JHT(603199) 中泰证券·2024-11-04 09:31Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Accumulate" (maintained) [1] Core Views - The report indicates that the overall performance of Jiuhua Tourism is stable despite weather disruptions affecting visitor numbers. The company has slightly adjusted its full-year performance expectations but maintains an "Accumulate" rating. The revenue for Q3 2024 is reported at 569 million yuan, showing a year-on-year increase of 1.31%, with a net profit attributable to the parent company of 154 million yuan, also reflecting a year-on-year increase of 1.18% [1][2] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2022A: 332 - 2023A: 724 - 2024E: 738 - 2025E: 804 - 2026E: 873 - Year-on-year growth rates: - 2022A: -22% - 2023A: 118% - 2024E: 2% - 2025E: 9% - 2026E: 9% [1] Profitability Metrics - Net profit (in million yuan): - 2022A: -14 - 2023A: 175 - 2024E: 185 - 2025E: 212 - 2026E: 233 - Year-on-year growth rates: - 2022A: -123% - 2023A: 1,375% - 2024E: 6% - 2025E: 14% - 2026E: 10% [1] Earnings Per Share (EPS) - EPS (in yuan): - 2022A: -0.12 - 2023A: 1.58 - 2024E: 1.68 - 2025E: 1.92 - 2026E: 2.11 [1] Cash Flow and Valuation - Cash flow per share (in yuan): - 2022A: 0.44 - 2023A: 2.89 - 2024E: 1.95 - 2025E: 2.71 - 2026E: 2.98 - P/E ratios: - 2022A: -278.2 - 2023A: 21.8 - 2024E: 20.5 - 2025E: 17.9 - 2026E: 16.3 [1][2] Visitor Data - The number of visitors in Q3 2024 was reported at 2.51 million, with monthly visitor numbers showing stability despite lower absolute values compared to previous years. The report notes that the company is progressing well with new projects, including the Lion Peak cableway [1]