\u3000\u3 Shengda Resources Co.Ltd(000603) 099 Changbai Mountain Tourism Co.Ltd(603099) )
The company issued the annual report of 2021. The annual operating income was 193 million yuan, with a year-on-year increase of 30.45%. The net profit attributable to the parent company was 52 million yuan, with a year-on-year decrease of 04 million yuan. In a single quarter, 21q4 achieved an operating revenue of 34 million yuan / yoy-30.28%, and a net profit loss attributable to the parent company of 25 million yuan / yoy-54.86%. Key points supporting rating
The performance under the epidemic was under pressure for a short time, and it was actively repaired to reduce losses. The annual revenue was 193 million yuan, a year-on-year increase of 30.45%, and the net profit attributable to the parent company was 52 million yuan, a year-on-year decrease of 7.47%. In terms of overall performance, the company's Q2 and Q3 operations recovered strongly (revenue yoy + 257.91%, + 48.17%), and Q4 was temporarily under pressure due to the continuous impact of the epidemic (revenue yoy-30.28%). The company launched five categories of products around the new trend of tourism, including Tianchi travel photography, Shuxi crossing and volcanic sunrise. At the same time, it strengthened the construction of new media platforms, promoted ice and snow hot spots, and reached cooperation agreements with more than 20 travelers and ski clubs, During the "weak boom" period of the industry, it actively repaired and reduced losses year-on-year. It is expected to continue to grasp the recovery opportunity in the 22-year peak season.
The hotel business returns gradually, and the resource advantage is expected to continue to be released. The company's Crowne Plaza Hotel achieved an annual revenue of 29.03 million yuan and a profit of 520300 yuan. Its operating performance has recovered to 90% in 19 years. With the steady progress of the second phase project of volcanic hot spring tribe, it is expected that the profit channel expanded by relying on hot spring resources is expected to continue to play a role in promoting performance. During the reporting period, the company continued to deepen resource aggregation and added Yanbian Qinglong fishery scenic spot. In the whole year, six scenic spots hosted more than 280000 person times. The synergy of diversified business forms is expected to further enhance the competitiveness of the company.
Continue to expand the advantages of tourism and transportation, and the downward movement of the mountain gate will add benefits. Since February 25, Changbai Mountain Tourism Co.Ltd(603099) North Scenic Area's Mountain Gate function has been moved down to the North Scenic Area's Tourist Distribution Center to expand the company's original operation business. At present, the company undertakes the main transportation capacity of the route, and the recorded vehicles account for 89%. The downward movement of the mountain gate is expected to have a positive impact on the company's revenue. At the same time, the company seizes the opportunity of the opening of the baidun high-speed railway and promotes a more comprehensive connecting line. In the 22nd year, the company plans to launch the small program of " Changbai Mountain Tourism Co.Ltd(603099) car rental" to optimize the connection between tourists and transportation products. The main tourism passenger transport business of the high-speed railway era company is expected to be further extended.
Valuation
Since March 22, the outbreak of the epidemic in Jilin has still forced the company to bear pressure. At the same time, according to the company's 22-year performance guidelines, we lowered the forecast EPS for 22-24 years to 0.02/0.23/0.34 yuan, with a corresponding P / E ratio of 588.6/40.3/27.0 times. The company actively seeks innovation, cooperates with diversified business forms, and superimposes Changbai Mountain Tourism Co.Ltd(603099) into the list of national high-quality ice and snow tourism routes. The policy is good for national ice and snow consumption. After the epidemic situation is stable, the company's medium and long-term performance is restored and on track, and the logic remains unchanged, so it maintains the overweight rating.
Main risks of rating
Repeated epidemic risk, seasonal characteristic risk, and the risk that the passenger transport license cannot be extended.
