CBMT(SH:603099) KAIYUAN SECURITIES·2024-08-11 03:00Investment Rating - The investment rating for Changbai Mountain is maintained as "Buy" [1] Core Views - The report indicates that increased investment has negatively impacted profits, but there are catalysts to watch for during the summer and winter seasons [1] - In H1 2024, the company achieved revenue of 254 million yuan, a year-on-year increase of 51.7%, and a net profit attributable to shareholders of 21 million yuan, up 71.7% year-on-year [2][3] - The report highlights that the company is increasing expenditures on facility maintenance, vehicle reserves, and project marketing in preparation for the summer peak season, which has led to a decline in net profit in Q2 2024 [2][3] - Long-term growth is expected due to external traffic improvements and enhanced supply in passenger transport and hotel services [2][3] Financial Summary - For H1 2024, revenue from transportation, hotels, and travel agencies was 173 million, 62 million, and 6 million yuan respectively, with gross margins of 33.8%, 22.5%, and 37.6% [2][3] - The company expects net profits for 2024-2026 to be 174 million, 223 million, and 253 million yuan respectively, with year-on-year growth rates of 26.2%, 27.8%, and 13.6% [2][3] - The report projects an EPS of 0.65, 0.84, and 0.95 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 35.1, 27.5, and 24.2 [2][3] Business Segmentation - The transportation segment has seen significant growth, with a 76.3% year-on-year increase in revenue for the subsidiary Zhixing Tourism in H1 2024 [2][3] - The hotel segment benefited from a high customer base and brand recognition, with Tianchi Hotel's revenue increasing by 26.8% year-on-year [2][3] - The report notes that the company is enhancing its multi-business model to strengthen its customer attraction capabilities and is progressing with regional resource integration [2][3]