Investment Rating - The report maintains a **Buy-A** rating for the company with a 6-month target price of **8.37 RMB** [4] Core Views - The company's revenue for the first three quarters of 2024 reached **4.723 billion RMB**, a year-on-year increase of **130.05%**, driven by rapid business growth [1] - Net profit attributable to the parent company for the first three quarters of 2024 was **123 million RMB**, a significant year-on-year increase of **773.86%** [1] - The company's gross margin for the first three quarters of 2024 was **13.04%**, an increase of **1.55 percentage points** compared to the previous year [2] - The company is accelerating its digital transformation and expanding its nationwide retail network, with plans to reach **5,000 stores by the end of 2026** [4] Financial Performance - In Q3 2024, the company achieved revenue of **2.106 billion RMB**, a year-on-year increase of **67.06%**, with net profit attributable to the parent company of **52 million RMB**, up **6.31%** year-on-year [1] - The company's operating cash flow for the first three quarters of 2024 was **494 million RMB**, a year-on-year increase of **344.78%**, reflecting strong customer repayments and prepayments [1] - The company's net profit margin for the first three quarters of 2024 was **2.60%**, an increase of **1.92 percentage points** compared to the previous year [2] Industry Trends - The outbound tourism market is recovering, with demand shifting from traditional sightseeing to high-quality cultural and experiential travel [3] - The company is responding to market changes by optimizing product structures and expanding destination resources, such as launching the **MSC Mediterranean Cruise 2026 Global Route** [3] Strategic Initiatives - The company's retail brand, **Zhongxin Youyou**, secured **50 million RMB** in Pre-A round financing and has expanded to **20 provinces and autonomous regions** across China [4] - The company is focusing on building a digital retail model, integrating online and offline channels, and enhancing its digital marketing platform [4] Valuation and Forecast - The report forecasts the company's revenue for 2024-2026 to be **7.087 billion RMB**, **10.824 billion RMB**, and **12.376 billion RMB**, respectively, with year-on-year growth rates of **114.9%**, **52.7%**, and **14.3%** [7] - Net profit attributable to the parent company is expected to be **150 million RMB**, **245 million RMB**, and **334 million RMB** for 2024-2026, with year-on-year growth rates of **363.3%**, **64.1%**, and **36.3%** [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 9.00, up from the previous target of CNY 7.92 [4] Core Views - The Q3 2024 performance met expectations, with further recovery potential in East Asia and Southeast Asia [1] - The company is expected to benefit from industry consolidation and continue to focus on retail expansion [2] - Revenue recovery is on track, with Europe outperforming East Asia and Southeast Asia [2] - The company's profit margin is expected to stabilize between 2-3%, returning to normal levels [2] Financial Performance - Q3 2024 revenue reached CNY 2.106 billion, up 67.06% YoY, representing 54.8% of 2019 levels [2] - Net profit attributable to shareholders was CNY 51.73 million, up 6.31% YoY [2] - For the first three quarters of 2024, cumulative revenue was CNY 4.723 billion, up 130.05% YoY, representing 49.26% of 2019 levels [2] - Net profit margin for Q3 2024 was 2.62%, down from 4% in Q3 2023, reflecting a return to normal levels [2] Market and Industry Analysis - The company's market share has increased due to industry consolidation [2] - European destinations have recovered better than Asian ones, with Thailand and Japan lagging behind [2] - The company is expected to achieve a steady-state profit margin higher than pre-2019 levels through operational efficiency and staff optimization [2] - The company plans to expand its retail channels using a franchise model to strengthen its market position and brand recognition [2] Financial Forecasts - Revenue for 2024/25/26 is forecasted to be CNY 6.972 billion, CNY 9.508 billion, and CNY 11.219 billion, respectively [3] - Net profit attributable to shareholders for 2024/25/26 is expected to be CNY 168 million, CNY 241 million, and CNY 290 million, respectively [3] - EPS for 2024/25/26 is projected to be CNY 0.17, CNY 0.25, and CNY 0.29, respectively [3] Valuation Metrics - The company's PE ratio for 2024 is 45.40x, expected to decrease to 31.70x in 2025 and 26.40x in 2026 [3] - The PB ratio for 2024 is 7.78x, expected to decrease to 6.25x in 2025 and 5.05x in 2026 [9] - The PS ratio for 2024 is 1.10x, expected to decrease to 0.80x in 2025 and 0.68x in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance aligns with forecasts, with international passenger traffic continuing to recover [1] - Q3 revenue reached 55% of 2019 levels, with a significant year-over-year increase in both revenue and net profit [2] - The company's profitability is expected to be supported by the National Day holiday and off-peak travel products in Q4 [3] - As a leading domestic outbound travel operator, the company is well-positioned to benefit from the recovery of the outbound travel market [4] Financial Performance - Q1-Q3 2024 revenue was 4,723 million yuan, up 130% year-over-year, with net profit attributable to shareholders of 123 million yuan, up 774% year-over-year [2] - Q3 2024 revenue was 2,106 million yuan, up 67% year-over-year, with net profit attributable to shareholders of 52 million yuan, up 6% year-over-year [2] - Gross margin for Q3 2024 was 13.0%, up 1.2 percentage points year-over-year, while net margin was 2.5%, down 1.4 percentage points year-over-year [2] - The company's revenue is expected to grow from 6,818.53 million yuan in 2024E to 12,467.32 million yuan in 2026E, with net profit attributable to shareholders increasing from 165.74 million yuan in 2024E to 289.34 million yuan in 2026E [1] Market and Industry Trends - International passenger traffic at major airports in Beijing, Shanghai, and Guangzhou has shown significant recovery compared to 2019 levels [3] - The outbound travel market is expected to accelerate its recovery as international flights and destination visas gradually return to normal [3] - The company's "Huiwan Season" product series, targeting travel from mid-October 2024 to January 2025, has achieved nearly 80% sales as of October 14, 2024 [3] Valuation and Forecasts - The company's PE ratio is expected to decrease from 46.43 in 2024E to 26.59 in 2026E [1] - Adjusted net profit forecasts for 2024-2026 are 170 million yuan, 230 million yuan, and 290 million yuan, respectively [4] - The company's EPS is projected to increase from 0.17 yuan in 2024E to 0.29 yuan in 2026E [1] Financial Metrics - The company's total assets are expected to grow from 2,788 million yuan in 2024E to 3,631 million yuan in 2026E [10] - Net profit margin attributable to shareholders is forecasted to increase from 2.43% in 2024E to 2.32% in 2026E [10] - ROE (diluted) is expected to rise from 17.93% in 2024E to 20.07% in 2026E [11]

股票代码：002707 股票简称：众信旅游 公告编号：2024-044 众信旅游集团股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 根据《公司法》及《众信旅游集团股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，众信旅游集团股份有限公司（以下简称"公司"）第五 届董事会第十六次会议于 2024 年 10 月 30 日以通讯表决方式召开。本次会议由 董事长冯滨先生召集，并于 2024 年 10 月 25 日以电子邮件方式通知全体董事、 监事及高级管理人员。本次会议应到会董事 8 人，实际到会董事 8 人，会议由董 事长冯滨先生主持，公司的监事及高级管理人员列席了本次会议。会议召开及表 决符合有关法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》； 特此公告。 8 票赞成、 0 票反对、 0 票弃权，赞成票数占有效表决票数的 100％。 公司董事、监事、高级管理人员对《公司 2024 年第三季度 ...

股票代码：002707 股票简称：众信旅游 公告编号：2024-045 二、监事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》； 表决结果： 3 票赞成、 0 票反对、 0 票弃权，赞成票数占有效表决票数的 100％。 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 众信旅游集团股份有限公司 第五届监事会第十三次会议决议公告 本公司及监事会全体成员保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 根据《公司法》及《众信旅游集团股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，众信旅游集团股份有限公司（以下简称"公司"）第五届监 事会第十三次会议于 2024 年 10 月 30 日以通讯表决方式召开。本次会议由监事 长苏杰先生召集，并于 2024 年 10 月 25 日以电子邮件方式通知全体监事。本次 会议应到会监事 3 人，实际到会监事 3 人，会议由监事长苏杰先生主 ...

众信旅游集团股份有限公司 2024 年第三季度报告 股票简称：众信旅游 股票代码：002707 公告编号：2024-043 众信旅游集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------------|------------------|------------------ ...

股票代码：002707 股票简称：众信旅游 公告编号：2024-042 一、本期业绩预计情况 | --- | --- | --- | --- | |------------------------------------------------|-------------------------------------------------------------------------------|--------|------------------| | | | | | | | | | | | 项目 | 前三季度（ 2024 年 1 月 1 日 -2024 年 9 月 30 日） | | 上年同期 | | 归属于上市公司股东 的净利润 | 盈利： 11,500 万元 -13,500 万元 比上年同期增长： 713.72% 至 855.23% | 盈利： | 1,413.27 万 元 | | 归属于上市公司股东的 扣除非经常性损益的净利 润 | 盈利： 10,500 万元 -12,500 万元 比上年同期增长： 927.86% 至 1,123.64% | 盈利： | 1,021.54 万 元 | | 基 ...

北京市金杜律师事务所 关于众信旅游集团股份有限公司 2024 年第三次临时股东大会 的法律意见书 致：众信旅游集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受众信旅游集团股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公 司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民共和 国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和 规范性文件和现行有效的《众信旅游集团股份有限公司章程》（以下简称《公司章 程》）有关规定，指派律师出席了公司于 2024 年 9 月 23 日召开的 2024 年第三次 临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律 意见书。 2. 公司于 2024 年 8 月 31 日刊登于《证券时报》、巨潮资讯网及深圳证券交 易所网站的《众信旅游集团股份有限公司第五届董事会第十五次会议决议公告》 《众信旅游集团股份有限公司第五届监事 ...

股票代码：002707 股票简称：众信旅游 公告编号：2024-041 众信旅游集团股份有限公司 关于 2024 年第三次临时股东大会决议的公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会无否决、修改提案的情况，亦无新提案提交表决。 2、本次会议未涉及变更前次股东大会决议。 3、本次股东大会采用现场表决、网络投票相结合的方式。 （1）现场会议召开时间：2024 年 9 月 23 日下午 2:00（下午 1:30-2:00 为现 场审核登记时间）。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 9 月 23 日上 午 9:15-9:25，9:30-11:30，下午 1:00-3:00； 通过互联网投票系统进行网络投票的时间为：2024 年 9 月 23 日上午 9:15 至 下午 3:00 期间的任意时间。 2、会议召开地点：北京市朝阳区朝阳公园路 8 号（朝阳公园西 2 门）众信 旅游大厦二层大会议室。 4、本次股东大会对中小投资者单独计票。 一、会议召开情况 1、本次股东大会的召开时间 3 ...

股票代码：002707 股票简称：众信旅游 公告编号：2024-040 众信旅游集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 众信旅游集团股份有限公司（以下简称"公司"或"众信旅游"）于 2024 年 4 月 29 日召开第五届董事会第十二次会议、第五届监事会第十次会议及 2024 年 5 月 20 日召开 2023 年度股东大会，审议通过了《关于确定公司及子公司互保额 度的议案》，同意公司 9 家控股子公司之间 2024 年度互保的额度为人民币 19.80 亿元，有效期为自公司 2023 年度股东大会审议批准之日起至 2024 年度股东大会 召开之日止，有效期内担保额度可循环使用。具体内容详见公司于 2024 年 4 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于确定公司及子公司互保 额度的公告》（公告编号：2024-013）。 二、担保进展情况 1、公司近日就众信博睿（北京）国际商务会议展览有限公司（以下简称"博 睿商务"）与中国工商银行股份有限公司北京东 ...