\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 138 China Cyts Tours Holding Co.Ltd(600138) )
The company released the financial report for 2021, and achieved a revenue of 8.635 billion yuan (+ 20.76%) during the period, which recovered to 61.44% in 2019; The net profit attributable to the parent company was 212 million yuan, turning losses into profits over the previous year and returning to 3.69% in 2019; Deduct 114 million yuan of non attributable performance loss; EPS0. 02 yuan. Q1 / Q2 / Q3 / Q4 achieved revenue of 1.398 billion yuan / 2.122 billion yuan / 2.71 billion yuan / 2.405 billion yuan respectively, with a year-on-year increase of 16.19% / 24.58% / 31.39% / 27.85%; The net profit attributable to the parent company was – 65 million yuan / 99 million yuan / 03 million yuan / – 16 million yuan, with a year-on-year increase of 67.04% / 141.64% / – 87.46% / 84.62%.
In addition to tourism products and it business, the company’s seven major businesses have achieved positive revenue growth. It product sales and services and integrated marketing services continue to contribute the most revenue; The gross profit margin of tourism products increased by 8.33 PCT, and the profitability improved significantly. The gross profit margin of real estate sales business decreased by 74.9 PCT to – 4.9%.
The performance of North and South towns has warmed up. Wuzhen achieved a revenue of 1.758 billion yuan (+ 121.25%), a net profit of 58 million yuan (- 57.03%), a per capita consumption of 476.77 yuan (+ 181.11%), and received 3.6873 million tourists (+ 22.1%), including 1.2653 million in dongzha (+ 32.28%) and 2.422 million in xizha (+ 17.38%). Gubeishui town achieved a revenue of 768 million yuan (+ 34.32%), a net profit of 54 million yuan, an increase of 225 million yuan over the previous year, turning losses into profits. The scenic spot received 1.5201 million tourists (+ 30.43%), and the per capita consumption was 505.23 yuan (+ 2.94%).
The gross profit margin decreased slightly by 1.04 PCT to 18.5%, and the overall cost rate was 19.34% (- 3.64 PCT). Among them, the sales expense rate is 9.51% (- 2.77 PCT), the management expense rate is 7.59% (- 1.17 PCT), the R & D expense rate is 0.11% (- 0.06 PCT), and the financial expense rate is 2.25% (+ 0.31 PCT).
Investment suggestion: the short-term epidemic situation continues to disturb the performance and repair. With the application of antigen detection kit and the introduction of the ninth edition of covid-19 diagnosis and treatment measures, the epidemic situation control measures will be rationalized. The medium and long-term tourism market is expected to fluctuate and recover. We expect the company’s EPS from 2022 to 2024 to be 0.45 0.74 1.07 respectively, corresponding to the company’s closing price of 12.65 yuan on March 30, and PE from 2022 to 2024 to be 28.3 17.1 11.8 respectively, maintaining the “overweight” rating.
There are risks
Risk of passenger flow decline in scenic spots; Ticket price reduction risk; The impact of the epidemic on the tourism industry exceeded the expected risk.
