JHT(603199) 国盛证券·2025-03-19 09:46Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 764 million yuan for 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] - The fourth quarter of 2024 showed a significant revenue increase of 20.65% year-on-year, reaching 195 million yuan, with a net profit growth of 41.79% year-on-year [1][2] - The company is expected to achieve long-term high-quality growth through project advancements and targeted marketing efforts [4] Financial Performance - In 2024, the company’s four main business segments generated revenues of 293 million yuan from cable cars, 159 million yuan from passenger transport, 237 million yuan from hotels, and 62 million yuan from travel agencies, with notable growth in passenger transport revenue by 31.2% year-on-year [2] - The company maintained excellent cost control, with sales and management expense ratios of 5.2% and 12.8% respectively for 2024, showing slight improvements year-on-year [3] - The gross profit margin for 2024 was 50.2%, reflecting a year-on-year increase of 0.6 percentage points [3] Future Projections - The company is projected to achieve revenues of 850 million yuan, 930 million yuan, and 1.04 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 220 million yuan, 260 million yuan, and 300 million yuan in the same years [5][6] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 17.9x, 15.2x, and 13.1x respectively [5][6]