The company publishes its 2023 semi-annual report. 23H1 achieved revenue of 392 million yuan, yoy+396.88%; return net profit of 121 million yuan, yoy+326.48%; deduction of non-return net profit of 126 million yuan, yoy+311.16%.
Q2 realized revenue of 212 million yuan, yoy+469.75%; return net profit of 65.8495 million yuan, yoy+361.91%; deduction of non-return net profit of 70.9125 million yuan, yoy+332.65%. The recovery of passenger flow in the 23H1 scenic spot has led to a highly elastic recovery of the main industry; with the promotion of supporting tourism services and the construction of industrial chain facilities, the supply side is expected to be continuously optimized, and it is optimistic that the performance will be further released under the catalysis of the peak season and maintain the holding rating.
Support the main points of rating
23H1 performance has increased significantly, and the momentum of performance boost is booming. 23H1 achieved revenue of 392 million yuan, yoy+396.88%; return net profit of 121 million yuan, yoy+326.48%; deduction of non-return net profit of 126 million yuan, yoy+311.16%. Q2 realized revenue of 212 million yuan, yoy+469.75%; return net profit of 65.8495 million yuan, yoy+361.91%; deduction of non-return net profit of 70.9125 million yuan, yoy+332.65%. Mainly due to the improvement of the tourism market, the company's market expansion effect is obvious.
Passenger flow picked up, the main industry boosted, and gross profit margin rebounded significantly. The three cableways of 23H1 Company received a total of 3.0066 million tourists. The high recovery of passenger flow in yoy+484.37%, 's traditional off-season led to the rapid growth of its main business. The gross profit of yoy+418.08%, from tourism service is 64.56%, which is 76.41pct.
From a sub-sector point of view, the gross profit margin of yoy+372.27%, from cableway transportation is 85.60%. The gross profit margin of yoy+4130.52%, from performance is 61.81%. The gross profit margin of yoy+197.27%, from hotel service is 22.59%. The fixed cost in the main business of the company is relatively high, and the marginal cost caused by the rebound of passenger flow is relatively small, which leads to the increase of the overall gross profit margin.
The construction of new projects has progressed steadily, and high-quality services have opened up new increments. The Ganhaizi distribution center project has been put into operation, together with the Yulong Snow Mountain tourist Integrated Service Center to ensure tourists' multi-travel experience. The preliminary design of the second phase of the performing arts project in the town of Lugu Lake Mosuo has been completed, and the overall project progress has reached 10.73%. Provincial major project Yuniuping tourism cableway reconstruction and expansion project to promote the main business to increase income. Lijiang ushered in the peak tourist season in the summer, with the Yulong Snow Mountain Scenic spot averaging more than 28000 visitors a day in July, with a total of 460000 visitors from July 1 to 16, according to data from Lijiang Culture Travel and Yunnan Police. It is optimistic about the revenue growth brought to the company by optimizing supply and overlaying the peak operating season.
Valuation
The company has high-quality tourism resources and the construction of supporting services and facilities has been gradually improved. with the advent of the Q3 tourism season, supply and demand are expected to drive the performance to continue to grow at a high speed. We maintain our previous forecast of 0.44 EPS for 23-25, with a price-to-earnings ratio of 24.0 to 22.6 and a price-to-earnings ratio of 0.47 to 0.53. Maintain the overweight rating.
Main risks faced by rating
Market competition risk, new project construction cycle risk, natural disaster and other force majeure risks.