Event: Changbai Mountain Tourism Co.Ltd(603099) disclosed the financial report of 2021: the revenue of 21 years was 193 million yuan / yoy + 30.45%, the net profit attributable to the parent company was -52 million yuan, compared with -56 million yuan in the same period last year, and the loss narrowed; The revenue of 21q4 was 34 million yuan / – 30.28%, and the net profit attributable to the parent was – 25 million yuan, compared with – 16 million yuan in the same period last year.
Revenue side: in terms of business, the revenue from tourist operation / Travel Agency / hotel / enterprise management / other businesses was 132.23/2.32/43.17/0.71/13.29 million yuan respectively, with a year-on-year increase of + 27.90% / – 1.44% / + 39.46% / + 37.06% / + 41.92% respectively, and the revenue accounted for 68.98% / 1.21% / 22.52% / 0.37% / 6.93% respectively, with a year-on-year increase of + 8.20 / + 0.62 / – 3.11 / – 0.98 / – 4.73 PCT respectively.
Cost side: the gross profit margin of 21 years was – 8.30% and – 18.75% in the same period last year, of which the gross profit margin of tourist operation / Travel Agency / hotel / enterprise management / other income was 4.36% / 47.45% / – 23.54% / – 295.07% / – 82.66% respectively. The three fee expense rate was 28.47%, down from -2.09pcts in the same period last year, of which the sales expense rate was 5.3%, up from + 1.04pct in the same period last year; The management expense ratio was 21.27%, with a year-on-year increase of -1.89pct; The financial expense was -24pct.1% year-on-year.
Traffic network construction enables scenic spot resources, marketing overweight & product iteration to drive future growth: 1) broaden the advantages of tourism transportation: establish multi-level transportation services such as tourism line, airport express, self driving car rental and through train, and organize Changbai Mountain Tourism Co.Ltd(603099) 2 hour tourism economic circle transportation network. 2) Integration of scenic spot resources: Yanbian Qinglong fishery scenic spot was newly entrusted in 21 years, and the second consumption project was optimized for 6 entrusted scenic spots. The entrusted scenic spot received more than 280000 people in 21 years. In addition, the landing of phase II of volcanic hot spring tribe is expected to bring a new driver of income growth. 3) play a precise marketing mix: go deep into the Hornets’ headquarters, and join the Jingdong and Alipay small programs to carry out precision marketing. 4) Create ice and snow tourism products: in the post Winter Olympics era, continuously enrich the supply of ice and snow products, expand investment in ice and snow industry, and further create high-end ice and snow vacation IP.
In Q1 22, Jilin Province was greatly affected by the epidemic, and closed management measures were taken in many regions. At the same time, the epidemic prevention and anti epidemic situation in other provinces and cities in China was also severe, and the number of tourists inside and outside the province decreased, which may have an adverse impact on the company’s performance in the first quarter and even the whole year. It is expected that with the recovery of the epidemic in the future, the company may usher in a performance recovery with its unique high-quality ice and snow resources and innovative product building ability.
Risk warning: repeated epidemic risk; Tourism recovery is less than expected risk; New business construction is less than expected risk;
