JHT(603199) 国信证券·2025-03-19 05:51Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Outperform the Market" [6][4][15] Core Views - Jiuhua Tourism is expected to achieve stable growth in net profit in 2024, with a notable performance in the fourth quarter. The company reported a revenue of 764 million yuan in 2024, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1][9] - The growth in passenger transport business is the core driver, with significant improvement in passenger transport penetration rates due to operational enhancements and government traffic management [2][11] - The company anticipates further growth potential in passenger transport penetration, driven by the release of high-speed rail effects and project expansions [3][14] Summary by Sections Financial Performance - In 2024, Jiuhua Tourism achieved a revenue of 764 million yuan, with a net profit of 186 million yuan, marking a historical high in net profit [1][9] - The fourth quarter saw a revenue of 195 million yuan, a 20.65% increase year-on-year, and a net profit of 32 million yuan, up 41.79% year-on-year [1][9] - The company expects 2025 revenue to reach 840 million yuan and net profit to be 205 million yuan, both reflecting a 10% year-on-year growth [3][14] Business Segmentation - The passenger transport business generated 159 million yuan in revenue, a 31% increase year-on-year, with a gross margin of 52.37% [2][11] - The cable car business generated 293 million yuan, a slight decline of 0.56% year-on-year, while the hotel business saw a revenue of 237 million yuan, up 1% [2][11] Future Outlook - The company is optimistic about the potential for increased passenger transport penetration, especially with the opening of the Chi-Huang high-speed rail and ongoing government marketing efforts [3][14] - Upcoming projects, such as the Lion Peak Scenic Area and the Baisheng Palace cable car, are expected to contribute significantly to profits in the medium term [3][14]