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新股网下申购询价建议报告:华丰股份(605100)、西域旅游(300859)

IPO Offline Subscription Proposal Report: Huafeng Co., Ltd. (605100), Western Travel (300859)

東莞證券 ·  Jul 22, 2020 00:00  · Researches

Western Area Tour

Relying on the unique resource advantages of natural scenic spots and attractions, the company provides visitors with comprehensive tourism services for sightseeing, leisure and entertainment. It mainly includes passenger transportation, alpine ropeway sightseeing, cruise sightseeing, hot spring entertainment, travel agency business, and other services such as cultural entertainment.

Currently, the company mainly develops and operates scenic spots: Tianchi Scenic Area in Tianshan Mountain, Xinjiang, and Ancient Sea Hot Spring Scenic Area in Wucaiwan, Xinjiang. The company provides visitors with comprehensive tourism services such as shuttle buses, Tianchi cruises, ropeway tours, guided tours, entertainment, dining and shopping in Tianshan Tianchi Scenic Area; it develops the Ancient Sea Hot Spring Tourist Resort in Wucai Bay to provide visitors with comprehensive services such as hot spring entertainment, meetings, and desert adventure tourism.

In 2017-2019, the company's revenue was 194, 192 and 241 million yuan respectively, and net profit was 0.45, 51, and 74 million yuan respectively. The compound growth rates of operating income and net profit over the three years were 11.46% and 27.71%, respectively. In 2019, the company's consolidated gross profit margin was 59.74%, and the net interest rate was 32.41%.

Huafeng Co., Ltd.

The company is one of the earliest companies in the industry to successfully develop optoelectronic hybrid and intelligent generator sets. Its main business is R&D, manufacturing and sales of diesel engines, core components and intelligent generator sets, as well as comprehensive operation and maintenance services for power facilities such as communication base station generator sets. The issuer has long-term experience in the diesel engine industry, has accumulated rich experience in product research and development, manufacturing and performance improvement. It has the advantage of collaborative development of engine components with complete machines, manufacturing and services. It is one of the earliest enterprises in the industry to successfully develop opto-oil-electric hybrid and intelligent generator sets. The issuer has been engaged in R&D and production of diesel engines and components for a long time, and has accumulated rich R&D and manufacturing experience and process advantages. From process plan formulation, equipment selection, to tooling, fixture, tool design, and process parameter selection, etc., the company has accumulated more mature production experience and process technology for core engine components. The issuer has won the titles of “China's Internal Combustion Engine Industry Pioneer Enterprise” and “Weifang Intelligent Manufacturing Demonstration Enterprise” for many years in a row, and has received honors such as the “Quality of the Year Award” from customers many times.

In 2017-2019, the company's revenue was 773, 929, and 1,157 million yuan respectively, and net profit was 0.93, 112 and 156 million yuan respectively. The compound growth rates of operating income and net profit over the three years were 22.32% and 29.71%, respectively. In 2019, the company's consolidated gross profit margin was 24.50%, and the net interest rate was 13.78%.

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