JHT(SH:603199) Xinda Securities·2024-04-21 01:31Investment Rating - The report assigns a rating of "Buy" for Jiuhua Tourism (603199.SH) based on its strong performance and growth potential [20]. Core Views - Jiuhua Tourism achieved a revenue of 724 million yuan in 2023, representing a year-on-year increase of 34.7%, with a net profit of 175 million yuan, up 49.2% from the previous year [20]. - In Q1 2024, the company reported a revenue of 180 million yuan, a decrease of 6.13% year-on-year, and a net profit of 52 million yuan, down 15.8% from the same period last year [20]. - The company plans to distribute a dividend of 7.9 yuan for every 10 shares, increasing the payout ratio significantly from 30% in 2020-2021 to 50% [20]. Summary by Sections Financial Performance - In 2023, Jiuhua Tourism's revenue reached 724 million yuan, with a net profit of 175 million yuan, marking increases of 34.7% and 49.2% respectively compared to the previous year [20]. - The Q1 2024 results showed a revenue of 180 million yuan and a net profit of 52 million yuan, reflecting declines of 6.13% and 15.8% year-on-year [20]. - The company reported a gross margin of 86.0% for its cable car business, indicating a strong profitability foundation [20]. Business Outlook - The report highlights the sustained high demand for tourism at Jiuhua Mountain, driven by natural scenery and Buddhist culture, which is expected to benefit the company during peak seasons [20]. - The completion of the transportation center project is anticipated to alleviate parking issues during peak periods, enhancing visitor experience [20]. - The investment in the Lion Peak cable car project is projected to generate an annual profit contribution of approximately 50 million yuan, further boosting the company's financial performance [20]. Market Conditions - The report notes that the opening of the Wuhang High-speed Railway is expected to connect key tourist attractions, potentially increasing visitor numbers from East and Central China [20]. - The ongoing expansion of Jiuhua Mountain Airport is set to facilitate access for long-distance pilgrims, enhancing the company's market reach [20].