CBMT(603099) 中银证券·2024-08-09 01:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][4] Core Views - The company achieved a revenue of RMB 254 million in H1 2024, representing a year-on-year increase of 51.73%, and a net profit attributable to shareholders of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 performance was temporarily pressured due to cost disturbances related to capacity expansion, but the summer peak season is expected to show strong performance [3][4] - The opening of the Shenyang-Baishan high-speed railway in 2025 is anticipated to significantly improve external traffic and boost visitor numbers [4] Summary by Sections Financial Performance - In H1 2024, the company recorded a revenue of RMB 254 million, a 51.73% increase year-on-year, and a net profit of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 revenue was RMB 127 million, a 29.02% increase year-on-year, but net profit decreased by 36.95% to RMB 10.33 million due to increased costs from capacity expansion [4] Visitor Trends - The main scenic area received 1.087 million visitors in H1 2024, a 64.3% increase year-on-year, indicating strong growth in visitor numbers [4] - July saw a decline in visitors by 8.8% due to extreme weather conditions, but the demand for summer vacation tourism remains high [4] Future Outlook - The company plans to raise approximately RMB 500 million through a private placement, with RMB 350 million allocated for the second phase of the volcanic hot spring project and RMB 100 million for tourism transportation equipment upgrades [4] - The second phase project aims to enhance year-round operations and complement existing high-end hotel offerings, while transportation upgrades are expected to improve internal traffic capacity [4] Valuation - The company is projected to have EPS of RMB 0.71, 0.86, and 0.96 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32.7, 27.2, and 24.3 [5][6]