The company released its third-quarter results report in 2023. The revenue of 23Q1-3 company is 642 million yuan, the net profit of yoy+150.26%; is 212 million yuan, and the net profit of yoy+695.00%; is 216 million yuan, yoy+1988.55%. Among them, Q3 realized revenue of 249 million yuan, yoy+40.53%; net profit of 91 million yuan, yoy+13.31%; deduction of non-return net profit of 91 million yuan, yoy+29.24%. Q3 company performance continues to increase, optimistic about the continuous optimization of the follow-up supply side, and maintain the overweight rating.
Support the main points of rating
Q3 performance continues to grow, and cost control has achieved remarkable results. 23Q1-3 achieved revenue of 642 million yuan, + 150.26% year-on-year, + 14.95% compared with the same period of 19 years; net profit of 212 million yuan, + 695.00%, + 14.63% over the same period of 19 years; deducting 216 million yuan of non-return net profit, + 1988.55%. Of this total, Q3 achieved revenue of 249 million yuan, + 40.53% compared with the same period last year, net profit of 91 million yuan, + 13.31%, and non-return net profit of 91 million yuan, + 29.24% over the same period last year. 23Q1-3 company's gross profit margin is 62.20%, year-on-year + 21.14pct; cost control is effective, 23Q1-3 management expenses / sales expense rates are 14.53% / 3.09% respectively, year-on-year respectively-11.48pct/-2.14pct.
The passenger flow during the summer vacation increased significantly, the ropeway performance business recovered steadily, and the hotel business accelerated. 1) cableway: the three cableways of 23Q1-3 Company received a total of 4.825 million tourists, which was + 193.19% compared with the same period last year.
The carrying capacity of the large cableway is limited, and the small and medium-sized ropeway gradually receives a significant increase in the number of tourists. The Yulong Snow Mountain cableway receives 2.481 million tourists, + 130.88% compared with the same period last year; the spruce ping ropeway receives 2.0393 million tourists, + 297.14% compared with the same period last year; and the yak ping ropeway receives 304700 tourists, compared with the same period last year. + 428.99%.
2) performances: impression Lijiang performed a total of 569 performances, received 1.2927 million tourists, + 393.09% compared with the same period last year, and realized revenue of 120 million yuan, + 395.14% compared with the same period last year. 3) Hotel: Lijiang Hefu Hotel Co., Ltd. achieved revenue of 116 million yuan, + 67.01% compared with the same period last year. Diqing Shambala Tourism Investment Co., Ltd. achieved revenue of 29.7733 million yuan, + 68.88% compared with the same period last year.
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 of 23H1 has reached 10.73%; the provincial major project, the reconstruction and expansion of Yuniuping tourism cableway, is expected to increase income.
Valuation
The company has mastered high-quality tourism resources, the construction of supporting service facilities has been gradually improved, and is optimistic about the increment brought by supply-side optimization. We maintain our previous forecast of 0.44 EPS for 23-25, with a price-to-earnings ratio of 18.5 to 17.3. Maintain the overweight rating.
Main risks faced by rating
Market competition risk, new project construction cycle risk, natural disaster and other force majeure risks.