JHT(603199) 东北证券·2025-03-19 07:12Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism, indicating a positive outlook for the company's stock performance in the near term [5]. Core Views - Jiuhua Tourism achieved a revenue of 764 million yuan in 2024, representing a year-on-year growth of 5.64%. The net profit attributable to the parent company was 186 million yuan, up by 6.5% [1][2]. - The company experienced a significant increase in customer traffic, with over 10 million visitors to Jiuhua Mountain Scenic Area, leading to tourism revenue exceeding 10 billion yuan [2]. - The operational efficiency and profitability of Jiuhua Tourism have shown steady improvement, with a gross profit margin of 50.2% in 2024, an increase of 0.6 percentage points year-on-year [2][3]. Financial Summary - In 2024, Jiuhua Tourism's revenue was 764 million yuan, with a projected increase to 834 million yuan in 2025, reflecting a growth rate of 9.15% [4]. - The net profit attributable to the parent company is expected to grow from 186 million yuan in 2024 to 205 million yuan in 2025, indicating a growth rate of 9.94% [4]. - The earnings per share (EPS) for 2024 is projected at 1.68 yuan, with a forecasted increase to 1.85 yuan in 2025 [4]. Business Development - The company is actively advancing key project constructions, including the completion of the transportation hub project and the commencement of the Lion Peak Scenic Area cable car project, which are expected to enhance regional development [3]. - The operational improvements and new projects are anticipated to sustain high-quality growth, especially with the extended peak season during the 2025 Spring Festival [3].