JHT(SH:603199) ZHONGTAI SECURITIES·2025-08-21 08:47Investment Rating - The report maintains an "Accumulate" rating for Jiuhua Tourism (603199.SH) [3][5] Core Views - The investment logic continues to be validated, with annual revenue and profit reaching historical highs [4][5] - The company has shown resilience against weather disruptions, with an upward trend in performance expected to continue in the second half of the year [5] - The company has achieved double-digit growth for three consecutive quarters, indicating an acceleration in its fundamentals [5] Financial Performance Summary - For the first half of 2025, Jiuhua Tourism reported revenue of 483 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 142 million yuan, up 24.0% year-on-year [5] - The company’s revenue and profit for Q2 2025 reached 248 million yuan and 73 million yuan, respectively, both marking historical highs for the second quarter [5] - Revenue projections for 2025, 2026, and 2027 are adjusted to 226 million yuan, 259 million yuan, and 289 million yuan, respectively, with corresponding P/E ratios of 17.9, 15.5, and 13.9 [5][7] Business Segment Performance - All business lines have shown strong growth, with hotel revenue at 133 million yuan (up 12.9% YoY), passenger transport revenue at 117 million yuan (up 29.8% YoY), cable car revenue at 185 million yuan (up 21.5% YoY), and travel agency revenue at 193 million yuan (up 34.0% YoY) [5] Future Outlook - The report emphasizes the company's advantageous location, strong tourism experience, and spiritual consumption attributes, which are expected to contribute to future revenue and profit growth [5] - Upcoming projects, including the construction of the Lion Peak cableway and the upgrade of the Baici Palace cable car, are anticipated to provide additional revenue streams [5]