CBMT(603099) Guoxin Securities·2024-10-29 09:01Investment Rating - The investment rating for the company is "Outperform the Market" [5][12]. Core Views - The company experienced a 3.2% year-on-year revenue growth in Q3, but the net profit attributable to shareholders decreased by 9.0% [2][6]. - The company is preparing for a new round of the winter sports season, with a focus on enhancing its product offerings and operational capacity [2][11]. - Despite adverse weather conditions affecting performance, the company is expected to align with forecasts when excluding these anomalies [2][6]. Revenue and Profitability - Q3 revenue was 340 million yuan, reflecting a 3.19% increase, while net profit was 127 million yuan, down 9.04% [2][6]. - For the first three quarters of 2024, revenue reached 595 million yuan, up 19.55%, with net profit at 148 million yuan, a slight decrease of 2.52% [2][6]. - The company’s gross margin in Q3 was 57.9%, down 5.4 percentage points year-on-year, primarily due to increased labor costs and vehicle depreciation [2][8]. Visitor Trends - The number of visitors to the scenic area increased by 6.5% in Q3, with a total of 2.77 million visitors in the first three quarters, representing a 23% increase [2][6]. - During the National Day holiday, visitor numbers reached 2.96 million, a 22% increase, with a notable 18.1% growth in visitors during the holiday itself [2][9]. Future Outlook - The company plans to enhance its offerings for the winter season, including new activities like snowmobile tours, and is also involved in local community operations [2][11]. - The company is expected to benefit from improved transportation infrastructure, including the opening of new rail lines by the end of 2025, which will support increased visitor numbers [2][11]. - The projected net profits for 2024-2025 have been adjusted to 160 million yuan, 200 million yuan, and 230 million yuan, reflecting year-on-year growth rates of 14.9%, 23.2%, and 15.5% respectively [3][11].