CBMT(603099) Minsheng Securities·2024-10-30 14:00Investment Rating - The report maintains a "Recommended" rating for Changbai Mountain (603099.SH) with a current price of 31.36 CNY [5]. Core Views - The company reported a revenue of 595 million CNY for the first three quarters of 2024, representing a year-on-year increase of 19.55%, while the net profit attributable to shareholders decreased by 2.52% to 148 million CNY [3]. - The third quarter revenue was 340 million CNY, up 3.19% year-on-year, but the net profit attributable to shareholders fell by 9.04% to 127 million CNY, attributed to increased costs from new environmental vehicles and staffing [3]. - Despite weather-related closures impacting visitor numbers, the company still saw a 7.09% increase in visitor traffic during July and August 2024 compared to the previous year [3]. - The National Day holiday in 2024 saw record visitor numbers of 181,800, a year-on-year increase of 18.05%, indicating strong demand for the scenic area [3]. - The report highlights the potential for growth in the ice and snow tourism sector, driven by improved external transportation and internal operational enhancements [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 620 million CNY, with a growth rate of 218.73% [4]. - The net profit attributable to shareholders is expected to reach 161 million CNY in 2024, reflecting a growth rate of 16.86% [4]. - The report forecasts earnings per share (EPS) of 0.61 CNY for 2024, with a price-to-earnings (PE) ratio of 52 [4]. - The gross margin is projected to improve to 43.36% by 2025, while the net profit margin is expected to stabilize around 21.91% [6].