CBMT(SH:603099) GF SECURITIES·2024-08-13 08:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.94 CNY per share, corresponding to a PE ratio of 33 times for 2024 [3][4]. Core Views - The company reported a revenue of 254 million CNY for the first half of 2024, representing a year-on-year increase of 51.73%. The net profit attributable to the parent company was 21 million CNY, up 71.70% year-on-year, while the net profit excluding non-recurring items reached 27 million CNY, marking a 138.31% increase [1]. - In the second quarter of 2024, the company achieved a revenue of 127 million CNY, a year-on-year growth of 29.02%. However, the net profit attributable to the parent company decreased by 36.95% year-on-year to 10 million CNY, and the net profit excluding non-recurring items saw a slight decline of 2.09% year-on-year to 15 million CNY [1]. - The company’s gross margin for the first half of 2024 was 29.4%, an increase of 4.2 percentage points year-on-year, while the gross margin for the second quarter was 30.6%, a decrease of 3.1 percentage points year-on-year [1]. - The total number of visitors to Changbai Mountain from January to July 2024 reached 1.664 million, a year-on-year increase of 28.5%. However, visitor numbers in July saw a decline of 8.8% year-on-year due to weather-related closures of the main scenic area [1]. - The company is enhancing its core tourism transportation business and expanding its market presence by acquiring a local bus company and participating in ride-hailing operations, which is expected to improve regional transportation ecology [1]. Financial Summary - The company is projected to achieve net profits of 210 million CNY, 249 million CNY, and 283 million CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 52.4%, 18.4%, and 13.6% [1][2]. - The revenue forecast for the company is 803 million CNY, 908 million CNY, and 1.014 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 29.4%, 13.0%, and 11.8% [2][7].