In the past year, after the epidemic and policy regulation, the tourism and real estate industries were inevitably affected, but Shenzhen Overseas Chinese Town Co.Ltd(000069) still continued to make profits.
It is understood that among the listed cultural tourism companies that have disclosed their performance in 2021, Shenzhen Overseas Chinese Town Co.Ltd(000069) operating income, net profit and other key indicators rank among the top three, and it is also one of the few tourism enterprises that have made continuous profits and net profit of more than 5 billion yuan since the outbreak of the epidemic.
According to the data, Shenzhen Overseas Chinese Town Co.Ltd(000069) achieved a net profit of 7.1 billion yuan and a net profit attributable to shareholders of listed companies of 3.8 billion yuan. Among them, the gross profit margins of tourism comprehensive business and real estate business were 32% and 21% respectively, with a decrease of 10% and 38% respectively
On the issue of gross profit margin, at the performance meeting, Shenzhen Overseas Chinese Town Co.Ltd(000069) management said that from the perspective of carry over projects in 2021, they are basically market bidding, auction and listing or comprehensive land acquisition projects of culture and tourism in recent years. Unless the market situation changes greatly in the future, the current profit margin basically represents the gross profit margin level of the company at this stage and for a period of time in the future.
revenue increased year on year
Despite industry fluctuations, the revenue of Shenzhen Overseas Chinese Town Co.Ltd(000069) exceeded 100 billion for the first time in 2021.
In 2021, Shenzhen Overseas Chinese Town Co.Ltd(000069) achieved an operating revenue of 102.6 billion yuan, with a year-on-year increase of 25.25%. Among them, the comprehensive tourism business income was 43.3 billion yuan, basically the same as that of the previous year. The real estate business income was 59 billion yuan, a year-on-year increase of 58%.
At the performance meeting, Feng Wenhong, the chief accountant of the company, said that the revenue mainly comes from the two regions of Guangdong, Hong Kong, Macao, Dawan district and East China, accounting for 80%.
Shenzhen Overseas Chinese Town Co.Ltd(000069) 2021 revenue still keeps growing year on year, which is related to the gradual recovery of business under the strong foundation of cultural tourism.
Shenzhen Overseas Chinese Town Co.Ltd(000069) said in its annual report that in 2021, the company’s 27 scenic spots, 28 hotels, 1 travel agency, 7 open tourist areas and 1 tourism performance received 77.979 million tourists, which was 182% in 2020 and 150% in 2019; Excluding the newly added projects in 2021, it is 117% in 2020 and 96% in 2019. The recovery is far higher than the industry average.
Among them, Beijing Happy Valley has launched phase VI of the theme park · Tianguang nightclub, with the number of visitors increasing by nearly 40% and revenue increasing by nearly 50% in two months compared with the same period in 2019; Chongqing Happy Valley phase II super Feixia live theme area was officially opened. After the opening of the theme area, the operation breakthrough was achieved. In June, the number of tourists received exceeded 300000, and the secondary sales in the park exceeded 10 million yuan, an increase of 101% and 137% respectively compared with the same period in 2019, of which the family customer base increased by nearly 300%.
Zheshang Securities Co.Ltd(601878) in its latest report, it is also believed that the cultural tourism project has recovered rapidly, which makes the profit recovery in the era of Shenzhen Overseas Chinese Town Co.Ltd(000069) post epidemic period possible.
\u3000\u3000 ” Shenzhen Overseas Chinese Town Co.Ltd(000069) is constantly innovating cultural and tourism products guided by market demand, launching a number of new products such as the” bay area light “Ferris wheel in Shenzhen happy harbor and Ningbo happy coast, creating new local cultural and tourism landmarks and continuously improving the competitiveness of the industry. Among them, the” Bay area light “Ferris wheel has only opened for eight months, with a revenue of more than 100 million, breaking the annual revenue record of single amusement projects in China. As a leader in the cultural and tourism industry, with the epidemic prevention and control, the company The precise and scientific control measures are expected to take the lead in ushering in the opportunity of repair. ” Zheshang Securities Co.Ltd(601878) scale.
operating cash flow is positive
At present, Shenzhen Overseas Chinese Town Co.Ltd(000069) has abundant capital liquidity and positive operating cash flow for two consecutive years. By the end of the reporting period, the company’s monetary capital was 67.6 billion yuan, an increase of 7.1 billion yuan over the beginning of 2021. Monetary funds accounted for 14.08% of total assets, an increase of 12% over the beginning of 2021.
In 2021, Shenzhen Overseas Chinese Town Co.Ltd(000069) by maintaining the relative balance of project expansion, sales collection and external financing, the company’s operating cash flow was healthy and stable. Since 2020, the company has continued to maintain a net inflow, reaching 19.2 billion yuan in 2021, meeting the company’s overall investment and operation needs, and maintaining a virtuous circle of investment and collection.
By the end of the reporting period, Shenzhen Overseas Chinese Town Co.Ltd(000069) capital structure was stable and good, and the operating risk was reasonable and controllable. The total assets of the company reached 480 billion yuan and the owner’s equity reached 120.8 billion yuan, with a year-on-year increase of 5% and 9% respectively. The company’s total interest bearing liabilities amounted to 140.2 billion yuan, a decrease of 1.3 billion over the beginning of the year, accounting for 29% of the total assets, at a reasonable level.
At the same time, as of the end of the reporting period, Shenzhen Overseas Chinese Town Co.Ltd(000069) the interest bearing liabilities were mainly medium and long-term liabilities, of which short-term loans and non current liabilities due within one year accounted for 20.2%, long-term loans and bonds payable accounted for 79.8%, and the liability structure remained stable.
In 2021, Shenzhen Overseas Chinese Town Co.Ltd(000069) the total asset turnover rate was 0.22, an increase of 15% year-on-year; The inventory turnover rate was 0.3, a year-on-year increase of 70%. The overall development speed of the project has increased from 5.26 years to 3 years, and the operation capacity and de industrialization speed have increased significantly.
Shenzhen Overseas Chinese Town Co.Ltd(000069) in its annual report for 2021, the company said that the “three red lines” indicators of the company were fully optimized on the basis of health and green protection, excluding the asset liability ratio, net liability ratio and cash short debt ratio of advance receipts, which were optimized compared with the previous year, and the financial risks were effectively controlled to ensure the healthy and stable development of the company in the future.
Zheshang Securities Co.Ltd(601878) believes that Shenzhen Overseas Chinese Town Co.Ltd(000069) as a central enterprise has unique government and industrial resources and prominent financing cost advantages. After the bad situation is exhausted in 2021, the subsequent performance flexibility is strong.
model innovation and steady development
With sufficient funds to support the steady development of the company, Shenzhen Overseas Chinese Town Co.Ltd(000069) also deeply aware of the changes in the market, began to seek mode innovation and digital transformation to seek higher performance growth points.
Shenzhen Overseas Chinese Town Co.Ltd(000069) company vice chairman Liu Fengxi said at the performance meeting, “the company’s 14th five year plan defines the development idea of taking tourism as the core growth pole, urbanization as the chassis, and innovation and digitization as the new driving force. The company will maintain strategic determination, adhere to the innovative development model with strong vitality, and adhere to the main business of real estate and cultural tourism.”
In Liu Fengxi’s view, the core of innovating the development model of “culture + tourism + urbanization” is to realize three changes. First, establish the central position of tourism business, strengthen the construction of operation capacity and product innovation, highlight the driving role of tourism products in comprehensive development projects, and highlight the improvement of the profitability of tourism products.
Secondly, it is to return to the compensation function of urbanization. Through the overall regional planning and precise layout, improve the professional development ability, and continue to play the compensation role of urbanization in supporting tourism development; Furthermore, it focuses on high-energy and advantageous regions, deeply tap the market potential, focus on advantageous product lines, and improve the overall development efficiency through the improvement of specialty and scale.
In terms of scale expansion, Shenzhen Overseas Chinese Town Co.Ltd(000069) vice president Ni Mingtao said at the 2021 performance meeting that the company has formed a real estate development model with its own characteristics in combination with its own cultural tourism business. In the current complex internal and external environment, the company will pay close attention to the market dynamics in 2022, strengthen comprehensive research and judgment, strive for progress while maintaining stability, settle investment by closing, and expand resources on the premise of maintaining the bottom line of risk.
“On the one hand, give full play to the advantages of the company’s integrated development mode, obtain high-quality land resources in areas with good economic development and active market, and promote the coordinated development of real estate and cultural tourism business; on the other hand, cultivate internal skills and promote the company’s sustainable high-quality development by innovating the development mode and improving the means of managing water equality.” Ni Mingtao said.
For M & A, Feng Wenhong said that the main possible risks in the process of M & A include project quality risk, risk of excessive consideration, contingent liability risk of the acquired company, risk of company integration after M & A, etc.
Feng Wenhong revealed that Shenzhen Overseas Chinese Town Co.Ltd(000069) will, under the leadership of the SASAC and the board of directors, follow relevant policy guidelines, and follow the principle of seeking progress in stability and selecting the best among the best, make full adjustments to the project, take into account the rationality of project quality and consideration, reduce the risk to a controllable range as far as possible by reasonably controlling the purchase price, clarifying business terms and other means, and carry out M & A prudently and steadily.
“Generally speaking, M & A and bidding, auction and listing are two ways to obtain resources. We all take the quality of resources as the core standard. The risk of M & A projects is generally higher, so there will be higher requirements for risk control.” Feng Wenhong said.
At the performance meeting, Zhang Shumin, director of Shenzhen Overseas Chinese Town Co.Ltd(000069) tourism management department, said that Shenzhen Overseas Chinese Town Co.Ltd(000069) , as a central enterprise focusing on cultural tourism, fully implemented the related work plan of SASAC accelerating the transformation of state-owned enterprises, and actively implemented the “Internet new thinking” and “digital Internet consensus”, and promoted the development of tourism + Internet plus finance and Internet business. Fully promote the digital transformation of enterprises.
