JHT(603199) 民生证券·2024-10-30 12:16Investment Rating - The report maintains a "Recommended" rating for Jiuhua Tourism (603199.SH) with a target price of 34.80 CNY [3]. Core Views - Jiuhua Tourism's revenue for the first three quarters of 2024 reached 569 million CNY, a year-on-year increase of 1.31%, while the net profit attributable to shareholders was 154 million CNY, up 1.18% year-on-year [1]. - The third quarter of 2024 saw a revenue decline of 4.15% year-on-year to 174 million CNY, and a net profit decrease of 2.84% year-on-year to 39 million CNY, attributed to adverse weather conditions affecting tourist traffic [1]. - The company is focusing on the Lion Peak cable car project, expected to commence in December 2024 and be operational by November 2026, with a total investment of 326 million CNY [1]. - The "Ring Jiuhua Mountain Area" tourism development plan is progressing, aiming to enhance the tourism matrix centered around Jiuhua Mountain, with a total investment of 20.4 billion CNY and a target of over 15 million visitors by 2028 [1]. Financial Summary - For 2024, the projected revenue is 724 million CNY, with a growth rate of 117.9%, and the net profit is expected to be 175 million CNY, reflecting a growth rate of 1374.9% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.58 CNY, with a price-to-earnings (PE) ratio of 22 [2]. - The report forecasts net profits of 177 million CNY in 2025 and 219 million CNY in 2026, with corresponding PE ratios of 22 and 18 [2].