\u3000\u3 Shengda Resources Co.Ltd(000603) 136 Jiangsu Tianmu Lake Tourism Co.Ltd(603136) )
In 2021, the company’s revenue recovered by 83%, deducting 35% of non performance recovery. In 2021, the company achieved 419 million yuan / + 11.86%, returning to 83% in 2019; The return to parent performance is 52 million yuan / – 6.17%, with a recovery of about 42%; Deduction of non performance is 43 million yuan / + 51.66%, recovery is about 35.23%, eps0 28 yuan. From the perspective of recovery trend, from Q1 to Q4 in 2021, the company’s revenue recovered 88% / 114% / 54% / 87% and the parent company’s performance recovered – 30% / 122% / 2% / 87%. The Q2 revenue performance has exceeded that before the epidemic, and the epidemic has been under pressure repeatedly in the second half of the year.
The revenue of the scenic spot recovered by 75%, and the hotel business grew rapidly driven by new projects. The gross profit margin of the company is 26.4 billion yuan / + 1.25% in 2024, and the gross profit margin of the company is about 26.4 billion PCT / + 1.2%. Among them, the income of landscape garden is 124 million yuan / + 14.44%, and the income of Nanshan bamboo sea is 101 million yuan / + 7.75%. Driven by new projects in recent two years, such as zhuxigu and yushilan projects, the company’s hotel business revenue was 124 million yuan / + 33.74%, leading the growth. However, the increase in operating costs of new projects + the impact of the epidemic, with a gross profit margin of 35.72% / – 15.36pct. In other aspects, the revenue of the company’s hot spring, water world and travel agency projects decreased by 5.16% / 68.63% / 14.09% respectively year-on-year, mainly due to the impact of the epidemic in the second half of the year.
2022q1 epidemic affected performance and increased losses. Under the repeated epidemic of 2022q1, the company achieved a revenue of 56 million yuan / – 28.05%; The loss of performance attributable to the parent company / deduction of non performance was 21 / 22 million yuan, increasing year-on-year (the loss of performance attributable to the parent company / deduction of non performance in 21q1 was 05 / 06 million yuan respectively); Under the off-season + epidemic situation, the gross profit margin is only 1.14% (20q1 is – 50.56%, 21q1 is 36.31%), and the profit is significantly under pressure, eps-0.12 yuan.
The surrounding youlongtou actively expanded endogenously and externally, taking into account the changes of the epidemic situation. The short-term epidemic situation is still suppressed, but the performance of 21q2 shows its resilience. At present, the company is actively optimizing endogenous extension, and after Liyang City with 2021h2 state-owned assets background takes shares, the company’s future cooperation with the government is also expected to be strengthened. First, the existing projects continue to tap the potential and plan to build a Jiangsu Tianmu Lake Tourism Co.Ltd(603136) night tour project. The second phase of Nanshan Xiaozhai in the middle line is still actively promoted and is expected to continue to contribute new increment in the future. Second, it was announced in March that it plans to cooperate with Jiangsu Tianmu Lake Tourism Co.Ltd(603136) holding with the background of state-owned assets in Liyang City to build a tourism project of animal kingdom, which will continue to extend in Liyang City. Third, in terms of remote replication and expansion, the company’s annual report clearly stated that taking the five major economic circles and urban agglomerations in China as the strategic layout area, both light and heavy assets, implement the pace of capital expansion, replicate the Jiangsu Tianmu Lake Tourism Co.Ltd(603136) one-stop tourism model, and quickly promote at least one project in the extension strategic area by means of mergers and acquisitions.
Risk tips: epidemic risk, extension expansion, new projects not as expected, shareholder reduction risk, etc.
Investment suggestion: reduce the company’s 22-24 EPS to 0.29/0.69/0.85 yuan (the EPS in the previous 22-23 years was 0.64/0.77 yuan, mainly due to the obvious repeated drag of the epidemic since 2022), corresponding to pe72 / 30 / 25X. There are still disturbances in the short-term epidemic, but the company responded positively and worked deeply based on the one-stop vacation mode. The company continued to tap the potential internally, and the external expansion is worth looking forward to and maintained the “buy in”.
