Sunriver Culture Tourism(600576) 东吴证券·2025-04-20 05:23Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to achieve a total revenue of 864.12 million yuan in 2024, representing a year-on-year growth of 19.64%, and a net profit attributable to shareholders of 146.55 million yuan, which is a 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 net profit [7] - The company is focusing on both organic growth and external expansion to enhance performance, with plans to innovate products and upgrade resort facilities [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 722.26 million yuan (2023A), 864.12 million yuan (2024A), 1,461.52 million yuan (2025E), 1,620.19 million yuan (2026E), and 1,766.78 million yuan (2027E) [1][8] - Net profit attributable to shareholders is projected to be 151.30 million yuan (2023A), 146.55 million yuan (2024A), 389.60 million yuan (2025E), 460.59 million yuan (2026E), and 529.72 million yuan (2027E) [1][8] - The company’s earnings per share (EPS) are expected to increase from 0.14 yuan in 2023A to 0.50 yuan in 2027E [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 69.56 in 2023A to 19.87 in 2027E, indicating improved valuation over time [1][8] Business Segment Performance - In 2024, the tourism scenic area revenue is expected to grow by 40%, with significant contributions from various business segments [7] - The company plans to enhance its asset portfolio by acquiring high-potential projects and improving existing facilities [7]