JHT(603199) 国盛证券·2024-10-29 06:14Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a slight decline in revenue for Q3 2024, with expectations for growth driven by the new Lion Peak project and strategic opportunities in the Dahuangshan area [3][4] - Q3 2024 revenue decreased by 4.15% year-on-year to 1.74 billion CNY, while net profit attributable to shareholders fell by 2.85% to 0.39 billion CNY [2][4] - The company is expected to achieve revenue growth from 7.5 billion CNY in 2024 to 8.9 billion CNY in 2026, with net profit increasing from 1.8 billion CNY to 2.4 billion CNY over the same period [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.69 billion CNY, a year-on-year increase of 1.31%, and a net profit of 1.54 billion CNY, up 1.18% year-on-year [1] - In Q3 2024, the gross margin improved by 0.7 percentage points to 46.3%, attributed to a decrease in low-margin travel agency business revenue [2] - The company maintained excellent cost control, with sales expenses decreasing by 7.5% year-on-year in Q3 [2] Project Developments - The Lion Peak cable car project, with an estimated total investment of 326 million CNY, is expected to generate an average annual revenue of 111 million CNY and a profit of approximately 49.97 million CNY over 15 years [3] - The rebranding of the controlling shareholder to better align with the Dahuangshan strategic opportunities indicates a focus on integrating into the cultural and tourism development of the Yangtze River Delta [3] Future Projections - The company forecasts revenue of 7.47 billion CNY for 2024, with a projected net profit of 180 million CNY, reflecting a growth rate of 3.3% year-on-year [5] - The expected earnings per share (EPS) for 2024 is 1.63 CNY, with a price-to-earnings (P/E) ratio of 22.6x [5][6]