CBMT(603099) 开源证券·2025-04-25 12:42Investment Rating - The investment rating for Changbai Mountain is maintained at "Buy" [1] Core Views - The company experienced a revenue growth of 19.8% year-on-year in 2024, with a total revenue of 743 million yuan and a net profit of 144 million yuan, reflecting a 4.5% increase year-on-year [5] - In Q1 2025, the company reported a revenue of 129 million yuan, a slight increase of 0.7% year-on-year, but the net profit dropped by 58.9% year-on-year to 4 million yuan due to various cost pressures [5] - The company is actively expanding transportation capacity in anticipation of the peak ice and snow season, although actual visitor numbers were affected by adverse weather conditions [5][6] - The forecast for net profit from 2025 to 2027 has been adjusted downwards, with expected figures of 186 million yuan, 218 million yuan, and 263 million yuan respectively, indicating a year-on-year growth of 29.2%, 16.9%, and 20.7% [5] Financial Summary - The company’s total revenue is projected to reach 829 million yuan in 2025, with a year-on-year growth of 11.6% [7] - The gross profit margin is expected to be 42.3% in 2025, slightly improving from 41.7% in 2024 [7] - The earnings per share (EPS) for 2025 is estimated at 0.70 yuan, with a price-to-earnings (P/E) ratio of 46.9 times [7] - The company’s total assets are projected to grow to 1,637 million yuan by 2025, with a total liability of 289 million yuan [9]