Event comments
Today, tourism, tax exemption, catering and hotels in the sub sector of social service industry rose sharply. As of the closing, China Tourism Group Duty Free Corporation Limited(601888) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , Caissa Tosun Development Co.Ltd(000796) , Utour Group Co.Ltd(002707) , Xi’An Qujiang Cultural Tourism Co.Ltd(600706) , Guangzhou Lingnan Group Holdings Company Limited(000524) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) , etc Changbai Mountain Tourism Co.Ltd(603099) , Songcheng Performance Development Co.Ltd(300144) , Mount Emei a, etc. rose by more than 8%.
CDF Sanya International duty-free city resumed business. The tax-free data of outlying islands in the first quarter showed a bright performance. The impact of the epidemic was not reduced, and the tax-free industry was booming. The duty-free period of international Weibo will resume at 11:00 p.m. in Sanya on November 14. Meanwhile, on April 11, according to Haikou customs, in the first quarter of 2022, the customs supervised 14.72 billion yuan of duty-free shopping on Hainan outlying islands, a year-on-year increase of 8.4%; The number of shopping pieces reached 20.27 million, a year-on-year increase of 14.2%; The per capita shopping amount was 8372 yuan, a year-on-year increase of 10.2%. Among them, the sales of cosmetics, jewelry and watches ranked among the top three. On the whole, the impact of the epidemic has a certain impact on the passenger flow and the normal operation of duty-free stores. According to the travel data during the Qingming Festival holiday, the number of Chinese tourists and China’s tourism revenue decreased significantly year-on-year. From the perspective of duty-free store operation, phase I and phase II of CDF Sanya International duty-free city closed at 14:00 on March 3 and 13:00 on April 2 respectively due to epidemic prevention and control, and then resumed business at 14:00 p.m. on March 8 and April 11 respectively. We believe that the short-term impact will not change the long-term prosperity of the industry. Under the severe situation of the epidemic, the tax-free data of outlying islands in the first quarter still showed a bright growth in terms of shopping amount, number of shopping pieces and customer unit price, and the industry showed vigorous upgrading and strong growth momentum.
At the policy level, the state has continuously issued relief policies to support the tourism industry seriously impacted by the epidemic, and actively promoted the construction and development of free trade ports. There are broad prospects for tourism, tax exemption and other sectors. On April 11, the general office of the Ministry of culture, culture and tourism issued a notice on further adjusting the policies related to the withdrawal of tourism service quality deposit, and issued relief and support policies such as increasing the proportion of the withdrawal deposit and extending the period of making up the deposit. From April 10, the general secretary of Xi Jinping visited Hainan Province for investigation and research. The state vigorously supported the construction and development of free trade port, and outlying islands were duty-free or continued to usher in new opportunities for development. In terms of epidemic prevention and control, according to the Shanghai Health Commission, 22358 cases of asymptomatic infections were added from 0:00 to 24:00 on April 11, which is the first decline in the number of asymptomatic infections in Shanghai since April. The inflection point of the epidemic in Shanghai may come. At present, the May Day holiday is coming. As the epidemic situation is gradually controlled, the travel peak brought by the May Day holiday may further boost the prosperity of tourism, tax exemption, hotels, catering and other sectors. With the gradual improvement of the epidemic situation, the industry as a whole is expected to accelerate the recovery of the Soviet Union.
Investment advice
At the current policy level, the state has actively issued relief and support policies to help the development of the industry, and the construction of Hainan free trade port is in full swing; In the first quarter of this year, the tax exemption performance of outlying islands was brilliant. Under the impact of the epidemic, it still achieved significant growth, showing a strong driving force for growth; At the epidemic level, the inflection point of the epidemic in Shanghai may come. With the continuous improvement of the national epidemic prevention and control ability and the continuous improvement of prevention and control measures and policies, travel is expected to accelerate the repair. We believe that the short-term impact of the epidemic will not change the long-term prosperity of tax exemption, tourism, hotels, catering and other sub sectors of the social service industry. With the gradual improvement of the epidemic situation, the industry as a whole is expected to show a good trend of accelerating recovery in the future.
Risk tips
Tip 1: repeated epidemic impact;
Tip 2: macroeconomic fluctuations;
Tip 3: policy fluctuation risk.
