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宜昌交运(002627):旅游业务多点开花 稳步实现转型升级

中信建投證券 ·  Aug 7, 2019 00:00  · Researches

  Yichang Transportation's main business covers various fields such as passenger transportation services, integrated tourism services, automobile sales and after-sales services, and modern logistics services. It continues to innovate in emerging industries and ensures the sustainable development of the company through secondary entrepreneurship. According to research, companies that build a tourism transportation service system and develop tourism business are currently transforming and developing into integrated tourism services and modern logistics services based on traditional passenger transportation services. In the tourism business sector: 1) The company uses its own resources to build a tourism transportation service system around Yichang that radiates “one river, two mountains”; 2) launches high-quality tourist route products, has 6 luxury cruise ships and more than 160 luxury tourist buses, and actively links with scenic spots to open special routes; 3) The tourism layout is progressing steadily. The company has signed cooperation with the Shennongjia Forestry District Government, the Yangtze River Three Gorges Tourism Company, Yangtze River Electric Power, etc., and is also acquiring the Three Gorges Jiufeng Valley Scenic Area project. The future tourism business of the company is progressing rapidly. Continuously enrich and enrich. The company's tourism business enjoys policy advantages. The proportion of tourism business is expected to increase. The National Tourism Administration, Chongqing Municipality, and Hubei Province jointly proposed making the Three Gorges of the Yangtze River a world-class international golden travel belt. The Yangtze River Three Gorges tourism ushered in important development opportunities. In view of the fact that the competent state authorities have now made it clear that there will be no new growth in inter-provincial cruise ship capacity indicators in the middle and upper reaches of the river, the company's current capacity investment indicators for the four inter-provincial holiday luxury cruise ships have development advantages in the future. The regional layout of the company's tourism industry in the next 3-5 years will be extended from “two dams and one gorge” to the three gorges of the Yangtze River, and then to “one river and two mountains”. The industrial layout in terms of comprehensive tourism services continues to expand, building a tourism transportation service system based on tourist buses, cruise ships, tourist ports, tourist distribution centers, and travel agencies, thus gradually forming a complete tourism industry chain in the western region through the integration of tourist attraction resources, online travel platforms, and enrichment and improvement of tourism elements. Ultimately, it is expected to benefit from the synergy of various businesses. It is expected that the business scale and profit level of the company's comprehensive travel services will grow further. In response to the transformation of the logistics industry, companies in response to national strategies are also actively transforming and developing into the modern logistics industry. Taking advantage of Yichang City's advantageous position as a national port-type logistics hub and carrying city, and relying on the general development trend of the Yangtze River Economic Belt, the company's logistics industry has a good foundation for development. Specifically, the East Railway Station logistics center invested and built by the company has been included as a key project of Hubei Province's transportation “13th Five-Year Plan”. After it was partially completed and put into operation in 2018, it achieved a profit of more than 24 million yuan in that year. Relying on the platform of listed companies, we promote the integrated development of transportation and tourism companies with a strategic vision in the industry, actively start secondary ventures, and ensure the long-term sustainable development of the company. The company's current transformation of travel services and modern logistics industries is a new type of industry with good potential for development and policy advantages. At the same time, the company's traditional business has helped it to a certain extent, and has potential for collaborative development with each other. It is hoped that in the future, while expanding the company's business map, it is hoped that it will ensure continuous optimization of profitability while expanding the company's business map. Risks indicate traffic safety risks for road passenger transport and tourism services; downside risks in the transportation market; competitive risks for tourism service enterprises in the Yangtze River Delta; and management integration risks for subsidiary enterprises.

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