Event: the company released 21H1 semi-annual report. The company realized operating income of 575 million yuan, with a decrease of 35.33%, and realized net profit of-169 million yuan, with a decrease of 43.74%. Affected by the epidemic, the company's revenue and corresponding costs decreased, while the operating income of the same period last year included the income of the normal operating period before the outbreak of the epidemic, so the operating income of 2021H1 decreased greatly compared with the same period last year. The 2021Q1/Q2 achieved revenue of RMB 240 million, respectively, of which 21Q1 increased by 145.39% with the same decrease of 68.10% and 21Q2 by 145.39%. The net profit of the homing mother Q1/Q2 was-0.94 trillion, respectively, and the 2021Q1 was reduced by 46.52% and 2021Q2 by 40.39%.
Comments:
Revenue side: the company realized operating income of 575 million yuan, with a decrease of 35.33%. Revenue from catering business was 268 million yuan, up 42.65%; revenue from tourism business was 239 million yuan, down 64.96%; income from food and beverage business was 44 million yuan, up 100%; and revenue from system integration sales, information services and other business income was 24 million yuan, up 19.24%.
Profit side: the gross profit of the company's 2021H1 is 121 million yuan, with a decrease of 33.17%; the gross profit margin is 21.04%, with an increase of 0.68pct, of which the gross profit margin of catering and service business is 28.37%, an increase of 0.53 pct. 2021Q1 achieved a gross profit margin of 18.68%, with an increase of 2.36% and a decrease of 19.10pct of 22.73%, which is mainly affected by the high base gross profit margin of 2020Q2. 2021H1 realized net profit of-169 million yuan, with a decrease of 43.74%, and the net interest rate was-29.43%, minus 16.19pct compared with the same period last year.
Cost side: the expense rate during the company's 2021H1 is 54.94%, with an increase of 18.42pct. ① sales expense rate: the company's 2021H1 sales expense is 130 million yuan, with a decrease of 24.95%, and a sales expense rate of 22.51%, with an increase in 3.11pct. The main reason is that due to the impact of the epidemic, the business has been in a state of recovery, and the sales investment has decreased compared with the same period last year. ② management expense rate: the company's 2021H1 management expense was 120 million yuan, an increase of 36.23%, and a management expense rate of 20.88%, with an increase of 10.97pct, mainly due to the fact that the comparative data of the same period last year did not include the expenses of newly acquired subsidiaries. ③ financial expense rate: the company's 2021H1 financial expense is 59 million yuan, with a decrease of 1.53%, and a financial expense rate of 10.29%, with an increase of 3.53pct. ④ R & D expenditure rate: the company's 2021H1 R & D expenditure is 7 million yuan, with an increase of 81.42%, while the R & D expenditure rate is 1.25%, with an increase of 0.81pct.
In 2021, while the company's business in the core sectors such as domestic travel and food distribution gradually recovered, it accelerated its transformation and upgrading. Tourism sector continues to develop domestic tourism and pan-tourism product lines; create cross-border IP to enable destination operation of new business type; explore new directions of tourism sales transformation and build a new pattern of global flow operation. The new retail section to create "looking for MiLOUNGE", there are already two stores; incubation and upgrading of health drink new business type, the launch of the first new retail health drink "looking for coconut". While maintaining the leading position of the existing air catering and railway catering business, the catering plate accelerates its coverage of cruise ship supply, social group meals, snack food and other related fields, and improves the food industry chain. The company intends to absorb and merge Zhongxin tourism, the integration of outbound travel leading resources will help the company to have more obvious competitive advantages in outbound and domestic tourism business, and further improve the industrial layout. Increase the amount of duty-free business, the transformation of tax-free brings new increment.
Investment suggestion: the launch of the vaccine is expected to lift outbound travel restrictions, and the active transformation of outbound travel enterprises during the epidemic will bring new increments. As the direct benefit of outbound travel recovery business + the target of outlying island tax exemption policy, merging with Zhongxin Tourism will unify the outbound travel market, further expand the company's domestic tourism, tax exemption and other business scale, the scale advantage will continue to highlight, and is expected to continue to grow in the future. The overall estimate is that the net profit of 21ZX in 22 years is-0.5 trillion, respectively, and the current market capitalization corresponds to the PE of 79x in 2022.
Risk hint: the risk of force majeure in natural factors, the risk that the promotion of new products is not as expected, and the risk that the merger plan with Zhongxin Tourism can not be implemented smoothly.