Main points of investment
Company announcement: in the first three quarters of 2018, the company achieved revenue of 300 million yuan / + 1.47%, net profit of 91 million yuan / + 1.99%, and non-return net profit of 88 million yuan / + 5.75%. If you look at Q3 alone, the revenue is 159 million yuan /-3.55%, the net profit returned to the mother is 0.83 million yuan /-0.44%, and the non-return net profit is 0.83 billion yuan /-0.94%.
The performance of Dalian headquarters has declined slightly. Shengya SeaWorld of Dalian headquarters is still the main source of performance of the company. Q3 single quarter income of Dalian area is 123 million yuan /-6.21%, accounting for 41% of total revenue, and net profit is 0.75 billion yuan /-3.41%. The main reason for the slight decline in the performance of Dalian headquarters is that with the increasing types and number of theme parks, the choice of tourists increases, domestic tourists gradually move southward and divert, and the pressure on Dalian and Harbin to open up tourists is increasing. however, the company has begun to comprehensively cover the director triangle, Sanya, Xiamen and other popular tourism destinations, diluting the factors affecting the decline in revenue, so the company's overall revenue has increased steadily.
The gross profit margin and net profit margin increased slightly, and the expense rate increased significantly during the period. In the first three quarters of 2018, the gross profit margin was 72.58% pesque 4.82pct; the net profit rate was 30.08% Universe 1.65pct; and the expense rate for the period was 32.10%/+4.95pct. It is speculated that the reason for the slight increase in gross profit margin and net profit margin is due to the continuous expansion of the scale of high-margin management consulting business and marine animal export business and further growth in profitability. The significant increase in the expense rate during the period was mainly due to the increase in the size of loans and the increase in the average cost of capital.
Continuous construction of projects in different places. The project under construction of 2018Q3 is 359 million yuan, an increase of 56.06% over the beginning of the year, mainly due to the continuous progress of the company's remote projects, such as the Harbin Polar Pavilion Phase II project and the Sanya and Xiamen Ocean Pavilion projects. Intangible assets were 589 million yuan, an increase of 190.85% over the beginning of the year. It is mainly due to the increase of land use rights caused by Yingkou and Chun'an becoming controlling subsidiaries and bringing them into the scope of merger during the reporting period.
Profit forecast and investment rating: although Dalian headquarters declined slightly, the company still maintained steady growth, and 2018Q3's revenue and net profit increased steadily. The company continues to promote the construction of remote projects and expand the business of Sanya and Xiamen.
It is estimated that the company's EPS from 2018 to 2020 will be 0.52, 0.57, 0.62 respectively, and the closing price on October 30, corresponding to PE, will be times that of 48-43-40, maintaining a "prudent overweight" rating.
Risk tips: the progress of the new project is not as expected, the company's financing channels are blocked, extreme weather affects passenger flow, etc.