Zheng Quan Zhi Xing·2025-08-21 06:21Core Viewpoint - Jiuhua Tourism (603199) is experiencing significant growth driven by increased visitor traffic and improved transportation, with a "Buy" rating maintained by Dongwu Securities [1][2]. Financial Performance - In Q2 2025, Jiuhua Tourism achieved revenue of 248 million yuan, a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 73 million yuan, up 17.4% year-on-year [1]. - The company's net profit excluding non-recurring items was 71 million yuan, reflecting an 18.6% year-on-year growth [1]. - The number of visitors to Jiuhua Mountain in the first half of 2025 reached approximately 5.65 million, representing an 11.81% increase year-on-year [1]. Business Segments Growth - Revenue from hotel operations reached 133 million yuan, a year-on-year increase of 12.93% [1]. - Revenue from the cable car business was 185 million yuan, up 21.49% year-on-year [1]. - Passenger transport revenue increased to 117 million yuan, reflecting a 29.78% year-on-year growth [1]. - Revenue from travel agency services was 193 million yuan, marking a 34.02% increase year-on-year [1]. Future Outlook - The company benefits from the cultural and natural resources of Jiuhua Mountain, with external transportation improvements expected to sustain visitor growth [2]. - New projects, including the Lion Peak cable car and hotel expansions, are anticipated to contribute to revenue growth [2]. - Profit forecasts for 2025-2027 project net profits of 217 million, 243 million, and 267 million yuan, respectively, with corresponding P/E ratios of 19, 17, and 15 [2]. Analyst Ratings - Over the past 90 days, seven institutions have rated Jiuhua Tourism, with six "Buy" ratings and one "Hold" rating [4]. - The average target price from institutions in the last 90 days is 46.51 yuan [4].