Zhitong Finance App learned that Guangfa Securities released a research report stating that it maintains the Fosun Tourism Culture (01992) “buy” rating and is optimistic about the company's brand and global tourist destination layout advantages and travel and vacation ecology. It is estimated that net profit for 23-25 would be 4.7 million, 7.1 million yuan, and 870 million yuan respectively, with a reasonable value of HK$1,407 million. The company's 23H1 achieved revenue of 8.899 billion yuan, up 38.69% year on year, and basically recovered to the same period in '19; adjusted EBITDA was 230 billion yuan, up 92.43% year on year, and 15.32% over the same period in '19.
The report's main points are as follows:
ClubMed: 23H1's turnover exceeded 20% before the pandemic, and will continue to grow in the second half of the year.
23H1 achieved a turnover of 7.939 billion yuan, up 32.2% year on year, and 19.6% over the same period in '19. By region, America, Europe, Africa, Middle East, and Asia Pacific regions, respectively, +64.6%, +12.7%, and -7.3% compared to the same period in '19. Among them, mainland China recovered to 83.1% of the same period in '19, mainly because outbound travel business has not yet recovered. Looking ahead to the second half of the year, August 6, '23 recorded a cumulative booking volume for the second half of '23 (measured by accommodation, travel and service turnover at a consistent exchange rate), an increase of 21% over the turnover recorded on August 6, 19 for the second half of '19. By the end of the 23H1 period, the company had 66 resorts (10 self-owned, 41 leases, 15 management contracts), and plans to open 4 new resorts in 23H2.
Sanya Atlantis: 23H1 performance has increased, and experience programs continue to innovate.
23H1 achieved a turnover of 887 million yuan, an increase of 82.2% over the previous year; adjusted EBITDA was 461 million yuan, an increase of 122.9%; the average occupancy rate was 86.2%, an increase of 40.1 pp, an increase of 24.2pp over 19H1; RevPAR was 2075 yuan, an increase of 82%. The company continues to innovate experiential programs. According to an interim report, the Water World Pink Night was unveiled on January 16, 23. The network-wide event had an exposure of over 2.68 billion dollars. In July 23, it upgraded its summer logo project, the Pink Night Water Screen Show, leading the market trend.