CBMT(SH:603099) GF SECURITIES·2026-04-03 13:11Investment Rating - The investment rating for the company is "Buy" with a current price of 34.35 CNY and a fair value of 37.30 CNY [3]. Core Insights - The company is enhancing its brand marketing and is set to launch the second phase of its hot spring hotel project by the end of the year [1]. - The company reported a revenue of 788 million CNY for 2025, representing a year-on-year growth of 5.98%, while the net profit attributable to shareholders decreased by 10.33% to 129 million CNY [7]. - The company plans to distribute a cash dividend of 1.45 CNY per 10 shares, which accounts for 30.53% of the net profit attributable to shareholders [7]. - The company is adjusting its hot spring project to increase family room offerings and reduce the hot spring area, with the expected operational date pushed to the end of 2026 [7]. Financial Forecast - Revenue projections for the company are as follows: 743 million CNY in 2024, 788 million CNY in 2025, 885 million CNY in 2026, 973 million CNY in 2027, and 1,058 million CNY in 2028, with growth rates of 19.8%, 6.0%, 12.4%, 9.9%, and 8.8% respectively [2]. - The forecasted net profit attributable to shareholders is expected to be 144 million CNY in 2024, 129 million CNY in 2025, 169 million CNY in 2026, 191 million CNY in 2027, and 212 million CNY in 2028, with growth rates of 4.5%, -10.3%, 30.9%, 13.0%, and 10.8% respectively [2]. - The earnings per share (EPS) is projected to be 0.54 CNY in 2024, 0.47 CNY in 2025, 0.62 CNY in 2026, 0.70 CNY in 2027, and 0.78 CNY in 2028 [2]. Business Segment Performance - The tourism transportation segment generated revenue of 520 million CNY, a decrease of 3.26% year-on-year; the hotel segment achieved revenue of 162 million CNY, an increase of 15.69%; the travel agency segment saw revenue of 59 million CNY, a significant increase of 97.05%; and other business segments generated 47 million CNY, up 30.75% [7].