Core view
List of the prospectus of Dashi shares: combing the prospectus of Dashi shares, the core concerns are as follows: 1) there is still room for penetration and improvement of the pizza industry in China: China has 9.8 pizza shops per million people, Japan 28.4/south Korea 28.9; 2) Fast food positioning + takeout adaptation, strong ability to resist the epidemic: the annual income of Dashi shares was 8.4/11.0/1.61 billion respectively from 19 to 21, and the CAGR was about 38.8%. The income under the epidemic maintained steady growth; 3) Based on the encryption of first tier cities, the company has laid out new growth markets: the proportion of the company's new growth market revenue in 19-21 years has increased year by year (16% / 21% / 29%); 4) The current profit has not yet been realized: the net profit of the company from 2019 to 2021 is - 18 / - 270 / - 470 million yuan respectively, which is expected to be related to the high proportion of human costs caused by the company's 30 minute BDA strategy. In the future, the company will focus on the sinking and expansion effect and its own cost side optimization effect.
Plate resumption: from March 28 to April 8, 2022, the consumer service sector outperformed the CSI 300 index by 0.47pct. The top gainers in Guoxin social service sector were Jiangsu Tianmu Lake Tourism Co.Ltd(603136) (34%), Yunnan Tourism Co.Ltd(002059) (18%), Jinling Hotel Corporation Ltd(601007) , Caissa Tosun Development Co.Ltd(000796) , Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) , Xueda (Xiamen) Education Technology Group Co.Ltd(000526) , China Oriental Education, Guangzhou Lingnan Group Holdings Company Limited(000524) , Tongcheng travel and Dalian Shengya; The stocks that led the decline in Guoxin social service sector were Helens (- 13%), China United Travel Co.Ltd(600358) (- 11%), Yuhua Education (- 11%), Renrui talent, hope education, Beijing Career International Co.Ltd(300662) , Tongdao Liepin, Ctrip group-s, Naixue tea, Suzhou Kingswood Education Technology Co.Ltd(300192) , the sector rebounded steadily and the scenic spot sector was active.
Industry news: the executive meeting of the State Council proposed to postpone the payment of pension insurance premiums for tourism and other industries in extreme poverty; The State Council has set up a special additional deduction of individual income tax for the care of infants and young children under the age of 3; CSRC: the talks with PCAOB are generally progressing smoothly, and both sides are willing to resolve their differences; The Ministry of education will hold the World Conference on the development of Vocational and technical education in mid and late June 2022; Li Zhanshu is giving instructions on the revision of the vocational education law
Shanghai and Shenzhen Hong Kong stock connect: jiumaojiu / Naixue / Xiabu / hailun company obtained increased shareholding. The core subjects of A-Shares were reduced. Proportion of circulating a shares, China Tourism Group Duty Free Corporation Limited(601888) 9.5% / - 0.2pct, Songcheng Performance Development Co.Ltd(300144) 6.6% / - 0.1pct, 6 Hytera Communications Corporation Limited(002583) .3% / - 2.0pct, Shanghai Jin Jiang International Hotels Co.Ltd(600754) 4.3% / - 0.2pct. Core target of Hong Kong stocks: Haidilao was reduced and the rest increased. The proportion of free circulating share capital is 38.1% / + 0.5pct for jiumaojiu, 18.2% / - 0.1pct for Haidilao, 19.6% / + 0.7pct for Naixue tea, 21.1% / + 0.5pct for sipping sipping, and 13.3% / + 0.8pct for Helens.
Risk tips: natural disasters, epidemic situations and other systematic risks; Policy risk; The acquisition is lower than expected, etc
Investment suggestion: the emotional low point of this round of epidemic has passed, and grasp the opportunity of leading oversold. Maintain over allocation rating. Since March, the epidemic situation in China has been sporadic and spreading again, and short-term travel in China is expected to be restricted. At present, the central government has successively issued rescue policies for the service industry, and the prevention and control measures are becoming more and more accurate and scientific. The market is still looking forward to the gradual improvement on the edge in the future. Based on a three-six-month dimension, a three-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, based on a three-six-month dimension, taking into account performance, valuation, valuation, subject matter and recovery logic, which is based on a three-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, a three-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, which is based on a three-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, and preferred preferred to the China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) 888888 '' , Guangzhou Restaurant Group Company Limited(603043) , Tongcheng travel, Huazhu group-s, yum China-s, Haidilao, etc. Based on the time dimension of 1-3 years, the time dimension of 1-3 years, the time dimension of 1-3 years, the boom of subdivision circuits and the logic change of midline, etc. based on the time dimension of 1-3 years, the boom of subdivision circuits, the boom of subdivision circuits and the logic change of midline logic, etc. and the business dimension of 1-3 years, the business dimension of 1-3 years, the business dimension of 1-3 years, the business dimension of 1-3 years, the boom of subdivision circuits, the boom of subdivision circuits and the logic change of midline logic, etc, such as the boom of subdivision circuits, the boom boom and the logic change of midline logic, etc, etc. the highlight recommendation is focused on the China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) 888 China Tourism Group Duty Free Corporation Limited(601888) 888888888 , Naixue's tea, etc.
