\u3000\u3 China Vanke Co.Ltd(000002) 033 Lijiang Yulong Tourism Co.Ltd(002033) )
The company released the first quarter report of 22 years. 22q1 company achieved revenue of 416955 million yuan, yoy-42.31%; The net loss attributable to the parent company was 282775 million yuan, yoy-185.04%; Deduct the net loss not attributable to the parent company of 293819 million yuan, yoy-172.48%.
Key points supporting rating
The impact of the epidemic is significant, and the company’s main business is still under pressure. Affected by covid-19 epidemic, the company’s main businesses declined to varying degrees. (1) Cableway transportation business: the three Cableways of 22q1 company received 273700 tourists, a year-on-year decrease of 46.18%. (2) Hotel business: Lijiang Hefu Hotel Co., Ltd. achieved a revenue of 12.084 million yuan, a year-on-year decrease of 19.07%. (3) Impression performance business: impression Lijiang achieved an operating revenue of 521400 yuan, a year-on-year decrease of 94.99%.
Steadily promote project construction, increase investment and enhance project value. The company plans to build Ganhaizi tourist distribution center and optimize the traffic line of the scenic spot. Q1 has invested 1.2489 million yuan and is expected to be completed by the end of 22. After completion, it will help to enhance the stickiness of the scenic spot and strengthen the secondary consumption of tourists. Lugu Lake Mosuo town project continues to advance, with a total investment of 140422 million yuan in Q1. According to the latest announcement, the total investment of the project is raised from 291 million yuan to 317 million yuan, and the holiday hotel brand in the town is upgraded to indig, which is expected to create a high-end brand image of the town and enhance its commercial value.
Valuation
Actively layout the greater Shangri La tourism ecosystem and create customized cultural and tourism products. The company expands its business area by means of investment, new construction, merger and integration, and creates high-end and personalized customized cultural and tourism products around the Yunnan Tibet greater Shangri La ecotourism circle and the Greater Western Yunnan Tourism ring line. At present, a small ring line of high-quality tourism has been formed. With the continuous promotion of regional integration and the comprehensive connection of the ring line project, it is expected to continue to contribute to the performance increment in the medium and long term.
Valuation
According to the first quarterly report of the company, the EPS of the company from 2022 to 2024 is adjusted to 0.14/0.24/0.30 yuan, and the corresponding P / E ratio is 47 / 26.6/21.7 times. The current epidemic situation has repeatedly led to the company’s short-term operation is still under pressure. With the gradual recovery of the epidemic situation, the company is expected to recover rapidly with its outstanding resource endowment advantages and continuously improved industrial chain. The landing of new projects is expected to boost the company’s profitability and maintain the overweight rating.
Main risks of rating
Covid-19 epidemic recurrence risk, fierce market competition risk, cableway operation safety risk
