\u3000\u30 Zhongyan Technology Co.Ltd(003001) 44 Songcheng Performance Development Co.Ltd(300144) )
Event: the company released the annual report of 21 years and the quarterly report of 22 years. In 21 years, the company achieved a revenue of 1.185 billion yuan / yoy + 31.27%, a net profit attributable to the parent of 315 million yuan / yoy + 117.98%, and a net profit not attributable to the parent of 268 million yuan / yoy + 115.15%; 22q1 company achieved revenue of 85 million yuan / yoy-72.16%, net loss attributable to parent company of 39 million yuan / yoy-129.15%, deducting net loss attributable to non parent company of 40 million yuan / yoy-130.85%.
Since 21h2, the epidemic has occurred frequently in China, and the company's performance has been under pressure. In 21 years, the company's revenue recovered to 45% of that in 19 years, and the net profit attributable to the parent company turned loss into profit, which recovered to 24% of that in 19 years; Quarterly, the company's revenue recovered to 37% / 72% / 36% / 42% in the same period of 19 years in 21q1-q4. The recovery process was blocked in the second half of the year due to the repeated impact of the epidemic. Affected by the epidemic, all scenic spots of 22q1 company were closed intermittently, and the revenue only recovered to 10% in the same period of 19 years, resulting in a loss in net profit.
The projects in Hangzhou and Guilin recovered well, and the projects in Shanghai were successfully implemented. Among the company's heavy asset projects in 21 years, Hangzhou headquarters realized an income of 486 million yuan / yoy + 69.36%, which recovered to 53% in 19 years; The revenue of Sanya, Lijiang and Guilin projects reached 148 / 116 / 91 million yuan respectively, recovering to 38% / 35% / 57% of that in 19 years; Jiuzhai and Zhang Jia Jie Tourism Group Co.Ltd(000430) projects have achieved revenue of 45.48/32.29 million yuan respectively, yoy + 77.18% / + 78.18%; The newly opened Xi'an and Shanghai projects have achieved income of 1678 / 73.96 million yuan respectively, of which the Shanghai project (opened at the end of April 2021) has only achieved income of more than 25 million yuan during the May Day holiday. The company's asset light project achieved a revenue of 102 million yuan / yoy-44.33% in 21 years.
Investment suggestion: in the face of the uncertainty of the future epidemic, on the one hand, the company is going to light up and plans to transfer 100% equity of Zhuhai and Australia projects to Songcheng group, so as to reduce capital expenditure and enhance anti risk ability; On the other hand, we will continue to polish products and explore new models, comprehensively improve and transform local projects, and accelerate the construction of performance park model. Considering the impact of this round of epidemic, we expect the company's EPS to be 0.13/0.41/0.60 yuan / share in 22-24 years, and the corresponding PE of the latest share price to be 102.1/33.4/22.8 times respectively, maintaining the company's "buy" rating.
Risk tip: the epidemic spread and prevention and control exceeded expectations, and the project implementation was less than expected.
