23H1 公园客流超19 年同期，暑期旺季复苏提速。23H1 公司旗下公园入园人次同比19 年+12.4%，旗舰项目上海公园领先复苏，入园人次同比19年+29.7%。客流增长驱动公园板块收入显著增长，同比19H1 相同公园收入+12.2%。进入暑期旅游旺季后，文旅需求加速回暖，亲子游需求加速释放。7 月公司旗下公园入园人次/收入同比19 年分别+24.4%/+26.2%；上海公园表现更加出色， 7 月入园人次/ 收入同比19 年分别+32.1%/+31.2%。暑期需求旺盛有望带动公司业绩进一步增长，下半年业绩可期。The company announced its 2023 interim results. 23H1 achieved revenue of 749 million yuan, yoy +190%, net profit of 89 million yuan, a year-on-year loss of 450 million yuan. Benefiting from the recovery of the travel market, 23H1's performance improved markedly. In the short term, we are optimistic about the continuous improvement of the company's performance under the recovery of passenger flow, and in the medium to long term, we are optimistic about the company's project expansion and the increase in performance brought about by the transformation of IP and asset-light operations, and maintain the rating increase in holdings.
Key points to support ratings
Revenue has increased dramatically, and gross margin has improved markedly. 23H1 achieved revenue of 749 million yuan, yoy +190%, recovering to 69% of 19H1, and net profit of 89 million yuan, a year-on-year loss of 450 million yuan. Looking at the business segment, 23H1 Park's operating business had revenue of 688 million yuan, yoy +189%; cultural tourism services and solutions revenue was 51 million yuan, yoy +211%. Benefiting from the recovery in cultural tourism, the company's 23H1 gross margin was corrected to 27% year-on-year, the gross margin of park operations/cultural tourism services and solutions was 28%/14%, respectively, and the gross margin of the park sector rebounded markedly.
The number of visitors to 23H1 Park exceeded the same period in 19 years, and the recovery during the peak summer season accelerated. The number of visitors to 23H1's parks was +12.4% year on year 19. Shanghai Park, the flagship project, led the recovery, and the number of visitors to the park was +29.7% year on year 19. The increase in passenger flow led to a significant increase in park sector revenue, +12.2% compared to the same park revenue in 19H1. After entering the peak summer travel season, demand for cultural tourism picked up at an accelerated pace, and demand for parent-child travel was released at an accelerated pace. The number of visits/revenue of the company's parks in July was +24.4%/+26.2% year-on-year; Shanghai Park performed even better. The number of visits/revenue in July was +32.1%/+31.2% compared to the 19-year period. Strong summer demand is expected to drive further growth in the company's performance, and results can be expected in the second half of the year.
The opening of the Zhengzhou Park is imminent, IP operations are being implemented at an accelerated pace, and overseas business is expected to contribute to the increase. The company continues to promote the expansion of the park project. The first phase of the Zhengzhou project is expected to open in 23Q3. In central cities where marine resources are scarce, the competitive advantage is outstanding. The IP operation business is developing well. Since the opening of the Ultraman theme hotel in Shanghai Park in January 23, it has often been fully booked, and well-known IPs such as One Piece King and Babyshark have also been launched in Shanghai one after another. At the same time, the company is also actively promoting the layout of IP in other channels, and is optimistic that the company's IP operation business will improve the park's secondary sales level and overall performance.
In addition, the company is also actively expanding overseas markets. The subsidiary in Saudi Arabia obtained an investment license issued by the Saudi Ministry of Investment in '23, which is expected to begin overseas asset+IP operations.
valuations
The company has benefited from the tourism recovery. 23H1 performance has improved markedly. In the short term, we are optimistic about the continuous improvement of the company's performance under the recovery in passenger flow. In the medium to long term, we are optimistic about the company's project expansion and the increase in performance brought about by the transformation of IP and asset-light operations. We adjusted the company's 23-25 EPS to 0.01/0.06/0.07 yuan. The corresponding P/E was 71.7/15.7/14.1 times, respectively, and maintained the increase in the rating.
The main risks faced by ratings
The progress of new projects fell short of expectations, and the expansion of asset-light projects fell short of expectations.
