亚特兰蒂斯： 24H1 实现营业额8.66 亿元/yoy-5% ， 平均入住率89.6%/yoy+3pct，创历史新高。24H1 经调整EBITDA2.94 亿。公司持续推出非房服务内容，推动住宿外收入提升，上半年公司婚礼场次同比增加26%，公司亦持续升级服务内容，退出The One 水上婚礼堂全新体验。The company issued an announcement. Its wholly-owned subsidiary signed a sales agreement with the buyer, and the buyer agreed to buy 100% of the former's shares at a maximum total cost of £30 million. The wholly-owned subsidiary to be sold by the company specializes in the UK online travel agency business, with a loss of £4.18 million after tax in 2023. As of July 31, 2024, its net equity is expected to be £14.7 million (excluding accruable interest if all shareholders' loans are converted into equity). The deal is expected to bring the company no more than £7.7 million in net profit.
The company's transaction will help focus on the main business of tourism, leisure and vacation, and focus on allocating resources to core businesses to improve operational efficiency and effectiveness. Previously, the company announced its 2024 semi-annual results. 24H1 achieved revenue of 9.452 billion yuan/yoy +5%, achieved net profit of 0.322 billion yuan/yoy -32%, and achieved net profit of 0.311 billion yuan/yoy +20% under a comparable scale after the one-time disposal of resort revenue.
Club Med: 24H1 Club Med achieved turnover of 8.894 billion yuan/yoy +10%; adjusted EBITDA of 2.003 billion yuan/yoy +0.8%. Among them, recurrent adjusted EBITDA increased by 8%, and the recurrent adjusted EBITDA rate was 23%, which remained stable year over year. 24H1 Club Med's capacity increased by 4% year-over-year, with an average occupancy rate of 70.4%, and an increase of 1 pct year-on-year. Among them, business activity in the Americas was strong, with sales up 10% from 23H1; sales in Europe, Africa and the Middle East increased 6% year over 23H1; and growth rebounded in the Asia-Pacific region, with a 32% increase in turnover compared to 23H1. As of August 3, 2024, Club Med bookings increased 6% year over year in the second half of '24, with the America/Europe Africa Middle East/Asia Pacific region increasing by 8%/4%/12%; the average daily bed price increased 5% year over year, with the America/Europe Africa Middle East/Asia Pacific increasing by 9%/4%/4%; hotel night ratio was +1%, with the America/Europe, Middle East/Asia Pacific being -1%/flat/+8%, respectively.
Atlantis: 24H1 achieved a turnover of 0.866 billion yuan/yoy -5%, and an average occupancy rate of 89.6% /yoy+3pct, a record high. 24H1 adjusted EBITDA 0.294 billion. The company continued to launch non-residential service content to increase revenue outside of accommodation. The number of company weddings increased 26% year-on-year in the first half of the year. The company also continued to upgrade service content and withdraw from The One Water Wedding Hall experience.
Vacation Asset Management Center: 24H1 achieved revenue of 0.294 billion yuan/yoy -24%, mainly due to real estate sales falling short of expectations. 1) Lijiang Mediterranean International Resort continued its recovery momentum. 24H1 achieved a turnover of 0.046 billion yuan/yoy +15%, and 0.11 million/yoy +67% of visitors. 2) Since opening in November 2023, Taicang Alps International Resort has continued to climb slopes, benefiting from the growing demand for urban vacations and snow tourism and the continuous increase in the company's project operation capacity, and its performance has steadily improved.
Profit forecast and investment suggestions: The continuous expansion and upgrading of the company's overseas business has brought steady growth. Domestic card slots are two popular tracks for ice and snow tours and summer vacations, and long-term growth can be expected. Focus on the company's real estate sales and the climbing progress of new projects in the short term, and focus on improving overseas capacity and quality in the medium to long term. The company's revenue for 2024-2026 is estimated to be 18.5/20.3/22 billion yuan, up 7%/10%/8% year on year, net profit to mother of 0.348/0.41/0.471 billion yuan, up 13%/18%/15% year on year, and adjusted EBITDA of 3.8/4.1/4.3 billion yuan, respectively, up 3%/8%/4% year on year, maintaining the “recommended” rating.
Risk warning: the risk of macroeconomic fluctuations, the risk that residents' travel recovery falls short of expectations, and the risk that the recovery of spending power falls short of expectations.
