrival of the new project led to an increase in depreciation and amortization compared with the same period last year. (3) Corporate income tax expenses increased by 82.6% year-on-year: mainly due to corporate losses in 2022, so 2023Q1 income tax expenses can be deducted, resulting in a substantial increase in corporate 2024Q1 income tax expenses year-on-year data. Tiandu Peak is about to open, and the Chihuang high-speed railway was opened on April 26, 2023, which is expected to catalyze the increase of passenger flow in Huangshan Scenic spot. Tiandu Peak in Huangshan will open in the first half of this year after five years. As one of the most famous scenic spots in Huangshan Scenic area, Tiandu Peak can boost the passenger flow of Huangshan after opening. Jiuhuashan Station and the nearest Huangshan West Railway Station are only a 19-minute drive, which greatly improves the transportation convenience between Huangshan and Jiuhuashan, and is expected to realize the complementary linkage between Huangshan and Jiuhuashan passenger groups. The "Dahuangshan" policy has a long slope and thick snow, and Huangshan ushered in medium-and long-term development opportunities. On December 14, 2023, the standing Committee of the Anhui Provincial CPC Committee issued the Action Plan for the Construction of a World-class Leisure, Holiday, Recreation and Tourism destination in Dahuangshan Mountain, aiming to achieve a GDP of 1.4 trillion yuan by 2033. The added value of the six high-end service industries increased by more than 10% a year, received more than 670 million domestic tourists and received more than 790 billion yuan in tourism income. We will focus on the short board of the industry and introduce a number of building and mending chain formats to cultivate innovative tourism products such as high-end hotels, film and television performing arts, theme parks, parent-child amusement, sports, hot spring vacations, business awards, and so on. 350 major investment projects with a total investment of more than 300 billion yuan. Profit forecast and investment advice. It is estimated that the company's net profit from 2024 to 2026 will be 4.7,5.7 and 640 million yuan respectively. The company has high-quality tourism resources in Huangshan, and is expected to achieve sustained growth and maintain a "buy" rating under the catalysis of policies. Risk hint: scenic spot passenger flow recovery is less than expected risk, policy change risk, macroeconomic fluctuation risk [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
