Huangshan Tourism (600054) Interim Review: High-speed rail opened to drive passenger flow and new projects are steadily advancing

Huangshan Tourism (600054) Interim Review: High-speed rail opened to drive passenger flow and new projects are steadily advancing
Core point of view: In the first half of the year, the revenue returned to a positive growth, and after deducting non-performance, the company achieved a slight increase in revenue.300 million and 1.700 million, an annual increase of 6.8% and formaldehyde 23.2%.The growth rate of revenue has rebounded significantly, and the decrease in net profit was mainly due to the reduction of 8 million shares of Huaan Securities stocks in the same period last year, resulting in non-recurring gains and losses of 4506.40,000 yuan.Net profit after deduction for the first half of 19 was 1.6 ppm, an increase of ten years.6%.Q2 single quarter revenue and net profit attributable to mothers were 4 respectively.600 million and 1.400 million, an annual increase of 6.2% and 2.6%.In terms of profitability: the company’s gross profit margin and net profit margin were 54 in the first half of the year.1% and 22.4%, 0 each year.6pct and drop by 1.1pct.In terms of expenses: the company’s period expenses in the first half of the year 20.1%, a decline of 0 per year.2pct, basically the same as last year. The sales, management and financial expense ratios are 6 respectively.5%, 14.4% and -0.8%, increase by 1 each year.Zero digits and 0 drop.3 and 0.9 units.The decrease in financial expenses was mainly due to the increase in interest income from demand deposits and borrowing to obtain income from the town of Blue City. The comprehensive recovery of tourist traffic in scenic spots drove revenue growth. The fare reduction slightly affected the official opening of the Huang-Hang High Speed Rail in the first half of the year. The adverse factors such as weather reduced.Inbound tourists and ropeway passenger traffic were 162.40,000 people and 326.70,000 person-times, an increase of 9 each year.6% and 12.9%.Ropeway: In the first half of the year, the overall performance of the ropeway was dazzling and revenue was 250,000 yuan, an increase of 16 in ten years.7%.The cost structure of the ropeway continued to be optimized, with a gross profit margin of 86 in the first half of the year.7%, increase by 1 every year.1 average.Among them, Yuping Ropeway and Taiping Ropeway achieved revenue1.08 ppm / 1958.80,000 yuan, an increase of 18 each year.6% and 1.6%; net profit 5887.20,000 yuan / 651.60,000 yuan, an increase of 21 each year.5% and 0.3%.Attraction Tickets: According 天津夜网 to the company’s announcement, the price adjustment of tickets to Huangshan attractions will be implemented from September 28, 2018. The peak season price will be reduced from 230 yuan / person to 190 yuan / person.Starting from January 21, 19, the peak and peak seasons have occurred, and the decline in fares has a certain impact on income.In the first half of the year, ticket sales (garden development business) achieved revenue1.0 billion, down 4 a year.8%.Excluding price reduction factors, ticket revenue1.22 ppm, an increase of 15 in ten years.1%. The gross margin of the ticket business was 84.2%, 1 year down.7 points.Other businesses: The hotel and tourism services businesses achieved revenue in the first half of the year3.100 million and 1.700 million, an increase of 20 each year.3% and 22.8%, gross margins were 31.2% and 7.5%, rising costs lead to a decline in gross profit margins by 1, respectively.4 and 2.0pct. Investment suggestion: High-speed rail traffic may continue to drive passenger flow and maintain the “overweight” level. Due to the expected decline in tickets, the company estimates that it has continued to decline in the past two years.Coupled with the steady expansion of the company’s outreach projects and stable cash flow, we are optimistic about the company’s subsequent steady growth.It is estimated that the company’s net profit attributable to the mother in 19-21 will be 3 respectively.9.5 billion, 4.1.5 billion and 4.380,000 yuan, the corresponding EPS is 0.54 yuan, 0.57 yuan and 0.60 dollars.With reference to the average expected P / E for 19 years of comparable listed companies based on the overall expected category, taking into account the scarcity of the company’s prospects, the endogenous and epitaxial growth is stable, giving the company 20 times P / E estimates for 19 years, which is equivalent to a reasonable value of 10.8 yuan / share, maintaining the “overweight” rating. Risks suggest that fares have fallen more than expected; weather, natural disasters and other factors affect passenger traffic.

admin

Related Posts