JHT(SH:603199) Tai Ping Yang Zheng Quan·2026-03-27 05:45Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - The passenger transport business has shown remarkable performance, benefiting from stricter traffic control measures, leading to a significant revenue increase of 25.02% year-on-year [4] - New projects, such as the Lion Peak new cableway project, are progressing steadily and are expected to contribute positively to the company's performance upon completion [5] - The implementation of government policies supporting off-peak travel is anticipated to enhance visitor flow during low seasons, providing additional profit potential for the company [6] Financial Performance Summary - For the fiscal year 2025, Jiuhua Tourism achieved a revenue of 879 million yuan, a year-on-year growth of 14.93%, and a net profit of 213 million yuan, up 14.42% [4] - The company’s gross margin for the reporting period was 49.88%, slightly down from 50.2% in 2024, while the net profit margin remained stable at 24.22% [5] - The projected net profits for 2026, 2027, and 2028 are expected to be 246 million yuan, 297 million yuan, and 351 million yuan, respectively, with growth rates of 15.61%, 20.74%, and 18.07% [6][8] Earnings Forecast and Financial Indicators - Revenue projections for 2026, 2027, and 2028 are 986 million yuan, 1,137 million yuan, and 1,299 million yuan, with growth rates of 12.23%, 15.27%, and 14.25% respectively [8] - The expected diluted earnings per share (EPS) for 2026, 2027, and 2028 are 2.22 yuan, 2.68 yuan, and 3.17 yuan, with corresponding price-to-earnings (PE) ratios of 18.46X, 15.29X, and 12.95X [6][8] - The overall financial health of the company is reflected in its stable return on equity (ROE) projected to increase from 12.88% in 2025 to 16.03% in 2028 [11]