CBMT(SH:603099) Minsheng Securities·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for Changbai Mountain (603099.SH) with a current price of 22.82 CNY [2][19]. Core Views - The company achieved significant growth in 2023, with total revenue reaching 620 million CNY, a year-on-year increase of 218.74%, and a net profit of 138 million CNY, marking a turnaround from losses [19]. - The company plans to distribute a cash dividend of 20.8 million CNY, which is 15.07% of the annual net profit, indicating a return to dividend payments after a hiatus since 2019 [19]. - The report highlights the expected growth in visitor numbers, projecting 3.2 million visitors in 2024, a 16.45% increase from 2023, driven by improved external transportation and the dual peak season strategy [19]. Financial Performance Summary - Revenue and Profitability: In 2023, the company reported total revenue of 620 million CNY, with a net profit of 138 million CNY, reflecting a significant recovery compared to previous years [19]. - Growth Rates: The revenue growth rates for 2024, 2025, and 2026 are projected at 21.7%, 18.0%, and 9.4% respectively, while net profit growth rates are expected to be 56.3%, 25.6%, and 17.7% [9][19]. - Margins: The gross margin for 2023 was 42.98%, an increase of 52.76 percentage points year-on-year, while the net profit margin was 22.25%, up 51.74 percentage points [19]. Visitor and Operational Insights - The main scenic area received 2.748 million visitors in 2023, a 260.5% increase year-on-year, with expectations to reach 3.2 million in 2024 [19]. - The company’s operational improvements, including enhanced customer acquisition capabilities and cost management in hotel operations, contributed to the overall margin optimization [19]. Future Growth Potential - The report emphasizes the growth potential driven by the ice and snow tourism sector, supported by favorable policies and improved transportation infrastructure [19]. - The internal operational enhancements and the upcoming second phase of the hot spring project are expected to further boost performance and market share [19].