JHT(603199) 申万宏源·2024-06-07 07:01Investment Rating - The report gives a "Buy" rating for the company, with a target price of 40.1 yuan per share, representing a 23% upside potential [112][128] Core Views - The company's revenue and profit have shown strong growth, with 2023 revenue reaching 724 million yuan, up 34.7% compared to 2019, and net profit turning positive at 175 million yuan, up 49.25% compared to 2019 [7][128] - External transportation improvements, such as the opening of the Chi-Huang high-speed rail and the expansion of Jiuhuashan Airport, are expected to boost visitor numbers [3][12] - The company's cable car and hotel businesses are the main revenue drivers, accounting for over 70% of total revenue, with cable car business maintaining a high gross margin of around 80% [84][37] - The "Dahuangshan" world-class tourism destination strategy is expected to further enhance the company's growth prospects [9][106] Business Summary Cable Car Business - The company operates three cable cars in Jiuhuashan Scenic Area, with historical revenue accounting for around 40% of total revenue and gross margin maintained at around 80% [37][84] - The cable car business is expected to grow steadily, with revenue projected to reach 322 million yuan in 2024, up 9% year-on-year [37] - The Shizifeng cable car project is under construction and is expected to be completed by the end of 2026, further enhancing the company's transportation capacity [49][37] Hotel Business - The company operates seven hotels, mainly mid-to-high-end, located both inside and outside the scenic area, with a total of 1,000 rooms [16][22] - The hotel business accounted for 32.4% of total revenue in 2023, with a gross margin of 16% [84] - The newly opened Wenzong Ancient Village hotel is expected to boost the company's high-end accommodation capacity [16][106] Transportation and Tourism - The company's transportation business, including shuttle buses and tourist vehicles, accounted for 16.7% of total revenue in 2023, with a gross margin of 49% [84][38] - The new Jiuhuashan high-speed rail station and the expanded Jiuhuashan Airport are expected to significantly improve visitor accessibility [3][12] - The company's travel agency business is recovering, with revenue reaching 67 million yuan in 2023, up 197% year-on-year [39] Industry and Market Trends - Temple tourism has seen a significant increase in popularity, with young people becoming the main demographic, accounting for nearly 50% of temple visitors [118][136] - The "Dahuangshan" strategy aims to create a world-class tourism destination, with a projected GDP of 1.4 trillion yuan and over 670 million domestic visitors by 2033 [9][106] - The recovery of domestic tourism post-pandemic has been strong, with 2023 domestic tourism revenue reaching 4.91 trillion yuan, up 140.3% year-on-year [78][64]