Tourism sector: the Ministry of culture and tourism released China’s tourism data for the whole year of 2021
In 2021, the total number of Chinese tourists in the whole year was about 3.246 billion / yoy + 12.75%, which recovered to 54.05% in the same period in 2019. Among them, the number of urban residents traveling was about 2.342 billion / yoy + 13.41%, which recovered to 52.38% in the same period in 2019; Rural residents travel about 904 million person times / yoy + 11.06%, recovering to 58.89% in the same period in 2019. China’s tourism revenue (total tourism consumption) is about 2.92 trillion yuan / yoy + 31.02%, recovering to 51.00% in 2019. Among them, the tourism consumption of urban residents reached 2.36 trillion yuan / yoy + 31.60%, recovering to 49.67% in the same period in 2019; The tourism consumption of rural residents was 0.55 trillion yuan / yoy + 28.40%, recovering to 56.46% in the same period in 2019. In 2021, the annual per capita tourism consumption was about 899.28 yuan / yoy + 16.17%, recovering to 94.33% in the same period in 2019. Among them, the per capita tourism consumption of urban residents is 1009.57 yuan / yoy + 16.00%, returning to 95.01% in the same period in 2019; The per capita tourism consumption of rural residents is 613.56 yuan / yoy + 15.66%, recovering to 96.67% in the same period in 2019.
The number of duty-free passengers entering and leaving Meilan Airport exceeded 60000 for four consecutive days
According to the official disclosure, from January 24 to 28, the number of people entering and leaving Haikou Meilan Airport was 58557, 60942, 62556, 65220 and 68552 respectively. In 2021q3, Hainan was greatly affected by the epidemic. According to the passenger flow data disclosed by Haikou airport, the passenger flow in Q4 Hainan has recovered month on month. We believe that the tax-free discount range in Hainan may be gradually narrowed in the fourth quarter, and the gross profit margin of the company may increase month on month in the fourth quarter. In 2022, the company has launched preferential tax rate, and its development has changed from “quantity” to “quality”. In the second half of the year, the company ensured the stable growth of sales scale, effectively maintained the supplier relationship and obtained a richer product portfolio in the future; The growth of revenue scale or effectively expand the size of the company’s members to lay a foundation for future development; With the normalization of global brand supplier cooperation and the gradual stabilization of international freight transportation, the company may improve operation efficiency, reduce operation costs and optimize inventory structure in 2022.
This week’s view
The travel restriction policy caused by the local epidemic is a direct factor for the pressure of offline consumption formats such as scenic spots. The effective epidemic prevention system + the full spread of vaccines + the approval and landing of specific drugs + the promotion of oral drug research and development can effectively boost consumers’ travel expectations. In the future, the demand side and performance side of offline consumption such as wine, tourism and catering are expected to achieve a high elastic recovery. We suggest continuing to focus on the four main lines of recovery logic: 1) High quality hotel targets Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) at the bottom of the cycle / with stable long-term growth logic. It is recommended to pay attention to Huazhu group; 2). Target Songcheng Performance Development Co.Ltd(300144) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) of high-quality scenic spots benefiting from the increased penetration of leisure tourism and peripheral tourism. It is suggested to pay attention to China Cyts Tours Holding Co.Ltd(600138) , Wuxi Online Offline Communication Information Technology Co.Ltd(300959) Fosun tourism culture with complete tourism industry chain business, and Changbai Mountain Tourism Co.Ltd(603099) benefiting from the increased attention of ice and snow tourism; 3). It is suggested to pay attention to Haidilao, Xiabu and Xiabu, the leading catering enterprises that are expected to be repaired in the same store after the epidemic, and jiumaojiu, a new brand & a new business type that is hatching; 4). The China Tourism Group Duty Free Corporation Limited(601888) , Beijing Career International Co.Ltd(300662) with prominent leading barriers are recommended for the tax-free sector benefiting from consumption return and consumption upgrading and the human services sector with obvious anti cyclical attributes.
Risk tips
Macroeconomic fluctuation risk; Repeated outbreaks exceed the expected risk; The risk of intensified industry competition; The landing of new projects / products is less than the expected risk; Food safety risks; Risk of major teaching accidents.
