JHT(603199) 国盛证券·2024-07-30 06:03Investment Rating - The report maintains a "Buy" rating for the company [18]. Core Views - The company has shown revenue growth driven by the recovery of visitor traffic, with Q2 2024 performance slightly exceeding expectations [19]. - The company is well-positioned for long-term stable development due to ongoing project advancements and the optimization of its operational capabilities [20]. Financial Performance Summary - For H1 2024, the company achieved revenue of 395 million yuan, a year-on-year increase of 3.92%, and a net profit attributable to shareholders of 114 million yuan, up 2.65% year-on-year [1]. - In Q2 2024, revenue reached 215 million yuan, reflecting a year-on-year growth of 14.2%, while net profit was 62 million yuan, up 25.7% year-on-year [1]. - The company's financial indicators for 2024E project revenue of 790 million yuan, with a year-on-year growth rate of 9.2%, and a net profit of 201 million yuan, reflecting a growth rate of 14.9% [2]. Business Segment Performance - In H1 2024, the company's main business segments reported the following revenues: cable car operations at 153 million yuan (down 6.1%), passenger transport at 90 million yuan (up 28.1%), hotel services at 118 million yuan (up 2.7%), and travel agency services at 144 million yuan (up 17.9%) [16]. - The newly launched transportation conversion center project during the Spring Festival has significantly boosted the company's passenger transport revenue [16]. Cost Control and Profitability - The company demonstrated excellent cost control, with sales expense ratio at 3.7% and management expense ratio at 11.8% for H1 2024 [17]. - The gross profit margin for H1 2024 was 54.2%, and the net profit margin was 28.9%, indicating strong profitability [17]. Future Outlook - The company is expected to benefit from the ongoing development of tourism in Anhui province, with projected revenues of 790 million yuan in 2024, 880 million yuan in 2025, and 940 million yuan in 2026 [20]. - The current stock price corresponds to a P/E ratio of 15.6x for 2024E, 12.8x for 2025E, and 11.4x for 2026E, suggesting potential for investment [20].