JHT(603199) 财通证券·2024-10-29 01:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 569 million yuan for the first three quarters of 2024, representing a year-on-year growth of 1.31%, and a net profit attributable to shareholders of 154 million yuan, up 1.18% year-on-year. The decline in performance during the third quarter was primarily due to weather disturbances, although the National Day holiday saw a recovery in visitor numbers [2][3] - The company is making significant progress on the Lion Peak project, which is expected to enhance the reception capacity of the scenic area. The transportation conversion center has been completed and is operational, providing 5,207 parking spaces and accommodating over 5,000 visitors per hour during peak times [3] - The company anticipates revenues of 773 million yuan, 852 million yuan, and 947 million yuan for 2024, 2025, and 2026 respectively, with net profits of 182 million yuan, 202 million yuan, and 225 million yuan for the same years. The corresponding price-to-earnings ratios are projected to be 22.5, 20.2, and 18.1 times [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 569 million yuan, a 1.31% increase year-on-year, and a net profit of 154 million yuan, reflecting a 1.18% growth year-on-year [2] - The expected revenue growth rates for the upcoming years are 6.83% for 2024, 10.23% for 2025, and 11.12% for 2026 [5] - The projected net profit growth rates are 3.93% for 2024, 11.01% for 2025, and 11.81% for 2026 [5] - The company's earnings per share (EPS) are forecasted to be 1.64 yuan in 2024, 1.82 yuan in 2025, and 2.04 yuan in 2026 [5]