\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 138 China Cyts Tours Holding Co.Ltd(600138) )
Core conclusion
Event: the company released the annual report of 2021, which realized the annual revenue of 8.635 billion yuan / yoy + 20.76%, the net profit attributable to the parent company of 21 million yuan / yoy + 109.15%, and deducted the net loss not attributable to the parent company of 115 million yuan / yoy + 71.00%; In Q4 alone, the company achieved a revenue of 2.405 billion yuan / yoy-3.95%, and a net loss attributable to the parent company of 16 million yuan / yoy + 84.62%.
The recovery of passenger flow in Wuzhen scenic area is slow, and the rise of peripheral tourism drives the passenger flow in Gubei water town. Under the influence of adverse factors such as repeated epidemics in the Yangtze River Delta, Wuzhen scenic spot continued to promote product upgrading. Throughout the year, it received 3.6873 million tourists / yoy + 22.10%, returning to the level of 40% in 2019; Revenue of 1.758 billion yuan / yoy + 121.25%, net profit of 58 million yuan / yoy-57.03%; 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 59.75 million yuan compared with 2020. Gubeishui town seized the opportunity of the recovery of the surrounding tourism market after the epidemic, and received 1520100 tourists / yoy + 30.43% in the whole year, returning to the level of 64% in 2019; The company achieved a revenue of 768 million yuan / yoy + 34.32%, and a net profit of 55 million yuan, turning losses into profits compared with 2020; In addition, Puyuan scenic spot is expected to open in 2022, which is close to Wuzhen, or will form a resource linkage.
The gross profit rate decreased slightly, and the fine cost control effect was remarkable. The gross profit margin of the company in 2021 was 18.50% / -0.94pct, of which the gross profit margin of IT product sales and technical services / integrated marketing services / scenic spot operation / tourism product services / hotel business was -1.18pct / + 2.48pct / - 0.99pct / + 8.33pct / + 0.75pct respectively year-on-year. On the expense side, the company's expense rate during 2021 was 19.45% / - 3.72 PCT, of which the sales expense rate / management expense rate / financial expense rate was -2.79 PCT / - 1.24 PCT / + 0.31 PCT year-on-year, and the company's refined cost control effect was obvious.
Investment suggestion: we expect the company's net profit attributable to the parent company from 2022 to 2024 to be 180 / 467 / 581 million yuan respectively, EPS to be 0.25/0.65/0.80 yuan respectively, and the corresponding PE of the latest share price to be 51 / 20 / 16 times respectively, maintaining the "buy" rating of the company.
Risk warning: epidemic control measures exceeded expectations, natural disaster risk, and passenger flow recovery was less than expected.
