In 2017, the company realized operating income of 345 million yuan / + 14.60%, net profit of 55 million yuan / + 65.31%, and non-return net profit of 49 million yuan / + 25.43%.
The company has excellent operating ability, the growth rate of revenue and return net profit has rebounded, the gross profit margin has increased and the rate of sales expenses has decreased. The growth rate of ① 's revenue and return net profit rebounded in 2017, with an increase of 14.60% and 65.31% respectively, of which Dalian and Harbin contributed 275 million yuan / + 19.03% and 7296.58 million yuan / + 0.02%, respectively. ② 's 2017 gross profit margin further increased + 7.59pct, mainly due to the impact of the increase in gross profit margin of Dalian project due to the upgrading of scenic spots and the introduction of IP. ③ due to the increase in the scope of consolidated statements, the management expense rate increased 1.43pct to 24.96%. In this case, the operating capacity of the company is still excellent, and the sales expense rate decreased to 6.48%. ④ Company due to the implementation of more new projects led to a substantial increase in capital expenditure in the short term, the company's final balance of projects under construction in 2017 increased by 192 million yuan, an increase of 5.02 times. The net profit of ⑤ 2017Q4 is-3407 yuan / + 5%. The net profit of the previous year decreased by 11% compared with the same period last year. The effect of reducing losses and increasing speed is obvious.
The ocean-themed IP has been created effectively and the external financing work is orderly. Upstream of ①: Moby Dick original brand books have been published in 8 series, 300 kinds of books; many stage plays in the middle reaches of ② have performed more than 500 shows in Beijing, Xi'an and other places, film and television IP, stage plays and derivatives have been developed one after another; downstream of ③, relying on the store resources of 30 "Moby Dick World Children's Paradise" across the country, radiation has been completed to more than 2 million member families across the country, forming a closed-loop effect upstream, midstream and downstream. In 2017, ④ promoted the progress of various fund projects in an orderly manner: the company participated in raising more than 3 billion yuan of funds, which are mainly used in the cultural tourism industry in Zhenjiang, the first phase of the Moby Dick World Coastal City Project in Yingkou Bayuquan, and the Moby Dick Fantasy Ocean World Project. In the past 18 years, it is expected that through the resource advantages of major shareholders, the use of capital means to diversify the capital market and capital market to reduce the company's financial pressure, and achieve the company's business extension.
According to the company's annual report "Moby Dick Plan" to build a full-culture industrial chain, the company still has equity incentive expectations. The ① Moby Dick project will use the collaborative model of "marine culture + compound format" to promote the construction of an industrial chain and three product lines of full-cultural industrial chain and open theme parks, daily life of tourism products (tourism commerce), and operation of light-asset scenic spots: 1) eight fifth-generation ocean park projects are expected to open by 2020. 2) Life / commercialization of tourism products implants Moby Dick original IP and ocean theme into the commercial body to form an industrial integration of tourism products, and 3) Light assets scenic spot operation / trusteeship provides global intelligent tourism services covering tourism planning, capital operation, operation management, tourism marketing and other integration. ② announced that there are equity incentive expectations in 2018, which is expected to deeply bind the company's interests to the core team, and expect employees to play more subjective initiative in the market competition.
Investment suggestion: Moby Dick plans to build a full-culture industry chain, the company's new projects are promoted in an orderly manner, and losses are expected to be greatly reduced after mature operation. Under the guidance of the "Moby Dick Plan" strategy, the company's tourism service business is expected to rise in volume and price. We expect the company to complete a return net profit of 0.69 million yuan in 2018-2019, corresponding to 0.98 yuan per share in EPS 0.75 yuan per share, and a target price of 41.57 yuan in 2018 PE for 55xjue six months.
Risk hint: the completion time of the new project is delayed, and the loss reduction effect of the new project is not significant.
