\u3000\u30 Zhongyan Technology Co.Ltd(003001) 44 Songcheng Performance Development Co.Ltd(300144) )
The company issued the financial report for 2021, and achieved revenue of 1.184 billion yuan (+ 31.27%) during the period, which recovered to 45.34% in 2019; The net profit attributable to the parent company was 315 million yuan (+ 117.98%), recovering to 23.52% in the same period in 2019; After deducting the net profit not attributable to the parent company, RMB 267 million (+ 115.15%) was recovered to 21.84% in the same period in 2019; EPS0. 12 yuan; It is proposed to distribute RMB 0.5 in cash for every 10 shares.
Affected by the multi-point outbreak of the epidemic in China at the beginning of the year, the company’s 22q1 operation fell sharply. 22q1 company’s revenue is 85.3 million yuan (- 72.16%), the performance loss attributable to the parent is 38.58 million yuan (- 129.15%), and the performance loss not attributable to the parent is 40.13 million yuan (- 130.85%), eps-0.01 yuan. The sharp decline in business was mainly due to the repeated epidemic in many places across the country at the beginning of the year, and the company’s scenic spots were intermittently closed due to the impact of the epidemic. The gross profit margin decreased by 20.88pct to 42.22%, and the overall cost rate increased by 111.04pct to 129.42%.
The operation of Hangzhou base camp is stable, and the reception of Shanghai qianguqing new business is bright. During this period, Hangzhou took the lead in expanding outdoor projects. The total number of people received, the total number of performances, revenue, the proportion of individual tourists and the market indicators of tourists’ stay in Hangzhou Songcheng are all close to the level of the same period in 2019. The unit price of eternal love guests in Shanghai hit a new high in all song city scenic spots. The 100% equity of Zhuhai performing arts Valley is planned to be transferred to Songcheng group at a consideration of RMB 457 million. The equity transfer is conducive to optimizing the company’s future capital expenditure and investment model and enhancing its ability to continue operation and resist risks.
Affected by the upgrading of tourism projects, the gross profit margin during the period was 51.08% (-9.84pct) and the overall cost rate was 27.13% (-10.42pct). The sales expense is 66 million yuan (+ 3.98%); Administrative expenses were 256 million yuan (- 11.07%), R & D expenses were 47 million yuan (+ 9.84%), and financial expenses were – 954500 yuan (+ 92.57%).
Profit forecast, valuation analysis and investment suggestions: the short-term inter provincial tour has an impact on the operation of the scenic spot, and the annual performance is expected to be under pressure. In the medium and long term, we continue to be optimistic about the company’s remote replication ability and the development potential of its leisure scenic spots. We expect that the company’s EPS from 2022 to 2024 will be 0.16 0.32 0.5 yuan respectively, corresponding to the company’s closing price of 13.77 yuan on April 22 and 85.7 42.6 27.5 times of PE from 2022 to 2024.
Risk warning: the impact of the epidemic on Tourism exceeds the expected risk; New project performance is less than expected risk.
