Huangshan Tourism (600054): The decrease in investment income affects the profit and the second venture is actively promoted

Huangshan Tourism (600054): The decrease in investment income affects the profit and the “second venture” is actively promoted
Highlights of the report Event description The company announced its semi-annual report for 2019: Realized operating income7.28 ppm, a six-year increase of 6.77%; Net profit attributable to shareholders of listed companies1.68 ppm, a reduction of 23 per year.19%; non-net profit attributable to shareholders of listed companies.63 ppm, an increase of ten years.6%.EPS is 0.2286 yuan. Event comment The opening of the Hangzhou-Huangzhou high-speed rail has promoted passenger growth, and the decline in tickets has dragged down revenue growth.In the first half of the year, Huangshan Scenic Area received 162 people.40,000 people / + 9.6%, but the company ‘s garden business income is reduced by 4 per year due to the decline in tickets.83% to 1.01 ppm; if the ticket price is not reduced, the garden development business can realize income1.22 ppm / +15.09%.In the first half of the year, the ropeway and cable car carried 326 tourists.70,000 passengers / + 12.91% drive ropeway business to achieve revenue2.4.9 billion / + 16.69%.In addition, the hotel and tourism business achieved revenue 3 respectively.09 billion / + 20.25% and 1.6.5 billion / + 22.82%. The gross profit margin increased slightly, and the decrease in investment income dragged down net profit.The apparent decrease in apparent net profit was mainly due to the disposal of Huaan Securities in the same period last year, which resulted in an investment income of 7220 more than the same period last year.260,000.Gross profit margin reached 54 in the first half of the year.09%, an increase of 0 compared with the same period last year.59pct; the company strengthened marketing and promoted an increase in sales expense ratio by 0.98pct, management, financial cost rate decreased by 0.27pct and 0.86pct drove the overall period expense rate to 0.15 marks.The decrease in financial expense ratio was mainly due to the increase in bank current interest income and excessive income income for the town 北京桑拿洗浴保健 of Blue City. The second venture is aggressive and looks forward to a consensus on strategic development in horizontal and depth.(1) Investment and operation of the project: The opening of the Hefei store in Huishang’s hometown, and the trial operation of a boutique mountain hotel; (2) Breakthrough in emerging businesses: Saifu Fund expanded investment in 15 projects, the official Huangshan tourism platform was fully launched, and the first batch of new retail stores was completedInternal decoration; (3) The comprehensive renovation of Beihai Hotel was started, the renovation and demolition of the Paiyun Building and the civil works were basically completed; (4) The preliminary work of the Huashan Mystery Cave Sports Section was carried out, and the second venture was actively promoted. Profit forecast and investment 上海夜网论坛 advice: The company has obvious geographical advantages. After the opening of the Hangzhou-Hangzhou high-speed railway, it has entered Hangzhou and Hefei “1.5 Hour Economic Circle “, Shanghai” 2.The five-hour economic circle “; meanwhile, the company focused on the three goals of deep cultivation of the Yangtze River Delta, expansion of medium and long distances, and entry into overseas markets, and the impact of ticket price reductions, and the company ‘s passenger flow gradually increased.Person-times.The company’s EPS for 19-21 is expected to be 0.58/0.63/0.69 yuan, the current corresponding estimates are 16/14/13 times, maintaining the “overweight” level. Risk Warning: 1. Bad weather caused passenger traffic to fall short of expectations; 2. The project did not advance as expected.