CBMT(603099) Tai Ping Yang·2024-11-04 08:46Investment Rating - The report maintains a "Buy" rating for Changbai Mountain (603099) with a target price based on the last closing price of 31.36 [1][7]. Core Views - The report highlights that the company's profit is under pressure due to weather impacts, but it is preparing for a new round of ice and snow tourism season [1][2]. - The company achieved a revenue of 595 million yuan in the first three quarters of 2024, representing a year-on-year growth of 19.55%, while the net profit attributable to shareholders decreased by 2.52% to 148 million yuan [2][4]. - The report anticipates significant growth in net profit for the years 2024 to 2026, with projections of 177 million yuan, 213 million yuan, and 267 million yuan respectively, indicating growth rates of 28.55%, 20.13%, and 25.33% [2][4]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 340 million yuan, a year-on-year increase of 3.19%, while the net profit attributable to shareholders was 127 million yuan, down 9.04% year-on-year [2][4]. - The total number of visitors in the first three quarters reached 2.7644 million, up 23% year-on-year, with Q3 seeing 1.678 million visitors, a 5.85% increase [2][4]. Operational Insights - The report notes that the company is enhancing its winter tourism offerings and has made preparations for the upcoming ice and snow season, including product development and equipment upgrades [2][4]. - The ongoing improvement in transportation infrastructure, such as the upcoming opening of the Shenyang-Baihe high-speed railway, is expected to significantly reduce travel time to Changbai Mountain [2][4]. Future Projections - Revenue projections for 2024 to 2026 are set at 620.43 million yuan, 752.04 million yuan, and 864.85 million yuan, with growth rates of 21.21%, 15.00%, and 21.27% respectively [4][5]. - Earnings per share (EPS) are forecasted to be 0.67 yuan, 0.80 yuan, and 1.00 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 48X, 40X, and 32X [2][4].