The company has been ploughing the marine literature and tourism industry for 20 years, with significant barriers to industrial resources and a solid leading position. Park project recovery flexibility after the epidemic, light asset expansion and IP new retail business to open a new growth curve, divestiture of assets significantly improve the financial structure. Cover for the first time and give an overweight rating.
Support the main points of rating
The theme park market is vast, and the ocean theme is in the ascendant. Culture and tourism consumption upgrading superimposed policy is beneficial to promote the development of the industry. The market scale and the growth rate of tourists of theme parks in China have exceeded the global level. The addition of foreign giants to China highlights the market potential from the side, and also intensifies the market competition. Ocean theme park high-quality supply is scarce, the main parent-child market to enjoy high repurchase rate and customer unit price, Haichang Ocean Park has a strong comprehensive strength and a solid leading position.
Marine resources build leading barriers, and the operation capacity of deep ploughing industry is outstanding. With rich reserves of marine biological resources and leading breeding technology, Haichang Ocean Park is the first to enter the bureau to build a leading barrier. By 2020, the number of organisms has reached 170000 per animal. The company has been ploughing the industry for 20 years and has formed a sound project development, operation and management process, laying the foundation for the development of light assets business. Its projects have won many awards, the number of visitors to the park has increased steadily, and the income structure has been continuously optimized.
The prospect of the flagship project is good, and the strategic transformation opens a new growth curve. After the epidemic, the passenger flow in the park is expected to pick up significantly, and the supply of products and facilities in the park is expected to increase the proportion of the second consumption. The company adopted a light asset strategy, selling four heavy asset projects at a consideration of 6.53 billion, of which 4 billion was used to repay liabilities, significantly reducing financial pressure. With the rapid landing of literature and travel services and solutions, the accelerated development of IP's new retail business is expected to contribute to new performance increments.
Valuation
The company has been ploughing the marine literature and tourism industry for 20 years, with significant barriers to industrial resources and a solid leading position. The passenger flow in Shanghai Park rebounded rapidly after the epidemic, and the growth potential is expected. The light assets business is expanding rapidly, and IP and new retail businesses empower the stock business and create new growth poles. The divestiture of assets has reversed the predicament, and the financial structure has been significantly optimized. We estimate that from 2022 to 2024, the income of the company will be 11.9,33.3 and 4.51 billion yuan, and the EPS will be-0.10,0.02,0.11 yuan respectively, and the corresponding Pamp S will be 21.8,7.7,5.7 times respectively.
Cover for the first time and give an overweight rating.
Main risks faced by rating
Repeated risks of the epidemic, the progress of new projects is not as expected, and the expansion of light assets projects is not as expected.
