\u3000\u30006 Jinyuan Ep Co.Ltd(000546) 00054)
In 2021, the company achieved revenue of 895 million yuan / yoy + 20.84%; The overall gross profit margin was 35.63%, with a year-on-year increase of + 1.82pct, and the net profit attributable to the parent company was 43 million yuan, compared with – 46 million yuan in the same period last year, which significantly reversed the loss year-on-year; Deduct the net profit not attributable to the parent company -51 million yuan, with a year-on-year loss of 51 million yuan; EPS is 0.06 yuan, in line with the performance forecast range. The revenue of 21q4 is 226 million yuan / yoy-21.05%, and the net profit attributable to the parent company is 19 million yuan / yoy + 110598%, mainly from the income of Saifu fund; The net profit deducted from non parent company was – 50 million yuan, and the year-on-year loss increased by 23 million yuan due to the epidemic.
It is proposed to pay back large dividends to shareholders to highlight the good operation. The company announced the profit distribution plan for 21 years. It plans to distribute profits based on the total share capital registered on the date of equity distribution, distribute cash dividends of 1.02 yuan (including tax) to all shareholders for every 10 shares, and distribute dividends of B shares in US dollars. According to the current total share capital of about 729 million shares of the company, the total cash dividend will be as high as 743967 million yuan, with a cash dividend ratio of 171.14%.
Revenue side: in the past 21 years, Huangshan scenic spot has received 47.82% of tourists entering the mountain, of which the recovery of 21h1 is 60.40% and 21h2 is 36.94% compared with 19 years; The cumulative transportation of tourists by cableways and cable cars in 21 years has recovered to 49.06% in 19 years, of which the recovery of 21h1 and 21h2 is 62.56% and 38.35% respectively. In terms of business, the hotel business revenue in the 21st year was 245 million yuan, a year-on-year increase of + 8.9%; Cableway business income was 275 million yuan, a year-on-year increase of 13.65%, recovering to 49.65% in 19 years; Tourism service business income was 227 million yuan, a year-on-year increase of + 18.21%; The revenue of scenic area business (the original garden development business, and the scenic area business of Taiping Lake and Huashan Grottoes stripped from the original tourism service industry) was 115 million yuan, a year-on-year increase of + 29.49%; The revenue of Huizhou cuisine business (stripped from the original hotel business) was 135million yuan, a year-on-year increase of +64.08%.
Based on the new layout of the whole region, actively embrace the digital intelligence era. 1) The company adheres to focusing on landscape and human resources, speeds up the overall tourism layout, and makes every effort to build the integrated development of mountain, water, village, cave, town, tea and other industries. ① At present, the comprehensive upgrading project of Huashan mystery Cave Scenic Spot has been completed and opened for business; ② In the mountain reconstruction project, the cloud removing travel hotel was opened, the brand of high-end shansuyunren shuguangli was gradually launched, and the reconstruction of Shilin Yashe and Beihai Hotel was progressing smoothly; ③ The development strategy of Taiping Lake tourism project is gradually clear, and water entertainment and water leisure tourism projects are popular. 2) Actively promote the transformation of digital intelligence, ① promote the construction of intelligent navigation system in the scenic spot by deepening the cooperation with Iflytek Co.Ltd(002230) cooperation; ② Join hands with ant group to create a one-stop new service platform of “new destination tourism and new life” shared by host and guest, and accelerate the development of systematic solutions for smart scenic spots; ③ The company has established a cloud upstream company with miaoyue mutual entertainment to create an e-commerce live broadcast project. 3) Make good use of Saifu fund platform, do a good job in post investment project incubation follow-up and resource grafting, and actively promote Huizhou cuisine and cableway business. 4) Zhang Dehui, chairman and major shareholder of the company, is the general secretary of the Party committee of the group. With the support of the group, resource integration can be expected.
Investment suggestion: the epidemic situation has been repeated in 22 years, and there is great uncertainty about the recovery rhythm of scenic spot tourism. However, the company is the leader of China’s natural scenic spots and has superior natural resource endowment. In the future, the group may support accelerating resource integration, and the company will strengthen the integrated development of multiple business forms and strengthen cooperation with Saifu fund. The medium-term growth can be expected. Considering that the epidemic spread in many places in the first half of 22 years and affected tourists’ travel, the company, as the leader of the scenic spot, is also under pressure. We reduced the net profit attributable to the parent company from 22 to 24 years to 50 / 266 / 377 million yuan (it is estimated that the net profit attributable to the parent company from 22 to 23 years will be 300 / 402 million yuan in September 2021); The current market value corresponding to PE is 162 / 30 / 21 respectively, which is recommended to be paid attention to.
Risk warning: the recovery of the epidemic situation is less than expected, the construction of new projects is less than expected risk, and the income of the fund platform is less than expected risk
