\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 138 China Cyts Tours Holding Co.Ltd(600138) )
The company released its annual report for 2021: 1) 2021: the annual revenue was 8.635 billion yuan / + 20.76% (down – 38.55% from 2019), mainly due to the improvement of the epidemic situation, the recovery of integrated marketing, hotel and scenic spot business, the net profit attributable to the parent company was 21 million yuan / + 109.15% (higher than the 15 million yuan in the performance forecast), the net loss attributable to the parent company was 115 million yuan (basically consistent with the previous performance forecast), and the loss was reduced by 280 million yuan; 2) 2021q4: the operating income is 2.405 billion yuan / – 3.95%, the net loss attributable to the parent company is 16 million yuan / + 84.59%, and the net loss not attributable to the parent company is 110 million yuan / – 3.50%.
The performance of Gubei water town has been significantly improved by surrounding tourism. 1) Wuzhen scenic spot: achieved revenue of 1.758 billion yuan / + 121.25%, net profit of 58 million yuan / – 57.03%, received 3.6873 million tourists / + 22.10%, including 1.2653 million tourists / + 32.28% in dongzha and 2.422 million tourists / + 17.38% in xizha. Excluding the impact of government subsidies and real estate business, the operating income of the scenic spot increased by 13.65% year-on-year, and the net profit decreased by 60 million yuan compared with 2020; 2) Gubeishui Town: operating income of 768 million yuan / + 34.32%, net profit of 55 million yuan / + 132.16%, turning losses into profits, and receiving 1.5201 million tourists / + 30.43% in the whole year; 3) Puyuan scenic spot: it is expected to be put into trial operation in 2022.
The integrated marketing business has recovered strongly, and the scenic spot & hotel products have been gradually repaired. By business: ① IT product sales and technical services: revenue of 4.134 billion yuan / – 0.07%, net profit of 29.32 million yuan / – 32.3%. ② Integrated marketing business: revenue of 1.732 billion yuan / + 47.48%, net profit of 437178 million yuan / + 343007%. ③ Hotel business: Shanshui Hotel achieved an operating revenue of 388 million yuan / + 11.84%, and a net profit of -541281 million yuan, a loss of 11.67 million yuan compared with 2020. ④ Business related to scenic spots: the operating revenue of scenic spots is 864 million yuan / + 13.74%, and the gross profit margin is 71.26% / – 0.99pct; Housing sales revenue of 862 million yuan / + 1812706%, gross profit margin of – 4.90% / – 74.20 PCT; The revenue of tourism products and services is 504 million yuan / – 15.42%, and the gross profit margin is 22.45% / + 8.33pct; The revenue from house leasing is 190 million yuan / + 5.57%, and the gross profit margin is 67.22% / + 4.56pct.
Fine cost control achieved results, and the overall cost rate decreased significantly in 2021. The overall cost rate is 19.45% / -3.72pct. Among them, the sales expense ratio is 9.51% / -2.79pct, the management expense ratio is 7.59% / -1.18pct, the R & D expense ratio is 0.11% / -0.06pct, and the financial expense ratio is 2.25% / + 0.31pct, which is mainly due to the increase of bank loans and the implementation of the new leasing standards; The net cash flow from operating activities was 905 million yuan / + 48.42%, which was mainly due to the gradual recovery of business in all sectors of the company, the lifting of restrictions on real estate sales and the implementation of new leasing standards in this year.
In 2022, continue to promote the “tourism +” business, actively strive for project opportunities and business cooperation, and accelerate the cultivation of new growth points. In 2021, the company strategically invested in putefu Shanghai’s “city of light” immersive performance project, and cooperated with the internationally renowned IP team for the first time to build China’s top performance project, which is planned to be put into trial operation in 2022; Smart cultural tourism continues to expand its business area. In 2021, the company won the bid for the procurement project of inbound tourism product R & D and promotion tourism services of Beijing cultural tourism, the nighttime consumption project of expanding cultural tourism in Beijing, and the global smart tourism project of Jilin; As the trustee, it provides operation and management services for Chongqing Nanchuan East Street, Shandong juguo ancient city and other projects, laying the foundation for further expanding the radiation scope of the company’s cultural and tourism service business.
Investment suggestion: Buy-A investment rating, 6-month target price of 14.06 yuan. We expect that the revenue growth rate of the company from 2022 to 23 will be + 14.1% / + 24.1% respectively, and the net profit attributable to the parent company will be 233 / 509 million yuan, giving 20 times the performance of 2023 PE and the corresponding target price of 14.06 yuan.
Risk warning: the impact of covid-19 epidemic exceeded expectations, and the opening progress of new projects was less than expected
