The net profit of homing in 2020 fell by 656% compared with the same period last year, which was lower than the previous forecast for 2020. The company's revenue was 1.615 billion yuan /-73%, the company's performance loss was 698 million yuan /-656%, and the non-performance loss was 763 million yuan /-1137%, which was lower than the previous performance forecast. The EPS was-0.87 yuan. In a single quarter of Q4, the company's revenue was 427 million yuan /-67%, the company's performance loss was 5005 million yuan /-458%, deducting a non-performance loss of 5.61 million yuan /-526% and Q2-4 income growth rate was-91%, respectively. The domestic epidemic situation is improving, and the company's business is picking up quarter by quarter.
The epidemic affects the main business operation under pressure, and it is estimated that it will take time for outbound travel to recover in fiscal year 2020. 1) Tourism service revenue of 1.039 billion yuan /-79%, accounting for 64% of revenue, accounting for 64%. Citizen wholesale income 180 million yuan /-60%, citizen retail 592 million yuan /-83%, enterprise award income 267 million yuan /-72%, sector performance loss of 246 million yuan 2) the revenue of catering business is 468 million yuan /-57%, accounting for 29% Universe 11pct, including 322 million yuan /-59% for air catering and 147 million yuan /-51% for railway catering. The overall catering business is expected to lose 10 million yuan.
3) the income from system integration sales and information services is 7192 yuan / + 106%. 4) the income from food and beverage services is 34.71 million yuan. The gross profit margin during the period is 19% Maxime 2pct. Under the epidemic, the main business is under pressure and the cost is rigid. The net interest rate is-44% Maxime 46pct, which is partly affected by the investment loss recognized by the associated company (the equity loss of 295 million yuan is caused by the 20% stake in Yisheng Financial Services). The period rate is 44% / + 26pct, in which the management / sales / finance / R & D rate is increased by 10.7/9.5/4.4/1.8pct respectively.
The refinancing plan is expected to be adjusted. In the future, domestic travel and new retail market companies will issue refinancing plans in the early stage, and plan to introduce strategic investors such as Suqian Hanbang and Huaxia Life Insurance. However, the follow-up regulatory authorities have tightened the rules for the determination of war investment, with reference to the examination and approval pace of other listed companies, we expect that this refinancing plan needs to be adjusted accordingly. At present, the overseas epidemic situation has not been properly controlled, and the company will focus on domestic travel and new retail areas in the future, such as working with Sanya to launch short-distance feeder services and new retail formats (looking for MI LOUNGE), etc.). The launch of new business is expected to partially offset the performance affected by the restrained demand of the main business.
Risk tips: epidemic prevention and control is lower than expected; shareholder risk; exchange rate risk; goodwill impairment and so on.
It will take time for the main business of outbound travel to recover. It is expected that it will take time for the company to resume outbound travel. It is predicted that it will take time for the company to resume outbound travel in 21-23, corresponding to the 22-23PE valuation of 74oz. 48x, the company will temporarily downgrade to "overweight" rating, and follow up to pay attention to the progress of overseas epidemic prevention and control and the promotion process of domestic tourism and new retail.