Sante(SZ:002159) CAITONG SECURITIES·2025-09-01 09:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's main business, cableway operations, has shown significant improvement in operational efficiency, and it is actively expanding into new business areas to seek additional growth [7] - The company is expected to achieve revenue of 7.31 billion, 8.04 billion, and 8.80 billion yuan for the years 2025 to 2027, representing year-on-year growth of 5.5%, 10.0%, and 9.5% respectively [7] - The forecasted net profit for the same period is 1.80 billion, 2.10 billion, and 2.44 billion yuan, with year-on-year growth rates of 26.5%, 16.8%, and 16.1% respectively [7] Financial Performance Summary - For 1H2025, the company reported revenue of 292 million yuan, a year-on-year decrease of 6.16%, and a net profit of 68 million yuan, down 11.49% year-on-year [7] - The gross margin for 1H2025 was 59.48%, an increase of 0.24 percentage points year-on-year, while the net profit margin was 23.11%, a decrease of 1.39 percentage points year-on-year [7] - The company’s revenue from cableway operations was 229 million yuan, accounting for 78.21% of total revenue, with a gross margin of 71.28%, up 0.86 percentage points year-on-year [7] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01 yuan, 1.18 yuan, and 1.37 yuan respectively [6] - The price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are expected to be 15.5, 13.3, and 11.4 respectively [6] - The return on equity (ROE) is forecasted to be 12.1%, 12.8%, and 13.5% for the years 2025, 2026, and 2027 respectively [6]