Benefiting from the continuous rise of tax-free business on outlying islands, China Tourism Group Duty Free Corporation Limited(601888) achieved contrarian growth under the epidemic.
On January 21, China Tourism Group Duty Free Corporation Limited(601888) released a performance express. The report shows that China Tourism Group Duty Free Corporation Limited(601888) achieved a total operating revenue of 67.669 billion yuan in 2021, an increase of 28.65% over the same period of last year; The net profit attributable to shareholders of listed companies was 9.592 billion yuan, an increase of 56.23% over the same period of last year.
For the reasons for the performance growth, the company said that it was mainly due to the adverse situation of continuous and repeated covid-19 epidemic in the second half of last year. The company paid close attention to the tax-free market of Hainan outlying islands, and the tax-free business of Hainan outlying islands continued to maintain high growth. In addition, it also benefited from the rent reduction of its subsidiaries and the 15% corporate income tax preference of some subsidiaries in Hainan.
In addition, in the same period, the total assets of the company, the owner’s equity attributable to the shareholders of the listed company and the net assets per share increased significantly compared with the beginning of the reporting period. China Tourism Group Duty Free Corporation Limited(601888) said that it was mainly because during the reporting period, in order to meet the significantly increased shopping demand for duty-free goods since the implementation of the new tax-free policy on outlying islands, the company increased the procurement of duty-free goods, and the inventory balance increased significantly year-on-year.
It is worth mentioning that in the first half of 2021, China Tourism Group Duty Free Corporation Limited(601888) achieved an operating revenue of 35.526 billion yuan, a year-on-year increase of 83.98%; In the same period, the net profit attributable to shareholders of listed companies was 5.359 billion yuan, a year-on-year increase of 475.92%. Among them, the reason for the significant increase in performance includes the substantial growth of tax-free business on Hainan outlying islands.
Dongxing Securities Corporation Limited(601198) analysis shows that tax exemption, as a medium and high-end consumption, has long-term growth support, and is expected to achieve long-term development under the background of consumption return and driven by policies. China Tourism Group Duty Free Corporation Limited(601888) long term deep cultivation of outlying islands is duty-free, and multi-channel laying is continuously carried out, which is expected to still benefit from industry growth.
Chen Guoqiang, director and general manager of China Tourism Group Duty Free Corporation Limited(601888) company, said at the investor exchange meeting on the afternoon of January 21 that with the continuous acceleration of the construction of Hainan free trade port, Hainan’s market potential is large enough, and there is still much room for improvement in the tax-free market penetration and passenger unit price of outlying islands.
\u3000\u3000 “On the one hand, the company continues to strengthen its layout in Hainan. At the end of 2021, with the opening of T2 duty-free shop in Meilan Airport, the company’s duty-free business area in Meilan Airport will be further expanded. The Sanya Haitang Bay phase I site 2 project and Haikou international duty-free city built by the company are also under steady construction. After completion, the categories will be richer and the layout will be more distinctive, which will further improve the demand for consumption The attractiveness of the. On the other hand, the company continues to enrich brands and categories to meet the diverse needs of consumers. At the same time, the negotiation between the company and dingshe is also progressing smoothly. ” Chen Guoqiang said.
Chen Guoqiang also said that with the continuous improvement of the epidemic situation in China and the stable recovery of passenger flow in Hainan, the future gross profit margin will continue to improve at the current level. (reporter / Xiang Yantao trainee reporter / he wangjuan)
