HSTD(600054) 长江证券·2024-11-06 01:55Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company experienced a revenue decline of 3.25% year-on-year in Q3 2024, with total revenue reaching 578 million yuan, and a net profit decline of 26.35%, amounting to 153 million yuan [3][4]. - The company is expected to benefit from multiple favorable factors, including improved transportation conditions, hotel project renovations, and upgrades in the restaurant business model, leading to stable revenue growth [5][6]. - The opening of the Chi-Huang high-speed railway in 2024 is anticipated to further increase visitor traffic as weather conditions improve [5][6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.412 billion yuan, a decrease of 1.58% year-on-year, and a net profit of 285 million yuan, down 30.15% year-on-year [3][4]. - In Q3 2024, the company received 1.4903 million visitors, a year-on-year increase of 3.35%, despite adverse weather conditions affecting overall visitor numbers [4][5]. - The company's gross margin and net margin for Q3 2024 were 58.04% and 28.78%, respectively, both showing declines compared to the previous year [4][5]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 392 million yuan, 466 million yuan, and 503 million yuan, respectively, with corresponding price-to-earnings ratios of 20.93, 17.62, and 16.32 [5][6].