Core point of view: event: the company publishes its annual report 2023 and quarterly report 2024ArcadegamesforsalenearmeThe company's revenue in 2023 was 19.Arcadegamesforsalenearme.2.6 billion yuan, an increase of 320 million over the same period last yearArcadegamesforsalenearme.76%; the net profit of returning to the mother is-110 million yuan, deducting the net profit of non-returning to the mother-88.31 million yuan, which is mainly dragged down by the impairment loss of 860 million yuan on the investment of the greenhouse Group. 24Q1 achieved revenue of 560 million yuan in a single quarter, an increase of 138.7% over the same period last year, a net profit of 252 million yuan, an increase of 317.33% over the same period last year, and a net profit of 249 million yuan, an increase of 349.07% over the same period last year, mainly due to the normal business of all scenic spots of 24Q1 Company, while some scenic spots failed to open in the same period of 23 years. Sub-business: the revenue of each project has rebounded sharply in 23 years. Hangzhou Songcheng Scenic spot is the base camp. 18 love events have been staged in 2 consecutive days during the 23-year Labour Day holiday, making it the most popular scenic spot outside the West Lake.ArcadegamesforsalenearmeIt's a new record. In 2023, the revenue of Hangzhou Songcheng Scenic spot was 619 million yuan, an increase of 243.9% over the same period last year, with a gross profit margin of 63.06%, an increase of 41.73pp over the same period last year. The income of Lijiang and Guilin scenic spots increased greatly compared with 19 years, the number of performances in one day reached an all-time high, and the market share continued to increase. Xi'an scenic spot is becoming more and more mature, the number of performances is growing, and it has become a popular tourism style in Xi'an. It is planned to officially open the No. 2 Theatre in the summer of 24. In terms of light assets business, the company realized design planning fee income of 84.621 million yuan in 2023, an increase of 413.9% over the same period last year. Profit forecast and investment advice. In 2024, all the company's stock projects have been opened, the Foshan project has exceeded expectations, and the three Gorges project strives to open a park in the summer; during the epidemic, the company has reduced costs and increased efficiency, and the theater's capacity has been further improved, and it is expected that greater performance flexibility will be released during the peak season. The recovery of individual visitors is good in 23 years, and the recovery of group visitors is general. Scenic spots such as Lijiang and Guilin are mainly group tourists, while 24 years of group and individual visitors have fully recovered. It is estimated that the company's income from 2024 to 2026 will be 27.95,33.69 and 3.769 billion yuan respectively, with year-on-year growth rates of 45.1%, 20.5% and 11.9% respectively, and the net profit of homing will be 12.7,15.8 and 1.88 billion yuan respectively. Considering the profitability repair of the company's stock project, the new project in Foshan has a strong growth momentum, maintaining a fair value of 12.14 yuan per share, corresponding to a 24-year 25-fold PE valuation and maintaining a "buy" rating. Risk hint. The risk of macroeconomic fluctuations, the slowdown of the growth rate of stock projects, the risk of new projects landing and profitability falling short of expectations, and the risk of safety accidents. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.