JHT(603199) 海通国际·2025-04-29 09:00Investment Rating - The investment rating for Jiuhuashan Tourism is "Outperform" with a target price of RMB 48.50, indicating a positive outlook for the stock [4][11]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of RMB 235 million, representing a year-on-year increase of 30.1%, and net profit attributable to shareholders of RMB 69 million, up 31.8% year-on-year [11][12]. - The company aims to enhance its capacity and aims for a revenue target of RMB 840 million and a profit of RMB 205 million by 2025, focusing on building a regional tourism complex and leveraging strategic opportunities in the Yangtze River Delta [12][13]. Financial Summary - Revenue projections for Jiuhuashan Tourism are as follows: - 2023: RMB 724 million - 2024: RMB 764 million (+5.6%) - 2025: RMB 831 million (+8.7%) - 2026: RMB 892 million (+7.3%) - 2027: RMB 943 million (+5.8%) [3][6] - Net profit attributable to shareholders is projected to grow significantly: - 2023: RMB 175 million - 2024: RMB 186 million (+6.5%) - 2025: RMB 215 million (+15.3%) - 2026: RMB 240 million (+12.0%) - 2027: RMB 263 million (+9.6%) [3][6]. Business Performance - The company reported divergent business performance in 2024: - Hotel revenue: RMB 237 million (+1.1%), gross profit margin (GPM) 14.1% (-2.4ppts) - Cable car revenue: RMB 293 million (-0.6%), GPM 86.0% (+0.02ppts) - Passenger transport revenue: RMB 159 million (+31.2%), GPM 52.4% (+3.8ppts) - Travel agency revenue: RMB 62 million (-7.5%), GPM 13.0% (+3.6ppts) [12][13]. Strategic Initiatives - The company is focusing on enhancing its brand and digital capabilities, leveraging its Buddhist cultural resources to promote new brands like "New Anhui Cuisine" and developing digital platforms for improved customer experience [12][13].