CBMT(SH:603099) Guotai Junan Securities·2024-08-11 09:11Investment Rating - The investment rating for the company is "Buy" [2] - The target price has been adjusted to 27.10, up from the previous forecast of 25.87 [2] Core Views - The company's performance is in line with expectations, with a focus on the high growth of its main business and the potential bottlenecks in capacity during peak seasons [3] - The report maintains a positive outlook on the company's net profit for 2024-2026, forecasting 198 million, 251 million, and 315 million respectively [4] - The anticipated industry average valuation for 2024 is 24x PE, while the company is given a higher valuation of 36x PE due to expected performance improvements from the opening of the Shenbai high-speed railway [4] Financial Summary - In H1 2024, the company achieved revenue of 254 million (+52%), gross profit of 75 million (+77%), and a gross margin of 29.43% (+4.21 percentage points) [4] - The net profit attributable to the parent company for H1 2024 was 21 million (+72%), with a profit margin of 8.3% (+1 percentage point) [4] - The company reported a revenue of 127 million in Q2 2024 (+29%), with a gross profit of 39 million (+17%) and a gross margin of 30.64% (-3.14 percentage points) [4] Business Segmentation - Revenue growth rates for H1 2024 by business segment include: Tianchi Hotel (+27%), Blue View Hot Springs (+50%), Yew Tree Ecological Products (+40%), Tianchi Management Consulting (+126%), Easy Travel (+12%), and Smart Travel (+76%) [4] - The decline in gross margin is attributed to weather impacts on ticket refunds and pre-purchased vehicles for capacity expansion during peak seasons [4] Future Focus - Attention is drawn to the progress of the company's capital increase plan and potential capacity bottlenecks, especially during the high season in July and August [4]