JHT(603199) 申万宏源·2025-03-20 11:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for the year 2024 met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while the hotel business remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, which accounts for 40.46% of the net profit attributable to shareholders for the year [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 856 million yuan, with a year-on-year growth rate of 12.0% [4] - Net profit attributable to shareholders is projected to be 211 million yuan in 2025, reflecting a year-on-year increase of 13.7% [4] - The company’s gross profit margin is expected to improve to 51.1% in 2025, up from 50.2% in 2024 [4] Business Segment Performance - The hotel business revenue increased by 1.05% to 237 million yuan, while the revenue from the cable car business decreased by 0.56% to 293 million yuan [5] - The travel agency business saw a decline in revenue by 7.53% to 62 million yuan, but its gross margin improved [5] - The establishment of a transportation conversion center has alleviated congestion during peak seasons and increased the penetration rate of the passenger transport business [5] Strategic Insights - The company is expected to benefit from the ongoing development strategy of the Huangshan area and the expansion logic of the Lion Peak project [5] - The company is enhancing its restaurant brand and has successfully registered its vegetarian cooking skills as an intangible cultural heritage [5] - The Lion Peak cable car project has received approval and is entering the construction phase, which is anticipated to improve conversion rates through the introduction of supporting wellness and leisure projects [5]