旅游市场复苏，高毛利项目驱动业绩

Investment Rating - Buy-A rating with a 6-month target price of 22.02 yuan [5][10] Core Views - The company's performance in 2023 showed significant recovery, with revenue reaching 6.30 billion yuan, up 70.90% YoY, and net profit attributable to shareholders reaching 1.47 billion yuan, up 623.90% YoY [2] - High-margin projects, such as scenic spots and hot spring businesses, drove the recovery, with scenic spot revenue increasing by 107.95% YoY and hot spring revenue increasing by 47.71% YoY [3] - The company's 2024 Q1 performance showed a decline in revenue and net profit, with revenue at 1.07 billion yuan, down 11.33% YoY, and net profit at 0.11 billion yuan, down 42.82% YoY [1] - The company is expected to continue benefiting from the recovery of the tourism market, with high-margin businesses driving future growth [10] Financial Performance 2023 Full Year - Revenue: 6.30 billion yuan, +70.90% YoY, recovering to 125.25% of 2019 levels [2] - Net profit attributable to shareholders: 1.47 billion yuan, +623.90% YoY, recovering to 118.55% of 2019 levels [2] - Operating cash flow: 3.16 billion yuan, +177.36% YoY [2] 2024 Q1 - Revenue: 1.07 billion yuan, -11.33% YoY, recovering to 120.22% of 2019 levels [1] - Net profit attributable to shareholders: 0.11 billion yuan, -42.82% YoY, recovering to 73.33% of 2019 levels [1] - Operating cash flow: 0.19 billion yuan, -57.63% YoY [1] Business Segment Performance - Scenic spot business: Revenue of 3.25 billion yuan, +107.95% YoY, with a gross margin of 71.25%, up 25.06 percentage points YoY [3] - Hot spring business: Revenue of 0.47 billion yuan, +47.71% YoY, with a gross margin of 48.41%, up 11.42 percentage points YoY [3] - Hotel business: Revenue of 2.07 billion yuan, +45.24% YoY, with a gross margin of 29.88%, up 5.05 percentage points YoY [3] - Water World business: Revenue of 0.13 billion yuan, -9.50% YoY, with a gross margin of 6.98%, down 8.65 percentage points YoY [3] Cost and Profitability - 2023: Gross margin of 54.34%, up 18.10 percentage points YoY, and net margin of 26.72%, up 20.98 percentage points YoY [4] - 2024 Q1: Gross margin of 38.17%, down 4.25 percentage points YoY, and net margin of 13.01%, down 5.05 percentage points YoY [4] Future Outlook - The company is expected to achieve revenue growth of 22.2%, 8.7%, and 8.7% in 2024, 2025, and 2026, respectively, with net profit growth of 39.5%, 14.2%, and 16.7% [10] - High-margin businesses are expected to drive future growth, with the company focusing on innovation and market expansion [10]