JHT(603199) 兴业证券·2025-02-26 00:49Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is well-positioned with a solid foundation backed by four major Buddhist mountains, leading to strong profitability in its core business, which is less affected by consumer spending [4] - The company is expected to benefit significantly from the "Great Huangshan Strategy" promoted by Anhui Province, which will bring major changes in investment, new product development, and resource integration [4] - The company has high operational efficiency and a well-structured governance system, outperforming its peers [4] Financial Summary - The total revenue for 2023 is projected at 724 million, with a year-on-year growth of 117.9%. Revenue is expected to grow to 756 million in 2024, 814 million in 2025, and 872 million in 2026 [5] - The net profit attributable to the parent company for 2023 is estimated at 175 million, with a staggering year-on-year growth of 1,374.9%. This is expected to rise to 186 million in 2024, 211 million in 2025, and 236 million in 2026 [5] - The earnings per share (EPS) for 2023 is projected at 1.58, increasing to 1.68 in 2024, 1.90 in 2025, and 2.13 in 2026 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 20.9 in 2023 to 15.5 in 2026, indicating a more attractive valuation over time [5] Business Growth Drivers - The company is experiencing strong customer flow growth, outperforming the industry average, with a solid customer base due to its status as one of the four major Buddhist mountains [4] - The opening of a new parking lot is expected to drive rapid growth in passenger transport services, with passenger revenue projected to grow by 28% in the first half of 2024 [4] - The company plans to enhance its cable car services and expand its business through new projects, including a new cable car expected to be operational by 2027 [4]