\u3000\u30006 Jinyuan Ep Co.Ltd(000546) 00054)
In 2021, the performance turned from loss to profit, which is within the performance forecast range. In 2021, the company realized revenue of 895 million yuan / + 20.84%; The parent company achieved a performance of 43 million yuan, turning losses into profits year-on-year; Deduction of non performance loss of 51 million yuan, a year-on-year decrease of 51 million yuan; EPS0. RMB 0.6 billion, within the performance forecast range. 2021q4 company revenue 226 million yuan / – 21.05%; Performance attributable to the parent company: 19 million yuan / + 110598% (impact on investment income of Saifu Fund); Deduct non performance loss of 50 million yuan, and increase the loss year-on-year under the epidemic. The dividend per share is 0.102 yuan.
The epidemic has repeatedly affected the recovery of main businesses, and actively promoted diversified layout. Huangshan scenic spot will have 1674200 tourists in 2021 / + 10.76%, with a recovery of about 48%; Among them, the passenger flow in 2021h1 is 980800 / + 90.00%, with a recovery of about 60%; In 2021h2, there were only 693400 person times / – 30.33% due to the epidemic, with a recovery of 37%. In terms of business, the scenic spot business (the original garden development business, combined with the Huashan mystery cave and Taiping Lake previously placed in the tourism service subject) is 115 million yuan, with a comparable increase of 29.49%, which is expected to be mainly due to the increase of passenger flow and the incremental contribution after the transformed Huashan mystery cave is put into use; The passenger flow of cableway is 3.6207 million person times / + 15.60%, with a recovery of about 49%. The ride rate increases from 2.07 times to 2.16 times, realizing an income of 275 million yuan / + 13.66%, with a recovery of about 50%. Hotel business is 245 million yuan / + 8.90%, which is expected to recover less than 50% in 2019. Tourism service revenue is 227 million yuan / + 18.21%. Huizhou cuisine business has gradually expanded, separated from the original hotel business, and achieved a revenue of 135 million yuan / + 64.08% in 2021, with a rapid growth, and a slight loss is expected under the epidemic situation. The gross profit margin of the company increased by 1.82pct and the rate during the period decreased by 6.84pct.
The short-term epidemic has repeatedly affected the pace of recovery, and the acceleration of digital intelligence and the integrated development of multiple business formats have contributed to growth. It is expected that there will still be pressure under the short-term epidemic situation, but from the perspective of the middle line, the company will accelerate the “going down the mountain and going out” strategy under the epidemic situation, and make every effort to build the integrated development of mountain, water, village, cave, town, tea and other business forms to help growth. Among them, 21h2 of Huashan mystery cave was completed and put into use; It is proposed to acquire 51% equity of Huangshan Yunji in cash, continue to promote Huangshan Tourism Development Co.Ltd(600054) cbd project and Yimei town project, and launch new products of Taiping tea. In the future, we will accelerate the speed of digital intelligence, accelerate the transformation to platform, technology and Internet, and achieve initial success in digital cooperation with ant group, launching digital collections; Second, president Zhang, chairman of the company, is also the party secretary of the major shareholder. In the future, with the support of the group, further resource integration is expected to speed up; Third, we will continue to help the docking and incubation of resources through Huangshan Saifu fund investment platform, and accelerate the expansion of Huizhou cuisine, cableway custody and other businesses; Fourth, look at marketing diversification.
Risk tip: repeated epidemic, travel restrictions, policy risks, and lower than expected reform of state-owned enterprises.
Investment suggestion: reduce the company’s EPS from 2022 to 2024 to 0.06/0.43/0.51 yuan (last July, it was estimated that the company’s EPS from 22 to 23 years was 0.47/0.52 yuan, mainly due to the repeated epidemic in early 22), corresponding to pe179 / 26 / 22x. The short-term epidemic situation is still a drag, but from the perspective of the middle line, the company is the leader of China’s natural scenic spots with outstanding resource endowment. Under the epidemic situation, the company comprehensively strengthens the integrated development of mountain, water, village, cave, town, tea and other business forms, strengthens cooperation with ant financial services and Sifu fund, and is expected to accelerate the resource integration with major shareholders in the future. The growth of the middle line can still be expected in the future and maintain the overweight rating.
