\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 138 China Cyts Tours Holding Co.Ltd(600138) )
The company issued the annual report of 2021. Under the impact of local epidemic, the company continued to improve its operating level and achieved a revenue of 8.635 billion yuan in the 21st year, yoy + 20.76%; The net profit attributable to the parent company was 212331 million yuan, turning losses into profits compared with 20 years.
Key points supporting rating
The whole year turned losses into profits, and the spread of the epidemic still affected the performance recovery. Affected by the spread of the epidemic in China, the company's business sectors such as scenic spots, hotels and travel agencies have been impacted to varying degrees. The company continued to reduce costs and increase efficiency, actively improved its operating level, and achieved a revenue of 8.635 billion yuan in 21 years, with a year-on-year increase of 20.76%; The net profit attributable to the parent company was 21 million yuan, a year-on-year increase of 253 million yuan; Net profit deducted from non parent company was - 115 million yuan, down 280 million yuan from 20-year loss.
The business operation of the scenic spot is under pressure, and Gubei water town shows strong resilience. (1) Wuzhen scenic spot accounts for a large number of tourists from other places. Under the influence of the restriction of inter provincial tourism and the direct impact of Q4 Zhejiang epidemic, Wuzhen scenic spot received 3.6873 million tourists in 21 years, with a year-on-year increase of 22.1% and a recovery to 40.16% in the same period of 19 years; The revenue reached 1.758 billion yuan, a year-on-year increase of 121.25%; The net profit was 582024 million yuan, a year-on-year decrease of 57.03%. (2) Benefiting from the heat of Beijing's ice and snow culture and tourism season and the recovery of the surrounding tourism market, gubeishui town has recovered better. It has received 152.01 tourists in 21 years, with a year-on-year increase of 30.43% and a recovery of 63.5% in the same period of 19 years; The revenue was 768 million yuan, a year-on-year increase of 34.32%, and the net profit was 54.655 million yuan, turning losses into profits year-on-year. The passenger flow of the two towns is under pressure and still maintains strong business enthusiasm; Puyuan scenic spot is expected to open in 2022, which is expected to increase the business profit of the scenic spot.
The integrated marketing business recovered strongly and the net profit increased rapidly. Zhongqing Expo union carries out business building around the "integrated marketing service ecosystem", provides high-quality services with one-stop integrated marketing, and continues to strengthen the service capacity of "smart Exhibition". In the 21st year, Zhongqing Expo union achieved a revenue of 1.732 billion yuan, a year-on-year increase of 47.2%, and a net profit of 44 million yuan, a year-on-year increase of 343007%.
Valuation
According to the company's 2021 annual report, we adjusted the company's EPS for 22-24 years to 0.29/0.68/0.86 yuan, with a corresponding P / E ratio of 42.7/17.8/14.1 times. After being disturbed by the epidemic situation, the company still has a large space to buy high-quality tourism resources, but it still has a long-term recovery. As a leading tourism company, it still has a long-term recovery of high-quality tourism resources.
Main risks of rating
The opening and operation of new scenic spots are not as expected, the tourism competition in China is intensified, and the covid-19 epidemic risk is repeated.
