JHT(603199) 国泰君安·2024-10-30 06:57Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.89 yuan, down 5% from the previous target of 45.11 yuan [4] Core Views - The company's performance in 2024Q3 was slightly below expectations due to the impact of extreme weather, particularly typhoons, which pressured tourist traffic [3] - Revenue for 2024Q1-3 was 569 million yuan, up 1.31% YoY, with gross profit of 295 million yuan, up 2.77% YoY [3] - Net profit attributable to the parent company for 2024Q1-3 was 154 million yuan, up 1.19% YoY [3] - Single Q3 revenue was 174 million yuan, down 4.15% YoY, with gross profit of 81 million yuan, down 2.72% YoY [3] - The company's Lion Peak project is progressing as planned, with construction expected to start in December 2024 and completion in November 2026, which is expected to boost profits through additional cable car and hotel business [3] Financial Performance - The company's 2024Q3 gross margin was 46.33%, up 0.68% YoY [3] - Operating expenses for 2024Q3 increased by 0.85% YoY, with tax and surcharges, sales, management, and financial expense ratios rising by 0.63%, -0.19%, 0.34%, and 0.08% respectively [3] - Net profit margin for 2024Q3 was 22.59%, up 0.3% YoY [3] Industry and Market Context - The company's 52-week stock price range is between 24.67 yuan and 39.32 yuan, with a total market capitalization of 3.868 billion yuan [5] - The company's stock has shown a 36% increase over the past 12 months, outperforming the index by 27% [8] - The company's financial forecasts for 2024-2026 show expected revenue growth of 3.4%, 9.7%, and 7.9% respectively, with net profit growth of 4.0%, 12.6%, and 11.9% [9] Future Outlook - The report highlights the potential for improved traffic due to transportation infrastructure enhancements, such as the newly opened Chihuang High-Speed Rail, which could support future growth in passenger business [3] - The company's parking lot expansion is expected to increase passenger capacity, providing further support for growth in the transportation business [3]