Sunriver Culture Tourism(600576) 东吴证券·2025-04-19 13:12Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a total revenue of 864.12 million yuan in 2024, representing a year-on-year increase of 19.64%, and a net profit attributable to shareholders of 146.55 million yuan, reflecting a slight decrease of 3.14% year-on-year [7] - The forecast for Q1 2025 indicates a significant increase in net profit, with a year-on-year growth of 120% for the non-recurring profit [7] - The company is focusing on both organic growth and external expansion to enhance performance, with plans to upgrade its resort offerings and leverage technology in cultural tourism projects [7] Financial Summary - Total revenue projections for the company are as follows: 722.26 million yuan in 2023, 864.12 million yuan in 2024, 1,461.52 million yuan in 2025, 1,620.19 million yuan in 2026, and 1,766.78 million yuan in 2027 [1][8] - The net profit attributable to shareholders is forecasted to be 151.30 million yuan in 2023, 146.55 million yuan in 2024, 389.60 million yuan in 2025, 460.59 million yuan in 2026, and 529.72 million yuan in 2027 [1][8] - The earnings per share (EPS) are projected to be 0.14 yuan in 2023, 0.14 yuan in 2024, 0.37 yuan in 2025, 0.44 yuan in 2026, and 0.50 yuan in 2027 [1][8] - The company’s price-to-earnings (P/E) ratio is expected to decrease from 69.56 in 2023 to 19.87 in 2027, indicating improved valuation over time [1][8]