推进文旅融合高质量发展，旅游资产为公司带来新的增量引擎。报告期内，公司积极推进重大资产重组事项，并于2022 年10 月10 日完成资产交割及工商过户手续，成功将百龙绿色、凤凰祥盛、黄龙洞旅游、齐云山股份和小岛科技（以下简称“标的景区”）纳为公司全资及控股子公司。标的景区的并入为公司文旅融合高质量发展奠定坚实的基础，形成了“旅游资产、动漫衍生、动画影视、数字科技”协同发展的业务格局。2022 年度，百龙绿色、凤凰祥盛、黄龙洞旅游和齐云山股份分别实现扣非归母净利润收入 2175.89 万元、1610.64 万元、673.95 万元和 161.17 万元，分别达到业绩承诺净利润的171.72%、313.15%、252.59%和 903.92%，为公司经营业绩注入新增量。The company published its 2022 annual report and 2023 quarterly report.
In 2022, the company achieved operating income of 360 million yuan, a year-on-year decrease of 18.22%; realized net profit of 0.22 million yuan, a year-on-year decrease of 35.3%; and realized net profit of 0.24 million yuan, a year-on-year decrease of 185.67%.
In the first quarter of 2023, the company achieved operating income of 132 million yuan, an increase of 168.31%; achieved net profit of 0.25 million yuan; and realized net profit of 0.23 million yuan after deducting non-return mothers, an increase of 2207.39% over the previous year.
Promote the integrated and high-quality development of cultural tourism, and tourism assets bring a new incremental engine to the company. During the reporting period, the company actively promoted major asset restructuring matters and completed asset settlement and business transfer procedures on October 10, 2022, and successfully acquired Bailong Green, Phoenix Xiangsheng, Huanglongdong Tourism, Qiyunshan Co., Ltd. and Kojima Technology (hereinafter referred to as the “target scenic area”) as wholly owned and holding subsidiaries of the company. The merger of the target scenic spots has laid a solid foundation for the company's integrated high-quality development of cultural tourism, forming a business pattern of “tourism assets, animation derivatives, animation, film and television, and digital technology” for collaborative development. In 2022, Bailong Green, Phoenix Xiangsheng, Huanglongdong Tourism, and Qiyunshan Co., Ltd. achieved net profit income of RMB 21.7589 million, RMB 16.1064 million, RMB 6.7395 million and RMB 1,617,700, respectively, reaching 171.72%, 313.15%, 252.59% and 903.92% of the promised net profit, injecting additional volume into the company's business performance.
Digital technology empowers the cultural tourism industry and creates a “cultural IP+tourism+technology” characteristic cultural tourism industry model. The company leverages its digital technology advantages, combines many years of IP transformation experience, explores new cultural tourism integration projects, and upgrades visitors' visual and audible experiences through various high-tech means. Following the “Xiangjian Tuojiang River” immersive art cruise light and film show in May 2021, the company successfully built an immersive digital exhibition hall “Yingzhou West Lake Fu” in 2022, which won the bronze medal of the first “Mengxi Cup” Song Yun Cultural IP Transformation Competition on April 28.
The performance in Q1 2023 was impressive, and profitability increased significantly. In the first quarter of 2023, benefiting from the recovery of the epidemic, the recovery momentum of the domestic tourism industry was strong. The company's revenue increased sharply compared to Q1 2022. As changes in the company's business structure eased the pressure on the company's costs, gross margin also showed a significant increase, up 51.8 pcts from 2022 to 39.88%. On the cost side, the company's sales/management/R&D expenses ratios in the first quarter of 2023 were 2.51%/9.76%/1.61%, respectively, down 3.54/12.69/0.57pcts from the previous year. Overall, the company's operating efficiency improved well, with a net interest rate of 18.53%.
[Investment advice]
The company has formed a pattern of collaborative development of “tourism assets, animation derivatives, animation, film and television, and digital technology”. Currently, the domestic tourism market is recovering further, demand for cultural tourism continues to grow, and the company's target tourist traffic and revenue are expected to usher in new growth.
We forecast that the company's revenue for 2023-2025 will be 536/684/807 million yuan, net profit from the parent company will be 1.52/2.03/245 million yuan, the corresponding EPS will be 0.14/0.19/0.23 yuan respectively, and the corresponding PE will be 57.43/42.77/35.54 times, respectively, giving it an “increase in holdings” rating.
[Risk Reminder]
Macro and industry policy risks;
Competition in the industry heightens risks;
Talent and management investment risk.
