2022 Spring Festival transportation ends (1.17-2.25): Hainan airport has transported more than 5 million passengers, with an increase far exceeding the industry level. A total of 37565 flights were guaranteed at the three airports in Hainan Island during the Spring Festival transportation, a year-on-year increase of + 27%; 5.157 million passengers were transported, a year-on-year increase of + 31%.
Hainan’s two major airports: both recovered to more than 70% in the same period before the epidemic, and the number of flights taking off and landing at Sanya airport has been higher than that in the same period in 2019. In January 2022, the passenger throughput of Haikou airport and Sanya airport exceeded 1.7 million person times. The passenger flow and flight volume of Haikou airport have recovered to 73.12% and 91.67% in the same period in 2019; The passenger flow of Sanya airport has recovered to 83.88% in the same period in 2019, and the number of transport take-off and landing flights has exceeded 0.95%.
Hainan tourism market: the tourism income is higher than that of the same period in 2019 before the epidemic, and the consumption level of tourists has increased significantly. In January 2022, the total tourism revenue of the whole province was 14.686 billion yuan, a year-on-year increase of + 22.0% and + 62.62% compared with the same period in 2019; The province received a total of 6.6541 million foreign tourists, a year-on-year increase of + 13.1%, which is higher than the level of 1.66% in the same period in 2019; The passenger unit price is 2207 yuan, which is + 60% compared with the same period in 2019. The consumption level of tourists has increased significantly.
Tax exemption on outlying islands: outstanding performance, sales promotion driven by passenger flow growth, and a number of luxury and fragrance brands settled in Sanya. In January 2022, the total sales volume of 10 outlying island duty-free stores in Hainan was 5.822 billion yuan, a year-on-year increase of + 43.75%. Among them, the sales of duty-free goods was 5.345 billion yuan, a year-on-year increase of + 44.46%; The number of duty-free shoppers was 982900, a year-on-year increase of + 40.21%; The number of duty-free shopping items is 5.9262 million.
Investment suggestion: China Tourism Group Duty Free Corporation Limited(601888) is the leader in the tax-free industry, with strong upstream procurement channels and obvious advantages in the scale of downstream stores. It is expected that the pattern of “one super multi strong” will be stable in the long term. In the short term, the company’s efforts to reduce discounts and the expectation of the landing of the new harbor duty-free city are expected to become the short-term catalyst for the stock price.
Risk warning: repeated epidemic situation; Promotion discount rate fluctuation; Changes in immigration policies.
