CBMT(603099) 中银国际·2025-04-29 08:47Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company reported a revenue of RMB 743 million in 2024, representing a year-on-year growth of 19.81%, and a net profit attributable to shareholders of RMB 144 million, up 4.48% year-on-year. The performance in 2024 indicates stable growth, while the first quarter of 2025 shows steady growth in visitor numbers, although short-term performance is under pressure due to cost factors. The long-term outlook remains positive due to expected improvements in external transportation and the launch of new projects [5][10] - The company is actively expanding its transportation capacity within the scenic area, and the anticipated improvements in external transportation, combined with the company's proactive project expansion, are expected to attract more visitors and gradually contribute to performance growth [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 743 million, with a growth rate of 19.8%. The EBITDA was RMB 282 million, and the net profit attributable to shareholders was RMB 144 million, reflecting a growth rate of 4.5% [9][10] - For Q1 2025, the company reported revenue of RMB 129 million, a year-on-year increase of 0.73%, but the net profit decreased by 58.93% to RMB 4 million due to increased costs [10] Future Projections - The projected EPS for 2025, 2026, and 2027 are RMB 0.70, RMB 0.85, and RMB 0.95 respectively, with corresponding P/E ratios of 46.6, 38.5, and 34.2 [7][9] - The company expects to benefit from the operational launch of the Shen-Jia high-speed rail segment, which will significantly reduce travel times to the scenic area, thereby increasing visitor numbers [10] Shareholder Information - The total market capitalization of the company is approximately RMB 8.696 billion, with a circulating share count of 266.67 million shares [2][3]