JHT(603199) 广发证券·2024-08-01 08:01Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199.SH) with a target price of 36.41 CNY per share, based on a 20x PE valuation for 2024 [3][4]. Core Insights - Jiuhua Tourism reported a revenue of 395 million CNY for 1H24, a year-on-year increase of 3.92%, and a net profit attributable to shareholders of 114 million CNY, up 2.65% year-on-year. Compared to 1H19, revenue grew by 36.08% and net profit by 41.82%. In Q2 2024, revenue reached 215 million CNY, a 14.17% increase year-on-year, with net profit growing by 25.7% [1][2]. - The company has successfully reduced its expense ratio, with a decrease of 0.24 percentage points to 15.45% in 1H24 compared to the previous year, and a 0.8 percentage point reduction compared to 1H19. The management expense ratio decreased by 0.32 percentage points to 11.8% year-on-year [1]. - The breakdown of revenue by business segment shows: - Hotel: 120 million CNY, up 2.72%, with a gross margin of 18.31% - Passenger transport: 90 million CNY, up 28.1%, with a gross margin of 57.77% - Cable car: 150 million CNY, down 6.1%, with a gross margin of 87.8% - Travel agency: 140 million CNY, up 17.9%, with a gross margin of 1.97% [1]. Financial Summary - The financial projections for Jiuhua Tourism indicate expected net profits of 200 million CNY, 220 million CNY, and 240 million CNY for 2024, 2025, and 2026 respectively, representing growth rates of 15.4%, 10.7%, and 9.1% [2][6]. - The company’s revenue is projected to grow from 798 million CNY in 2024 to 945 million CNY by 2026, with growth rates of 10.3%, 9.4%, and 8.3% for the respective years [2][7].