\u3000\u30006 Jinyuan Ep Co.Ltd(000546) 00054)
Core view
Event: the company released its performance in 2021. Due to the increase in the number of tourists received and the investment income of Saifu fund, the company turned losses into profits in 2021, realizing an income of 895 million yuan, a year-on-year increase of 20.84%; The parent company achieved a performance of 43 million yuan; Deduct non performance loss of 51 million yuan, a year-on-year decrease of 51 million yuan.
Shanshui village, cave Town, tea and other multi business forms are integrated and developed, enabling the reform and innovation development after the epidemic: the hotel Huizhou cuisine is dormant and updated, the hotel business strengthens brand cooperation, improves the overall service capacity, the Huizhou cuisine business continues to expand stores and promote the Huizhou culture brand matrix; The scenic spot promotes the old and brings forth the new. The epidemic situation has been repeated, and the passenger flow in Huangshan scenic spot has been partially restored. The Huashan Grottoes have been newly opened, and the cableway has played a brand influence. The cableway of the Winter Olympic Games has been successfully hosted and continues to be diversified.
Digital transformation helps post epidemic repair, and online traffic helps physical development: the practice and exploration of digital transformation is mainly divided into a large platform, a set of playing methods and a series of products. A large platform connects Alibaba and ant resources to create a new independent system of Huangshan; A set of playing methods to integrate MCN resources and enlarge the IP value of Huangshan; Launch a series of products, Internet digital transformation, and digital collections of Huangshan and Huizhou culture. We expect the company to achieve revenue of RMB 965 / 1530 / 1904 million and net profit attributable to parent company of RMB 45 / 273 / 354 million respectively from 2022 to 2024, which corresponds to 177 / 30 / 23 times of PE and is rated as “buy”.
Risk tips: macro systemic risks such as large-scale recurrence of epidemic, price reduction risk, insufficient consumption demand of culture and tourism, uncertainty of digital collection supervision, etc.
