\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 888 China Tourism Group Duty Free Corporation Limited(601888) )
The company issued its annual report for 2021. In 2021, the company achieved an operating revenue of 67.68 billion yuan, a year-on-year increase of 28.67%; The net profit attributable to the parent company was 9.65 billion yuan, a year-on-year increase of 57.23%; The net interest rate attributable to the parent company was 14.26%, with a year-on-year increase of 2.59pct.
The company released the first quarter report of 2022. In the first quarter of 2022, the company achieved a revenue of 16.78 billion yuan, a year-on-year decrease of 7.45%; The net profit attributable to the parent company was 2.56 billion yuan, a year-on-year decrease of 9.99%. In March, due to the repeated impact of the epidemic, the performance was under pressure, and the revenue was about 3.68 billion yuan; The net profit attributable to the parent company is about 160 million yuan.
Tax exemption on outlying islands is booming, and Sanya Haikou is driven by two wheels. In 2021, Sanya indoor duty-free store achieved a revenue of 35.51 billion yuan, a year-on-year increase of 66.58%; The net profit attributable to the parent company was 4.168 billion yuan, a year-on-year increase of 40.46%, and the revenue of Haimian company was 15.96 billion yuan, a year-on-year increase of 61.05%; The net profit attributable to the parent company was 793 million yuan, a year-on-year increase of 20.75%. Tax exemption on outlying islands is booming. In January and February 2022, the sales of Hainan outlying islands increased by 45.0% year-on-year. In March, it was slightly under pressure due to the repeated impact of the epidemic. Subsequently, the epidemic eased and the new harbor project was implemented, and the company's offshore business is expected to return to the high growth track.
The tax format will increase the profitability of the airport, and Shanghai International Airport Co.Ltd(600009) new contracts will be implemented to create long-term profit space. Under the background of repeated epidemics, the company actively promoted the tax sales model to drive the growth of airport business revenue. In the past few days, China's annual revenue was 1.91 billion yuan; Turning losses into profits, excluding the impact of one-time reversal of rent, the net profit attributable to the parent company was 240 million yuan. In the past few days, Shanghai achieved a revenue of 12.49 billion yuan; The net profit attributable to the parent company was 1.35 billion yuan Shanghai International Airport Co.Ltd(600009) the new contract is capped and unlimited, which is expected to raise the subsequent profitability of the airport business.
Investment suggestion: the performance of China tax exemption in 2021 is basically in line with expectations. The tax exemption performance of outlying islands in January and February 2022 is good, and the revenue of China tax exemption and net profit attributable to its parent company increased by 20% year-on-year. We believe that the pressure on the performance in March is due to the repeated short-term epidemic and does not change the long-term good trend. Subsequently, the new seaport was launched, and the company's profit ceiling is expected to be further raised. We estimate that the net profit attributable to the parent company in 2022, 2023 and 2024 will be 10.46/14.49/19.24 billion yuan, corresponding to pe33.3 billion yuan respectively 0 / 23.9 / 18.0x, maintain the "buy" rating.
Risk warning: repeated epidemic risk; The risk of intensified competition in the island; The recovery of international passenger flow is less than the expected risk; The progress of construction in progress is less than the expected risk.
