24H1，杭州/三亚/丽江/九寨/桂林/西安/广东项目均为盈利状态，其单场收入分别为38/21/24/17/20/11/21 万元，单场净利润分别为19/12/14/5/6/4/8 万元，项目净利率分别为The company released its 2024 semi-annual report. 24H1 achieved revenue of 1.177 billion yuan/yoy +59% (previously estimated performance of 11.00 to 1.25 billion yuan), achieved net profit of 0.55 billion yuan/yoy +82% (previous performance forecast was 4.80 to 0.62 billion yuan), after deducting net profit of 0.547 billion yuan/yoy +85% (previous performance forecast was 4.770.6~17 billion yuan). Single 24Q2 achieved revenue of 0.618 billion yuan/yoy +22%, achieved net profit of 0.299 billion yuan/yoy +23%, and deducted net profit of non-return to mother of 0.298 billion yuan/yoy +24%.
The sharp year-on-year increase in the company's revenue and net profit was mainly due to the year-on-year increase in the number of opening days of the company's various scenic spots and the opening of a new project in Guangdong.
By project, 1) The Hangzhou Songcheng project achieved revenue of 0.26 billion yuan/yoy +35%, mainly due to an increase in opening time compared to last year. The overall tourist area (including Apple Park, Langlang Water Park, etc.) achieved revenue of 0.293 billion yuan/yoy +29%, gross profit margin 60.47% /yoy-0.26pp; 2) Sanya Qianguqing achieved revenue of 0.112 billion yuan/yoy +6%, gross profit of 78.86% /yoy-0.20pp, achieving net profit of 0.064 billion yuan/yoy +4%, corresponding to a net interest rate of 57% /yoy-1pp; 3) Lijiang Qianguqing achieved revenue of 0.125 billion yuan/yoy -8%, gross profit of 76.91% /yoy -3.49%, realized net profit of 0.072 billion yuan/yoy -15%, corresponding net profit margin 57% /yoy-5pp; 4) Guangdong Qianguqing, which was newly opened in February 2024, achieved revenue of 0.126 billion yuan, gross margin of 68.00%, and has only been in business for 5 months It achieved a net profit of 0.049 billion yuan, corresponding to a net interest rate of 39%, and climbed rapidly. In addition, the company achieved e-commerce fees/design planning fees of 0.128/0.142 billion yuan, +120%/+87% year-on-year respectively, and gross business margins of 98.65%/97.61%, respectively, and -0.53/+0.39pp.
24H1, the Hangzhou/Sanya/Lijiang/Jiuzhai/Guilin/Xi'an/Guangdong projects were all profitable. Their single revenue was 38/21/24/17/0.2/0.11/0.21 million yuan respectively, and the net profit for a single market was 19/12/14/5/0.06/0.04/0.08 million yuan, respectively. The net interest rates of the projects were respectively
51%/57%/57%/30%/32%/38%/39%, of which the Hangzhou/Sanya/Lijiang project revenue was -3%/-6%/-17% year-on-year, respectively, and the net profit for a single market was -2%/-9%/-23%. The net profit of the Zhangjiajie and Shanghai projects has not been corrected. The 24H1 single market revenue was 0.11/0.17 million yuan, respectively, and the single net loss was 0.04/0.07 million yuan, respectively. However, new projects such as Xi'an and Guangdong climbed rapidly, contributing to incremental revenue and profits.
Profit forecast and investment advice: The company is a leading tourism and performing arts leader in China. Mature projects continue to be iterated, further opening up room for growth after new projects are launched. The company's revenue for 2024-2026 is estimated to be 2.65/3.075/3.455 billion yuan, respectively, +38%/+16%/+12%, and net profit to mother is 1.21/1.429/1.635 billion yuan, respectively, +1201%/+18%/+14%. The PE corresponding to the current stock price is 16/14/12X, respectively, maintaining the “recommended” rating.
Risk warning: risk of macroeconomic fluctuations, risk of tourist flow recovery in scenic spots falling short of expectations, risk of tourism consumption power not recovering as expected
