Huangshan Tourism (600054) Quarterly Review: Passenger Flow Maintains Small Growth, New Projects Steady Progress

Huangshan Tourism (600054) Quarterly Review: Passenger Flow Maintains Small Growth, New Projects Steady Progress
In the first three quarters of 19, Huangshan Tourism achieved revenue and net profit attributable to its mother.400 million and 3.400 million, an increase of 4 each year.1% and carbonic acid 20.2%.The company’s revenue growth rate in the first three quarters has improved.The decrease in net profit attributable to mothers was mainly due to the reduction in holdings of Hua’an Securities stocks in the same period of 18 years.16 billion investment income due to thicker results.Net profit after deduction for the first three quarters of 19 was 3.200 million, down 3 every year.9%.Q3 single quarter revenue / net profit attributable to mother / net profit after deduction is 5 respectively.One hundred millionth.700 million / 1.60,000 yuan, +0 year-on-year.5% /-16.9% /-9.0%.In terms of profitability: the company’s gross profit margin and net profit after deduction for the first three quarters were 57.3% and 25.9%, 0 each year.2pct and drop 2.1pct.Expenses: Expenses during the first three quarters of the company18.6%, increase by 1 every year.1pct. The sales, management and financial expense ratios are 5 respectively.7%, 13.7% and -0.8%, which is increased by 0 each year.8pct, 1.4pct and drop by 1.1pct.The decrease in financial expenses was mainly due to the increase in interest income from demand deposits and borrowing to obtain income from the town of Blue City. In the first half of 19, the Huang-Hang high-speed railway was officially opened to traffic, adverse factors such as weather reduced, and passenger flow in Huangshan Scenic Area improved.According to the Huangshan Tourism Bureau, from January to August, Huangshan Scenic Spot received 243 visitors.90,000 people, an increase of 9 in ten years.4%.Passenger flow increased in July and August for two years.8% and 9.1%.In terms of air tickets, according to the company’s 西安耍耍网 announcement, starting from September 28, 2018, Huangshan attractions began to adjust the price of tickets, the peak season price from 230 yuan / person to 190 yuan / person.Starting from January 21, 19, the peak and peak seasons have occurred, and the decline in fares has a certain impact on income.In the first three quarters, the Huashan Lost Caves Scenic Spot Enhancement Project and Beihai Hotel Environmental Governance Project continued to advance.According to the company’s announcement, in July 19, the company increased the capital of Huashan Mystery Cave Company by US $ 400 million to provide financial support for the Huashan Mystery Cave Project and comprehensively improve the quality of Huashan Mystery Cave.The 60-million-year-old Hou Kui Tea is expected to reach 60 million yuan, which is expected to bring synergistic effects and 深圳spa会所 enrich the product and business structure through the integration of tea tourism. Investment suggestion Due to the expected decline in tickets, the company estimates that it has fallen sharply in the past two years.The opening of the high-speed railway has driven the passenger flow in the first three quarters.The company ‘s revenue and performance have been under pressure due to factors such as the reduction in attractions tickets, and the effect of attractions transformation remains to be seen.We estimate the net profit attributable to mothers to be 3 in 19-21.800 million, 4.0 billion and 4.2 trillion, the corresponding EPS is 0.52 yuan, 0.55 yuan and 0.57 yuan.Referring to the 19-year average consensus expected P / E of comparable listed companies based on existing attractions, considering that the company’s prospects are scarce, the company’s market value is swapped, and the company is given a 20-year P / E estimate of 19, corresponding to a reasonable value of 10.4 yuan / share, maintaining the “overweight” rating. Risks suggest that fares have fallen more than expected; weather, natural disasters and other factors affect passenger traffic.