Tourism and hotel sector: the fixed increase of the first tour is implemented, and Caissa Tosun Development Co.Ltd(000796) and Utour Group Co.Ltd(002707) are merged and terminated
1) The fixed increase of the first brigade was successfully completed, enabling the long-term development of the company. On December 8, 2021, the company issued the completion of fixed increase and capital verification report. The final number of shares issued this time was 134348410, and the issue price was 22.33 yuan / share. The total amount of funds raised this time was 2999995.30 yuan, which met the pre issuance approval standards. After this issuance, the total share capital of the company is 1.121 billion shares. ShouLv group directly holds 34.39% of the shares of the company and is still the controlling shareholder of the company. Beijing SASAC is still the actual controller of the company. After obtaining the capital support, the company is expected to upgrade the existing economy hotels (such as home to home business travel / home selection) on the one hand, and accelerate the expansion of medium and high-end brands (Puyin, Yifan, etc.) on the other hand, so as to establish a higher-end brand image. 2) Caissa Tosun Development Co.Ltd(000796) terminate the merger Utour Group Co.Ltd(002707) . On December 5, 2021, the company and Utour Group Co.Ltd(002707) announced that Caissa Tosun Development Co.Ltd(000796) decided to terminate the plan of absorption and merger Utour Group Co.Ltd(002707) . In August this year Caissa Tosun Development Co.Ltd(000796) announced the adjustment of the organizational structure of “four-wheel drive”, dividing its business into four sectors: new retail sector, and Caissa Tosun Development Co.Ltd(000796) vice president Zhang Rui will take the post of chairman; In the food industry sector, Xue Qiang, former CEO of Caesar E-food, assumed the new chairman; Target floor block, Caissa Tosun Development Co.Ltd(000796) CEO Jin Ying as chairman; In the tourism sector, Chen Jie, President of Caesar tourism, served as the chairman.
The heat of the tax-free plate rebounded, and it is expected to usher in the peak season for repair in the fourth quarter, highlighting the configuration value
We think the main reasons for the rise of tax-free plate this week are as follows: 1) With the appreciation of RMB, China tax exemption, as a white horse in the industry, is favored by the inflow of foreign capital; 2). China’s response to the outbreak is becoming more and more mature, and the impact of the outbreak on offline consumption may gradually weaken in the future, which is expected to boost the overall mood of the lower consumer sector; 3). The issuance of China free Hong Kong shares was suspended, and investors’ concerns about discount were alleviated; 4). In the early stage of tax exemption, the impact of sentiment oversold is obvious, the valuation has been at a historically low level, and the allocation value is prominent. The current China Tourism Group Duty Free Corporation Limited(601888) competition pattern, supply chain advantages and business model have not changed, the industry competition pattern has not been destroyed, the peak season of the fourth quarter has arrived, and the passenger flow and passenger unit price will rise. Cost rigidity, the increase in the proportion of online consumption (daily and Hainan replenishment), the release of high-quality goods supply, discount promotion and other factors are all short-term effects. The company’s gross profit margin and net profit margin will decline temporarily. In the future, with the repair of the peak season in the fourth quarter, the medium free long-term value will not decrease.
This week’s view
The toxicity of Omicron strain is lower than Delta, which may accelerate the recovery expectation of China’s wine tourism industry and alleviate the pressure of the plate. It is suggested to pay attention to the hotel sector ( Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) ), scenic spot sector ( Songcheng Performance Development Co.Ltd(300144) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) ), tax-free sector ( China Tourism Group Duty Free Corporation Limited(601888) ) and anti cyclical attribute sector ( Beijing Career International Co.Ltd(300662) ) with stable industry pattern, prominent leading barriers and clear medium-term recovery logic.
Risk statement
Macroeconomic fluctuation risk; Risk of repeated impact of epidemic situation; 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.
