JHT(SH:603199) Shenwan Hongyuan Securities·2026-03-27 13:54Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company reported a steady growth in its annual performance, with total revenue reaching 879 million yuan in 2025, a year-on-year increase of 14.93%, and a net profit attributable to shareholders of 213 million yuan, up 14.42% year-on-year [4][6]. - The main business gross margin was 49.88%, showing a slight decline of 0.33 percentage points compared to the previous year [4]. - The company’s passenger transport business experienced significant growth, with revenue increasing by 25.02% to 199 million yuan, benefiting from stricter traffic regulations in tourist areas [6]. Financial Data and Profit Forecast - The financial projections for the company are as follows: - Total revenue is expected to grow from 879 million yuan in 2025 to 1.290 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 12.5% [5][7]. - Net profit is forecasted to increase from 213 million yuan in 2025 to 381 million yuan in 2028, reflecting a strong growth trajectory [5][7]. - The earnings per share (EPS) is projected to rise from 1.92 yuan in 2025 to 3.44 yuan in 2028 [5][7]. - The company’s return on equity (ROE) is expected to improve from 12.9% in 2025 to 17.1% in 2028, indicating enhanced profitability [5][7].