Market review last week:
Last week (April 11-april 15), the social service sector (Shenwan) fell by 0.62%, the Shanghai Composite Index fell by 1.25%, the Shenzhen Component Index fell by 2.60%, and the Shanghai and Shenzhen 300 fell by 0.99%. The social service sector outperformed the Shanghai Composite Index by 0.63 percentage points last week, ranking sixth among the weekly rises and falls of Shenwan's 34 primary sub industries.
Core view:
Outlying island duty-free stores of major enterprises resumed business one after another, and the performance of outlying island duty-free in the first quarter was brilliant. On April 11, according to the official microblog of CDF Sanya international duty free city, phase I and phase II of CDF Sanya international duty free city resumed normal business from 14:00 p.m. on April 11. Meanwhile, the offline stores of Sanya sea travel duty-free city also resumed business on April 17. 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, an increase of 8.4% year-on-year; 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 travel passenger flow and the normal operation of duty-free stores. From the performance of tax exemption on outlying islands in the first quarter, the bright growth from January to February boosted the overall performance in the first quarter. At present, the scattered recurrence of the epidemic in some parts of the country has not changed the overall growth logic of the industry. With the gradual improvement of the epidemic situation, the tax-free industry is expected to accelerate the recovery and return to the track of high growth.
At the policy level, the rescue policy and the free trade port policy are expected to further boost the industry. 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. At the same time, on the morning of April 11, Xi Jinping General Secretary visited Sanya international duty free city to learn about the implementation of the tax exemption policy on outlying islands, and pointed out that we should give better play to the basic role of consumption in economic development, create a good market environment and legal environment based on China's super large-scale market advantages, attract consumers with honest operation and high-quality services, and make greater contributions to the construction of a free trade port with Chinese characteristics. The free trade port policy is expected to rise again, which is expected to promote the recovery of industry prosperity in the future. 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.
Company announcement and industry information:
Anhui Jiuhuashan Tourism Development Co.Ltd(603199) : due to its own business needs, Jiarun Jindi plans to reduce the number of shares by means of centralized bidding within 15 trading days from the date of disclosure of this announcement, i.e. 6 months from May 9, 2022, not more than 2213600 shares, accounting for about 2% of the total shares of the company, and the reduction price shall be determined according to the market price Btg Hotels (Group) Co.Ltd(600258) : yuan Shouyuan, the director, reduced no more than 25200 shares, accounting for 000225% of the total shares of the company; Li Xiangrong, deputy general manager and chief financial officer, reduced no more than 70000 shares, accounting for 000624% of the total shares of the company; Duan Zhongpeng, deputy general manager and Secretary of the board of directors, reduced no more than 19300 shares, accounting for 000172% of the total shares of the company Huatian Hotel Group Co.Ltd(000428) : as of December 31, 2021, the project has used 1601451 million yuan of raised funds, including 2124123 million yuan for Zhang Jia Jie Tourism Group Co.Ltd(000430) huatiancheng hotel supporting facilities construction project, 2882026 million yuan for supplementing hotel business working capital, 999994 million yuan for repaying bank loans, and 1008366 million yuan for Yongzhou huatiancheng supporting facilities construction project St tengbang: on April 12, 2022, the company learned that due to the breach of the pledge financing contract of the controlling shareholder tengbang group in Guosen Securities Co.Ltd(002736) , it required to sell 13000000 shares of the company under the name of the executee tengbang group. On April 14, 2022, the company received the notification letter on passive reduction of tengbang international shares issued by the controlling shareholder tengbang group and learned that it had passively reduced 7108706 shares of the company in the form of centralized bidding transaction from December 13, 2021 to April 13, 2022, exceeding 1% of the total share capital of the company.
Investment suggestions:
Duty free industry: we are optimistic about the relatively clear recovery trend of the duty-free industry supported by the recovery of passenger flow. The related targets are China Tourism Group Duty Free Corporation Limited(601888) , which is expected to show a recovery in revenue and profit after the recovery of passenger flow.
Hotel Industry: the upgrading of industry structure and chain trend are obvious, the brand, scale and management advantages of leading hotel groups are obvious, and there is good growth space in the future. Related targets include leading enterprises Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) , Huazhu group. Catering and Tourism: the trend of industry chain is obvious, and attention is paid to the expansion and business performance of leading catering enterprises. The relevant targets include seabed fishing, sipping and sipping.
Risk tips:
Repeated epidemic impact; Macroeconomic fluctuations; Policy supervision risk.
