The company's 21H1 realized revenue of 738 million yuan, net profit of-95 million yuan, and yoy changes of-9.67% and 30.70% respectively. The company's 21Q2 revenue is 445 million yuan, its net profit is-39 million yuan, and its yoy is + 216% and 48.27% respectively.
Support the main points of rating
The travel agency business was affected by the epidemic, and the results of deep ploughing in China showed. 21H1's revenue was 401 million yuan, its net profit was 54 million yuan, and its yoy changed by-33.97% and 14.82% respectively. The failure of outbound tourism led to a decline in revenue and profits compared with the same period last year. In response to the repeated epidemic situation, the Guangzhou trip deeply dug up the cultural and tourism resources in the province, and combined with the forms of special delegation, booking, and joint marketing, the revenue of domestic tourism increased by 126.49% compared with the same period last year.
The company laid out resources for domestic tourism destinations and established an operation center. During the reporting period, the revenue of branches of Guangzhou Tour and M & A travel agencies reached 66 million yuan, accounting for 16.41% of the overall revenue of Guang Tour, and the results of the national layout strategy gradually appeared.
The hotel business continues to recover and expand the territory at the same time. The self-owned property hotel of 21H1 company continues to recover. The revenue of Garden Hotel is 133 million yuan, the net profit is-7.958 million yuan, the yoy is + 59.02% and 78.51% respectively; the revenue of China Hotel is 78 million yuan, the net profit is-20.5602 million yuan, the yoy is + 67.81% and 28.13% respectively; the revenue of Oriental Hotel is 60 million yuan, the net profit is-22.4823 million yuan, and the yoy is + 76.07% and 31.78% respectively. Lingnan Hotel achieved revenue of 61 million yuan, net profit of 1.6612 million yuan, yoy + 65.07% Universe 155.85 respectively. During the reporting period, Lingnan hotel management and direct revenue increased, and 15 new hotel management projects and more than 4000 new rooms were added in the Greater Bay area.
We will increase investment in innovation and R & D, and provide accurate services in the layout of "tourism plus". 21H1 invested 6.8395 million yuan in R & D, and yoy+16.99%, focused on online platforms such as "easy to start", "Walking net" and "Ling Ke Hui" to integrate online and offline channels to build an integrated marketing system. At the same time, adhering to the "tourism +" strategy, layout research, red tourism, e-sports, scenic spots, catering and other forms of industry, to provide accurate services for tourists.
Valuation
According to the company's semi-annual report, we adjusted our previous earnings forecast and estimated that the EPS for 21-23 years will be 0.24max 0.38max 0.52 yuan (the previous forecast 0.41 max 0.46pm 0.62 yuan), and the corresponding price-to-earnings ratio will be 29.3pm 18.9pm 13.7 times. The company's performance is under pressure by the epidemic situation at home and abroad, but the long-term recovery momentum is still clear, the domestic expansion strategy layout is beginning to bear fruit, and we look forward to the recovery of outbound tourism. Maintain the overweight rating.
Major risks to rating
The opening of outbound tourism is not as expected, the competition in the domestic tourism market is intensified, and the COVID-19 epidemic is at risk repeatedly.