Guohai Securities: Initiates coverage on JHT with a "Buy" rating, driven by scarce assets for long-term growth

Guohai Securities' research report points out that JHT has been deeply cultivating the core scenic area of Jiuhua Mountain for many years, relying on the national 5A-level Buddhist mountain resources, forming a full-chain cultural tourism service system centered on cable cars, hotels, passenger transport, and travel agencies. Relying on the profound Buddhist cultural heritage of Jiuhua Mountain and high visitor stickiness, the company's business has gained stable growth momentum and significantly benefited from the service consumption policy dividend and the young group's "temple tourism" craze. The core profit source, the cable car business, is expected to maintain a gross profit margin of over 85% from 2023 to 2024, with cable car revenue reaching 293 million yuan in 2024, accounting for 38.33% of the company's revenue, making it a core profit source with high certainty; in April 2024, the Chihuang High-speed Railway will be opened, significantly shortening the travel time from core cities in the Yangtze River Delta and Central China to Jiuhua Mountain. Coupled with the improvement of the "high-speed rail + aviation + highway" integrated network and the regional scenic area cluster effect, the accessibility and overall attractiveness of the Jiuhua Mountain scenic area continue to enhance. This is the first coverage, giving an "overweight" rating