countercade|长白山(603099)：Q1业绩创历史新高 旺季客流数据值得期待

Core point of view: event: the company released its quarterly report of 2024, and 24Q1 achieved revenue 1.Countercade. 2.8 billion yuan, an increase of 83% over the same period last yearCountercade.73%, achieve a net profit of about 11 million yuan, turn losses into profits (23Q1 net profit-4 million yuan), deduct 12 million yuan of non-return net profit, and turn losses into profits (23Q1 deducts non-return net profit-4 million yuan). Thanks to the firm launch of ice and snow projects in Changbai Mountain, Q1 passenger flow and income have increased significantly. According to the Changbai Mountain Management Committee, by the end of March, the main scenic spot of Changbai Mountain had received a total of 465000 tourists, an increase of 138.6% over the same period last year. During the Qingming Festival short holiday, the Changbai Mountain Scenic spot received a total of 22800 tourists, an increase of 850 percent and 162 percent over the same period last year. The gross profit margin has increased sharply and the rate of sales expenses has increased slightly. 24Q1 gross profit margin 28.22%, year-on-year increase in 15.08pp. On the fee side, the Q1 expense rate is 13.9%, which is about 4pp lower than the same period last year, of which the sales / management / financial expense rate is 3.62%, 9.89% and 0.39%, which increases the 0.62pp/, reduces the 3.58pp/ and reduces the 0.99pp. Changbai Mountain main logic has not changed, recommended long-term attention: (1) the weather is getting warmer, May Day holiday is approaching, Changbai Mountain is about to usher in the peak season of passenger flow. According to the financial reports of Changbai Mountain over the years, summer tour is the largest theme tour in Changbai Mountain. Q3 is the peak season in Changbai Mountain, with an average daily passenger flow of more than 20,000 in July 23, and the net profit of returning mother in the third quarter of 17-19 is more than 100 million yuan. (2) the long-term logic of the company's traffic improvement + ice and snow project remains unchanged. After the opening of the Shenyang-Bai high-speed railway in 25 years, the time for Beijing to arrive in Changbai Mountain has been shortened to 4 hours, which is expected to further increase the passenger flow into the mountain.CountercadeThe new Dingzeng hotel project is expected to increase hotel supply during the peak snow season in the future. Profit forecast and investment advice. The company is expected to achieve a net profit of 2.0,2.30 and 260 million yuan respectively in 24-26, with a year-on-year growth rate of 43.2%, 16.6% and 12.0% respectively in 24-26 years, maintaining the company's fair value of 25.94 yuan per share, and giving a "buy" rating corresponding to 35 times of PE in 24 years. Risk hint. Macroeconomic fluctuationCountercadeThe risk of a decline in passenger flow caused by weather factors, and the risk of restrictions on fares, heating and other charging standards. [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.