CBMT(603099) 民生证券·2024-08-09 08:30Investment Rating - The report maintains a "Recommended" rating for Changbai Mountain [4]. Core Views - The report highlights that Changbai Mountain has significant growth potential, driven by external traffic optimization and internal operational improvements, with winter tourism being a key growth driver [2][4]. - The company reported a revenue of 127 million yuan in Q2 2024, a year-on-year increase of 29.02%, while the net profit attributable to shareholders decreased by 36.97% [2]. - The establishment of a joint venture for restaurant management aims to enhance the tourism product service system and expand the regional dining market [2]. Financial Performance Summary - Q2 2024 Performance: Revenue was 127 million yuan, up 29.02% year-on-year; net profit was 10 million yuan, down 36.97% year-on-year; and non-recurring net profit was 15 million yuan, down 2.09% year-on-year [2]. - H1 2024 Performance: Revenue reached 254 million yuan, up 51.73% year-on-year; net profit was 21 million yuan, up 71.67% year-on-year; and non-recurring net profit was 27 million yuan, up 138.26% year-on-year [2]. - Cost and Expense Ratios: In Q2 2024, the sales expense ratio was 3.04%, management expense ratio was 11.34%, and financial expense ratio was 0.40% [2]. - Profitability Metrics: Q2 2024 gross margin was 30.64%, down 3.14 percentage points year-on-year; net margin was 8.16%, down 8.55 percentage points year-on-year [2]. Future Projections - The company is projected to achieve revenues of 620 million yuan in 2024, with a growth rate of 218.73%, and net profit of 197 million yuan, reflecting a growth rate of 340.59% [3][5]. - The expected earnings per share for 2024 is 0.74 yuan, with a price-to-earnings ratio of 32 [3][5]. - The report anticipates that the company's net profit will continue to grow, reaching 306 million yuan by 2026, with a corresponding PE ratio of 20 [3][5].