JHT(603199) 申万宏源证券·2025-03-20 09:13Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - The company's 2024 annual performance met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while hotel operations remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, representing 40.46% of the annual net profit attributable to shareholders [5] Financial Data and Profit Forecast - Total revenue projections for Jiuhua Tourism are as follows: - 2023: 724 million yuan - 2024: 764 million yuan - 2025E: 856 million yuan - 2026E: 926 million yuan - 2027E: 1,041 million yuan - Net profit attributable to shareholders is forecasted as: - 2023: 175 million yuan - 2024: 186 million yuan - 2025E: 211 million yuan - 2026E: 232 million yuan - 2027E: 267 million yuan - The company’s gross margin is expected to improve from 49.6% in 2023 to 53.2% in 2027 [4][5][7]