Event: the company released the first quarterly report of 2022: the revenue of 2022q1 was 21 million yuan, a year-on-year increase of 101.32%; The net profit attributable to the parent company was -35 million yuan, compared with -39 million yuan in the same period last year, and the loss narrowed by 11.79% year-on-year; The non net profit attributable to the parent deduction was -34 million yuan, compared with -40 million yuan in the same period last year, and the loss narrowed by 14.05% year-on-year; Diluted EPS was -0.13 yuan, compared with -0.15 yuan in the same period last year, and the weighted average return on net assets was -3.64%, with a year-on-year increase of + 0.29pct.
Cost and expense side: the three expense rate was 53.72%, which was -46.41pct compared with the same period last year, of which the sales expense rate was 5.49%, which was -6.64pct compared with the same period last year; The rate of administrative expenses was 42.79%, with a year-on-year increase of -33.71 PCT; The financial expense rate was 5.43%, with a year-on-year increase of -6.07pct.
Accelerate the construction of transportation network, drive the in-depth integration of resources, precision marketing & product upgrading, and help the future growth: 1) broaden the advantages of tourism transportation: enhance the radiation driving role of tourism transportation by integrating into the national high-speed railway network, vigorously develop the integrated transportation of scenery and city, and continuously optimize the layout of tourism transportation network in the whole region. 2) Integration of tourism resources: strengthen infrastructure transformation and product line construction, promote the construction of a new pattern of “big Changbai Mountain Tourism Co.Ltd(603099) ” business, and continuously optimize and upgrade product supply. 3) Launch product marketing: plan diversified marketing activities, actively seize high-speed rail passenger flow and online traffic, go deep into the headquarters of the wasp nest for field docking, cooperate with jd.com and Alipay apps to carry out precision marketing, and strengthen the construction of new media platforms such as Tiktok and microblog. 4) Expand the supply of ice and snow tourism products: relying on the ice and snow elements in the scenic spot, create a full range of ice and snow tourism formats, accelerate the phase II project of volcanic hot spring tribe, and create a high-end ice and snow vacation IP. 5) Continuously deepen the quality improvement project: formulate targeted quality improvement plans, upgrade product content, deepen energy conservation and consumption reduction and cost control, and promote the coordinated development of corporate governance and benefits.
It is proposed to increase 500 million yuan to improve the projects in the scenic spot. The company announced on April 16 that it plans to issue no more than 80 million shares (no more than 30% of the total share capital) to no more than 35 specific investors, with fixed increase financing of no more than 500 million yuan, and the stock issuance price shall not be lower than 80% of the average trading price of Changbai Mountain Tourism Co.Ltd(603099) shares 20 trading days before the pricing benchmark date (April 15, 2022). The raised funds will be used for Changbai Mountain Tourism Co.Ltd(603099) volcanic hot spring tribe phase II and Changbai Mountain Tourism Co.Ltd(603099) tourism transportation equipment improvement project. Volcanic hot spring tribe phase II will build a comprehensive tourism resort integrating “food, housing, transportation, tourism, entertainment and purchase” with the theme of parent-child vacation. The project covers an area of 24000 square meters, a construction area of 42000 square meters, an annual tourist reception capacity of about 999000 people, and the total development cycle of the project is five years, It is estimated that the project will be completed and put into use in 2025, the internal rate of return of the project investment will be 9.42% (after tax), and the static investment payback period will be 11.3 years (after tax, including the construction period).
Investment suggestion: in the first half of the year, the national epidemic situation showed a trend of multi-point distribution, and the operation of scenic spots is still disturbed by the epidemic situation. In the future, with the recovery of the epidemic situation and the relaxation of epidemic prevention policies, China’s tourism market is expected to recover rapidly. The company has the ability to create high-quality natural tourism resources and innovative products. The implementation of medium and long-term fixed growth financing will drive the expansion of scenic spots and project upgrading, and the performance is expected to usher in recovery.
Risk warning: repeated epidemic risk; Tourism recovery is less than expected risk; New business construction is less than expected risk; The landing time of fixed increase is less than the expected risk
