Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [4][10]. Core Insights - The company reported a 10.5% year-on-year increase in tourism operations revenue for H1 2024, reaching 10.649 billion RMB, while total revenue grew by 5.8% to 9.415 billion RMB. However, net profit attributable to shareholders decreased by 31.79% to 322 million RMB, primarily due to one-time gains from asset sales in the previous year [4]. - Club Med's global revenue reached a historical high, with sustainable growth in bookings. Revenue in mainland China increased by 20.5%, with outbound tourism and inbound reception revenue growing fivefold and sevenfold, respectively [4][5]. - The company is focusing on a light asset strategy, with the signing of the second phase of the Taicang project, marking a significant milestone in this transition [5]. Financial Data and Profit Forecast - The company forecasts revenue growth from 17.15 billion RMB in 2023 to 18.53 billion RMB in 2024, with a projected net profit of 349 million RMB in 2024, increasing to 492 million RMB by 2026 [6][8]. - The report outlines a consistent growth trajectory in revenue and net profit, with expected growth rates of 8% for 2024 and 9% for the following years [6][8].
复星旅游文化：Club Med稳步增长，推动轻资产运营