Events:
The company announced that it intends to issue no more than 37.827 million shares at not less than 90% of the average stock trading price of the company in the 20 trading days before the pricing benchmark. 965 million yuan will be used for the expansion project of ① Yarlung Zangbo Grand Canyon Scenic area and Bengri Shenshan Scenic area after deducting the issuing expenses, and the expansion project of Lulanhuahai Pastoral Scenic area of ②.
This fundraising project focuses on the layout of hotel construction and leisure and entertainment. Specifically:
① Brahmaputra Grand Canyon and Bengri Shenshan Scenic area expansion project, located in the interior of the scenic area, mainly includes the construction of Peach Blossom Village resort hotel and the purchase of leisure and entertainment equipment. The total investment of this project is about 414 million yuan.
It mainly includes an investment of about 252 million in resort hotels. The construction period of the project is 1.75 years, and the payback period of after-tax investment in IRR18.73%, excluding the construction period is about 6.38 years. ② Lulang Huahai Ranch Scenic area expansion project mainly includes Celebrity Valley Hotel, Huahai The Ranch Hotel and leisure and entertainment equipment procurement. The total investment of the project is about 700 million, including 280 million of Celebrity Valley Hotel, 400 million of Huahai The Ranch Hotel and 21 million yuan of leisure equipment. The construction period of the project is 2.5 years, and the IRR after the completion of the construction is 8.6%, excluding the after-tax investment payback period of about 10 years.
Resource advantage + regional status, strategic layout of leisure tourism
In the steady progress of the 13th five-year Plan of the Tibet Autonomous region, the second phase of the advanced highway from Lhasa to Nyingchi is expected to be opened by the end of June this year, when the traffic between Lhasa and Nyingchi will be improved. it plays an obvious role in promoting the tourism industry in Nyingchi. At the same time, the company has four main scenic spots: Yarlung Zangbo Grand Canyon Scenic spot, Benzi Deep Mountain Scenic spot, Basongcuo Scenic area and Lulang Huahai Ranch, accounting for more than 50% of the city in Nyingchi area. In this context, by raising funds to increase the in-depth development of scenic spot resources in Nyingchi, consolidate the company's leading position of regional tourism enterprises. First, through the integration of tourism resources in Nyingchi, to optimize the allocation of local tourism resources, and finally achieve the purpose of rational flow and collection of tourism resources, which is conducive to promoting the development of local tourism and in line with regional tourism planning. Second, in-depth development of the four major scenic spots, the development of catering, hotel and leisure projects to improve the product structure, enhance the play experience, extend the stay time of tourists, and enhance the attractiveness of the scenic area.
Maintain profit forecast and maintain "overweight" rating
The company is a scarce tourism listing platform in Tibet, holding the local core tourism resources. The major shareholders of the company have increased their holdings many times before to demonstrate their determination for future development and are optimistic about the value of long-term investment in the context of large transportation and infrastructure improvement. In addition, the company's market capitalization is only 4 billion flexible, short-term main business has a certain development bottleneck, do not rule out the possibility of capital operation in the future. In 17-19, the EPS was 0.032 pound, 0.037 pound, 0.041, maintaining the "overweight" rating.
Risk tips: traffic improvement is not as expected, extreme weather impact, policy impact, non-public issuance progress is not as expected