CBMT(SH:603099) Bank of China Securities·2025-10-31 03:22Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company reported stable growth in Q3 2025, with revenue reaching 401 million RMB, a year-on-year increase of 17.78%, and a net profit of 151 million RMB, up 19.43% year-on-year [4][8] - The report highlights the positive impact of improved transportation and ongoing project expansions on attracting more visitors, which is expected to contribute to performance in the upcoming ice and snow season [5][8] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 636 million RMB, reflecting a year-on-year growth of 6.99%, and a net profit of 149 million RMB, which is a 1.05% increase year-on-year [8] - The company anticipates EPS for 2025, 2026, and 2027 to be 0.60, 0.71, and 0.82 RMB respectively, with corresponding P/E ratios of 86.2, 72.6, and 63.6 [5][7] - The report projects a steady increase in revenue from 620 million RMB in 2023 to 1,000 million RMB by 2027, with a compound annual growth rate of approximately 9.7% [7][9] Visitor Trends - Q3 2025 saw a record high in visitor numbers, with a total of 2.0248 million visitors, marking a 20.7% increase year-on-year, driven by summer tourism and events like the "817 Rice Music Festival" [8][9] - The report notes significant improvements in external transportation, including the opening of the Shenbai High-Speed Railway, which is expected to enhance visitor access to the site [8][9] Project Developments - The second phase of the hot spring project is progressing, having moved from the main construction phase to interior decoration [8] - The report mentions government support for the ice and snow economy, including the establishment of a 500 million RMB fund aimed at promoting ice and snow tourism and related activities [8]