CBMT(SH:603099) Guotai Junan Securities·2024-08-11 09:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 27.10 yuan, reflecting a 3% increase from the previous target price of 25.87 yuan [2][3]. Core Views - The company's performance is in line with expectations, with a significant increase in core business profits anticipated. The report highlights the importance of monitoring capacity constraints during peak seasons and the pace of capital increase plans [2]. - The expected net profits for 2024-2026 are projected at 198 million, 251 million, and 315 million yuan respectively, with a consideration of a 36x PE ratio, which is above the industry average of 24x [2]. - The report notes that the company achieved a revenue of 254 million yuan in H1 2024, representing a 52% year-on-year increase, and a net profit of 21 million yuan, up 72% year-on-year [2]. Financial Summary - Revenue for 2024 is estimated at 783 million yuan, with a year-on-year growth of 26.1%. The net profit is projected to be 198 million yuan, reflecting a 43.4% increase [3]. - The company reported a gross profit margin of 29.43% in H1 2024, which is an increase of 4.21 percentage points year-on-year [2]. - The report indicates that the company has a total market capitalization of 6.261 billion yuan and a total share capital of 267 million shares [4]. Performance Metrics - The report highlights a significant increase in operating leverage, which contributes to high profit elasticity. Specific business segments showed varied growth rates, with Tianchi Hotel and Blue View Hot Springs growing by 27% and 50% respectively [2]. - The report also notes a decline in gross profit margin due to weather impacts and preemptive costs associated with capacity expansion for peak seasons [2]. - The company’s net asset return rate is projected to improve from -6.3% in 2022 to 18.6% by 2026 [3].