JHT(SH:603199) Soochow Securities·2026-03-29 10:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 879 million yuan in 2025, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 213 million yuan, with a year-on-year increase of 14.4% [8] - The growth in revenue is driven by the passenger transport and cable car businesses, with respective revenue contributions of 199 million yuan and 329 million yuan, showing year-on-year growth of 25.0% and 12.3% [8] - External transportation improvements and supportive policies are expected to sustain steady growth in visitor numbers, with a reported increase of 8.77% in tourist reception and a 9.25% rise in total tourism revenue [8] - Key projects such as the Lion Peak cable car and hotel upgrades are anticipated to enhance the company's capacity and service offerings [8] - The company is projected to maintain a steady growth trajectory, with net profits expected to reach 240 million yuan, 270 million yuan, and 305 million yuan for the years 2026, 2027, and 2028, respectively, corresponding to P/E ratios of 18, 16, and 14 [8] Financial Summary - Total revenue forecast for 2025 is 879 million yuan, with a projected growth rate of 14.93% for 2026 [9] - The net profit attributable to shareholders is expected to be 241 million yuan in 2026, reflecting a growth rate of 13.00% [9] - The company's earnings per share (EPS) is projected to be 1.92 yuan for 2026, with a consistent upward trend in subsequent years [9]