JHT(603199) 国盛证券·2024-06-11 10:02Investment Rating - The report gives a "Buy" rating for the company, with a target price of 44 CNY, corresponding to a PE of 20x for 2025 [6][99]. Core Insights - The tourism industry is experiencing a rapid recovery, with domestic tourism revenue reaching 4.9 trillion CNY and visitor numbers at 4.89 billion in 2023, recovering to 85.8% and 81.4% of 2019 levels respectively [3][42]. - The company is leveraging its unique resources at Jiuhua Mountain, a major Buddhist site, to innovate and expand its business, including new projects like the Wenzong Ancient Village and a vegetarian restaurant initiative [5][114]. - The company is expected to benefit from improved transportation infrastructure, including the opening of the Pihuang High-speed Railway and the expansion of Jiuhua Mountain Airport, which will attract more visitors [86][120]. Summary by Sections Company Overview - Jiuhua Mountain Tourism Development Co., Ltd. is a leading regional cultural tourism company in Anhui, operating various businesses including hotels, cable cars, and travel agencies, and has established a comprehensive tourism industry chain [19][18]. Industry Recovery - The tourism sector is projected to continue its recovery in 2024, with expected visitor numbers reaching 6 billion and tourism revenue of 6 trillion CNY, reflecting year-on-year growth of 22.7% and 22.2% respectively [3][103]. Business Innovation - The company is focusing on continuous business innovation, utilizing its scarce resources and expanding its service offerings, including the introduction of new hotel formats and dining options [5][114]. Financial Projections - The company is expected to achieve revenues of 7.9 billion CNY, 8.8 billion CNY, and 9.4 billion CNY from 2024 to 2026, with net profits of 2.0 billion CNY, 2.4 billion CNY, and 2.7 billion CNY respectively [6][126]. Market Position - The company holds a dominant position in the mid-to-high-end hotel market in the region, with a significant share of the tourism revenue coming from its cable car and hotel operations [83][125].