JHT(603199) 国信证券·2025-03-19 03:42Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Outperform the Market" [6][4][15] Core Views - Jiuhua Tourism is expected to achieve stable growth in net profit in 2024, with a notable performance in the fourth quarter. The company reported a revenue of 764 million yuan in 2024, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1][9] - The growth in passenger transport business is the core driver, with a significant increase in passenger transport penetration rate due to improved traffic management and infrastructure. The passenger transport revenue reached 159 million yuan, growing by 31% year-on-year [2][11] - The company anticipates further potential for passenger transport penetration in the peak season and expects the release of high-speed rail effects and project expansions to contribute to growth [3][14] Summary by Sections Financial Performance - In Q4 2024, Jiuhua Tourism achieved a revenue of 195 million yuan, a year-on-year increase of 20.65%, and a net profit of 32 million yuan, up 41.79% year-on-year [1][9] - The company plans to distribute a cash dividend of 6.80 yuan per 10 shares, with a dividend payout ratio of 40.46%, which is a decrease of 10% from the previous year [3][14] Business Segments - The passenger transport business is the main growth driver, with a revenue of 159 million yuan and a gross margin of 52.37%, reflecting a 3.82 percentage point increase year-on-year [2][11] - The cable car business generated 293 million yuan in revenue, a slight decline of 0.56% year-on-year, while the hotel business revenue was 237 million yuan, growing by 1% [2][11] Future Outlook - The company forecasts a revenue of 840 million yuan and a net profit of 205 million yuan for 2025, estimating a year-on-year growth of 10% [3][14] - The ongoing projects, such as the Lion Peak Scenic Area and the Baicui Palace cable car, are expected to contribute significantly to future profits [3][14]