\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 138 China Cyts Tours Holding Co.Ltd(600138) )
The company disclosed in the annual report of 2021 that the revenue in the 21st year was 8.635 billion yuan / yoy + 20.76%, the net profit attributable to the parent company was 21 million yuan, the same period last year was - 232 million yuan, the net profit deducted from non attributable to the parent company was - 315 million yuan, the same period last year was - 395 million yuan, the gross profit margin in the 21st year was 18.50%, a decrease of 0.94 PCT compared with the same period in the 20th year, of which the sales expense rate / management expense rate / financial expense rate / R & D expense rate were 9.51% / 7.59% / 2.25% / 0.11% respectively; The revenue of 21q4 was 2.405 billion yuan, a year-on-year increase of - 3.95%, and the net profit attributable to the parent was - 16 million yuan, compared with - 104 million yuan in the same period last year. The net profit not attributable to the parent was - 110 million yuan, compared with - 106 million yuan in the same period last year.
Sub business performance: 1) in terms of scenic spots, ① in the 21st year, the revenue of Wuzhen was 1.758 billion yuan / yoy + 121.25%, and the net profit was 582024 million yuan / yoy-57.03%. We calculated that the net profit attributable to China Cyts Tours Holding Co.Ltd(600138) was 38.41 million yuan / yoy-57.03%. Excluding the impact of government subsidies and real estate business, the revenue increased by 13.65% in the 21st year, and the net profit decreased by 59.75 million yuan year-on-year. Wuzhen scenic spot received 3.6873 million tourists / yoy + 22.10% throughout the year, including 1.2653 million tourists / yoy + 32.28% in dongzha scenic spot and 2.422 million tourists / yoy + 17.38% in xizha scenic spot. Under the recovery of the epidemic, the growth of passenger flow in the scenic spot drives the recovery of income. ② Gubeishui town has a 21-year revenue of 768 million yuan / yoy + 34.32%, a net profit of 54.656 million yuan, up from - 171 million yuan in the same period last year, turning losses into profits, and 1.5201 million tourists / yoy + 30.43%. 2) In terms of integrated marketing services, in the 21st year, the revenue of China Youth Expo union was 1.732 billion yuan / yoy + 47.20%, and the net profit was 437178 million yuan, an increase of 343007% at the same time. Focusing on the construction of "integrated marketing service ecosystem", we strengthened the value and advantages of integrated services. 3) In terms of hotel business, Shanshui Hotel achieved a revenue of 388 million yuan / yoy + 11.84% in 21 years, with a net profit of -541283 million yuan and a year-on-year loss of 11.67 million yuan, mainly from refined cost control. 4) The business of travel agencies is subject to the fact that the domestic epidemic has not been effectively controlled, and the entry-exit business is still basically stagnant. At the same time, the competition in China's tourism market is intensified, and the expected performance is not outstanding; 5) Cultural tourism business, continuously layout the "tourism +" business segment, expand the business radiation scope, invest in Dalian Botao, enable cultural tourism projects with "culture + science and technology", and successively win multiple cultural tourism projects.
The stock sector is consolidated and optimized, and the incremental business can be expected in the future. 1) In terms of scenic spot business, the business conditions of Wuzhen town and gubeishui town show a steady recovery trend with the recovery of the epidemic. Puyuan project is expected to open in 22 years, which will bring a new driving force for the growth of scenic spot business income; 2) Travel agency business: under the epidemic situation, create customized tourism, RV tourism and other characteristic products, make efforts to live broadcast with goods, video number and other new online marketing methods, carry out product iteration and marketing promotion at the same time, optimize cost control and achieve cost reduction and efficiency; 3) Integrated marketing business: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) collaborative linkage to create an "integrated marketing service ecosystem", while digital transformation to create a new profit growth point; 4) Hotel business: continue to iteratively upgrade the intelligent operation system, use big data management to improve efficiency and reduce cost, and strengthen the innovation of "Hotel +" diversified income.
Profit forecast and investment suggestions: the operation of scenic spots may be under pressure under the worsening epidemic situation in March 22. We are concerned about the recovery of scenic spot business after the epidemic eased, the company's high non operating assets and operational resilience. However, considering the adverse impact of the epidemic on Tourism in March, we reduced the revenue from 11.011/12.593 billion yuan in 22 / 23 to 101 / 120 / 14.7 billion yuan in 22-24 years, and the net profit attributable to the parent company from 637 / 779 million yuan in 22 / 23 years to 2 / 5 / 600 million yuan in 22-24 years The corresponding PE is 41 / 18 / 14x, maintaining the "buy" rating.
Risk tip: the risk of continuous and repeated epidemic in China, the risk of entry-exit opening is less than expected, and the risk of industry competition is intensified
