Sante(SZ:002159)2024-07-15 02:31Investment Rating - The report maintains a "Recommended" rating for the company [20] Core Views - The company is expected to achieve a net profit attributable to shareholders of 60-90 million yuan in 1H24, representing a year-on-year increase of 18% to 77%. The net profit after deducting non-recurring items is projected to be 56-84 million yuan, with a year-on-year change of -10% to +35% [12] - The company’s multi-regional project layout advantages are becoming evident, despite a forecasted revenue decline in 1H24 due to adverse weather affecting key projects. However, growth in other projects like Huashan, Monkey Island, Lushan, and Zhuhai is expected to offset some losses [12] - Continuous cost reduction and efficiency improvement efforts have led to a significant decrease in impairment provisions, contributing to a substantial profit increase in 1H24 [12] - The company is expected to release considerable profit potential due to reduced impairment items and the summer expansion effects at key tourist sites [12] Financial Summary - The company’s revenue is projected to grow from 719.03 million yuan in 2023 to 978.97 million yuan in 2026, with a revenue growth rate of 180.67% in 2023 and a gradual decline to 9.72% by 2026 [21] - The net profit attributable to shareholders is forecasted to increase from 127.52 million yuan in 2023 to 221.26 million yuan in 2026, with a profit growth rate of 266.11% in 2023, tapering to 10.65% by 2026 [21] - The gross margin is expected to remain stable, starting at 62.56% in 2023 and reaching 63.60% by 2026 [21] - The diluted EPS is projected to rise from 0.72 yuan in 2023 to 1.25 yuan in 2026, with corresponding PE ratios decreasing from 18.14 to 10.46 over the same period [21]