Sunriver Culture Tourism(600576) 新浪财经·2025-04-23 02:26Core Viewpoint - The company reported a strong performance in 2024 with a revenue increase of 20% year-on-year, although net profit saw a slight decline of 3% [1] Financial Performance - In 2024, the company achieved total revenue of 864 million yuan, with a net profit attributable to shareholders of 147 million yuan [1] - The fourth quarter of 2024 saw a significant revenue increase of 62% year-on-year, reaching 241 million yuan, and a net profit increase of 83% year-on-year, amounting to 36 million yuan [1] Business Segments - The tourism scenic area business generated 545 million yuan in revenue, up 40% year-on-year, with a gross margin of 63.05% [2] - The tourism service business reported a remarkable revenue increase of 768% year-on-year, totaling 107 million yuan, but with a lower gross margin of 9.34% [2] - The animation and film segment experienced a revenue decline of 62% year-on-year, generating 61 million yuan, with a gross margin of 22.09% [2] - Tea sales revenue decreased by 8% year-on-year to 72 million yuan, with a gross margin of 55.09% [2] - The tourism vacation segment achieved a revenue increase of 50% year-on-year, reaching 57 million yuan, with a gross margin of 14.93% [2] Future Outlook - For the first quarter of 2025, the company expects a net profit attributable to shareholders between 30 to 33 million yuan, representing a year-on-year increase of 149% to 174% [3] - The anticipated profit growth is attributed to new scenic areas and government subsidies [3] - The company is positioned for high growth and strong profit realization, with a focus on upcoming holiday seasons and potential asset injections [3] Profit Forecast - The company is projected to achieve total revenue of 1.34 billion yuan in 2025, with a year-on-year growth of 55%, and a net profit of 382 million yuan, reflecting a 160% increase [4] - Revenue forecasts for 2026 and 2027 are 1.51 billion yuan and 1.74 billion yuan, with respective year-on-year growth rates of 13% and 15% [4] - The estimated price-to-earnings ratios for 2025-2027 are 28X, 23X, and 19X respectively [4]