“文化IP+旅游+科技”特色产业模式，多区域联动提升竞争力。根据公司财报，公司在“大湘西”、“大黄山”、“成渝”区域均有布局，形成产品端和销售端联动，丰富游客体验，提升运营效率。据祥源文旅公众号，公司旗下景区凤凰古城24 年2 月荣膺国家5A 级旅游景区，24 年9 月上榜“入境游客喜爱的十个名城古镇”，“湘见·沱江”是国内首个沉浸式艺术游船，极大提升了景区的国内外知名度。Core views:
Incident: The company released its mid-year report. 24H1 achieved operating income of 0.369 billion yuan, an increase of 11.3% year-on-year and a net profit of 0.059 billion yuan after adjustment. The adjusted net profit decreased by 2.92% year-on-year, after deducting non-return net profit of 0.058 billion yuan, and an increase of 5.87% year-on-year after adjustment. On a quarterly basis, 24Q2 achieved revenue of 0.233 billion yuan in a single quarter, an increase of 33.25%; realized net profit to mother of 0.047 billion yuan, an increase of 42.99%; and realized net profit of 0.045 billion yuan without return to mother, an increase of 42.84%.
The change in company-related expenses is mainly due to changes in the scope of the merger compared to the same period last year (increase of Bifengxia Company and reduction of Xiangtong Information and its subsidiaries). The company's 24Q2 gross margin was 47.66%, a year-on-year decrease of 2.56pp. On the cost side, the company's expense ratio during the 24Q2 period was 19.34%, up 5.15pp year on year, mainly due to a significant increase in sales expense ratio and financial expense ratio. Among them, the sales/management/R&D/finance expenses ratio were 6.11%, 11.39%, 0.93%, and 0.91%, respectively, up 3.04pp, down 0.78pp, down 0.3pp, and 3.19pp. Under the combined influence, the net interest rate due to mother in 24Q2 was 20.36%, a year-on-year decrease of 1.29pp.
The characteristic industrial model of “cultural IP+tourism+technology” enhances competitiveness through multi-regional collaboration. According to the company's financial report, the company has a layout in the “Daxiangxi”, “Dahuangshan”, and “Chengyu” regions, forming linkages between the product side and the sales side, enriching the tourist experience and improving operational efficiency. According to the official website of Xiangyuan Cultural Tourism, the company's scenic spot, the ancient city of Phoenix was awarded a national 5A tourist attraction in February '24, and was listed as “Ten Famous Cities and Towns Loved by Inbound Tourists” in September '24. “Xiangjian · Tuojiang” is the first immersive art cruise in China, which has greatly enhanced the popularity of the scenic area at home and abroad.
Profit forecasting and investment advice. The company is expected to achieve revenue of 0.968, 1.216, and 1.476 billion yuan respectively in 24-26, with year-on-year growth rates of 34.0%, 25.7%, and 21.4%, respectively, and net profit to mother of 0.199, 0.254, and 0.31 billion yuan respectively, with year-on-year growth rates of 31.7%, 27.3%, and 22.0%, respectively.
Referring to comparable company valuations, PE was given 28 times in 24 years, with a corresponding reasonable value of 5.23 yuan/share, maintaining a “buy” rating.
Risk warning. The risk of macroeconomic and tourism sentiment fluctuations; the risk of changes in pricing policies; the risk of safety accidents; and the risk of having to re-tender after the right to operate expires.