图表内容
图表30：公司费用率、归母净利润情况
2022E
2023E
2024E
毛利率
63.7%
62.1%
65.3%
52.6%
50.0%
40.8%
59.7%
63.1%
山水园
65.2%
63.7%
68.1%
56.8%
62.9%
46.7%
63.7%
66.3%
南山竹海
68.9%
67.1%
69.3%
57.6%
59.7%
49.9%
65.4%
67.4%
酒店业务
64.7%
63.8%
66.2%
51.1%
35.7%
27.5%
57.0%
62.0%
温泉
59.7%
57.7%
58.8%
39.8%
43.5%
40.1%
56.5%
59.0%
旅行社业务
82.1%
4.6%
5.0%
4.8%
4.6%
4.1%
4.8%
4.9%
水世界业务
19.9%
17.6%
20.5%
9.8%
-171.1%
8.4%
14.0%
19.5%
其他业务
91.7%
92.1%
94.0%
86.1%
79.9%
85.0%
90.0%
92.0%
销售费用
65.41
71.72
67.48
58.91
53.80
37.30
72.00
97.25
管理费用
73.35
73.42
74.19
71.76
76.69
76.26
90.00
104.73
销售费用率
14.2%
14.7%
13.4%
15.7%
12.9%
10.3%
12.0%
13.0%
管理贽用率
15.9%
15.0%
14.7%
19.2%
18.3%
21.1%
15.0%
14.0%
归母净利润
84.5
103.2
123.7
54.9
51.5
24.9
131.5
177.3
YOY
21.9%
22.2%
19.9%
-55.6%
-6.2%
-51.6%
427.6%
34.9%
归母净利率
18.3%
21.1%
24.6%
14.7%
12.3%
6.9%
21.9%
23.7%
来源：公司财报，国金证券研究所
