JHT(603199) 中泰证券·2025-03-20 07:35Investment Rating - The report maintains an "Accumulate" rating for Jiuhua Tourism (603199.SH) [2] Core Views - The company achieved record high revenue and profit in 2024, validating the investment logic [5] - In Q4 2024, the company reported revenue of 195 million yuan, a year-on-year increase of 20.7%, and a net profit of 32 million yuan, up 41.8% year-on-year [5] - The company expects to further increase revenue and profit in 2025, with projected revenue of 840 million yuan and net profit of 205 million yuan [5] Financial Summary - For 2023A, the company reported revenue of 724 million yuan, with a year-on-year growth rate of 118% [2] - The projected revenue for 2024A is 764 million yuan, with a growth rate of 6% [2] - The projected net profit for 2025E is 212 million yuan, reflecting a year-on-year growth rate of 14% [2] - The earnings per share (EPS) for 2024A is expected to be 1.68 yuan, increasing to 2.44 yuan by 2027E [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 22.6 in 2023A to 14.6 in 2027E [2] Business Performance - The passenger transport business saw significant growth, primarily due to the new transportation conversion center and stricter traffic management in scenic areas [5] - The revenue from the cable car business was 293 million yuan, down 0.6% year-on-year, while hotel revenue was 237 million yuan, up 1.1% year-on-year [5] - The travel agency business revenue decreased by 7.5% year-on-year to 62 million yuan [5] Market Outlook - The report indicates that the tourism industry is expected to continue its upward trend, supported by government policies aimed at boosting consumer spending [5] - The company is well-positioned to benefit from the ongoing recovery in the tourism sector, driven by its geographical advantages and cultural attributes [5]