The company publishes its 2021 annual report. In 2021, the company achieved revenue of 1.526 billion yuan, yoy-18.71%; realized net profit of-128 million yuan, reduced losses by 46.85% over the same period last year, and realized deduction of net profit of 185 million yuan, reducing losses by 28.85% over the same period last year. In the fourth quarter of 2021, the company achieved a revenue of 335 million yuan, and yoy-31.96%; realized a net profit of-29 million yuan, a loss reduction of 67.91% over the same period last year. The company has greatly reduced its losses throughout the year.
Support the main points of rating
The epidemic repeatedly put revenue under pressure, reducing costs, increasing efficiency and reducing losses compared with the same period last year. Affected by the stagnation of outbound travel, the circuit breaker of inter-provincial travel, and the repeated impact of the epidemic situation, the company's revenue reached 1.526 billion yuan, yoy-18.71%. Excluding outbound travel business, the company achieved revenue yoy+5.72% in 2021. In 2021, in order to deal with the impact of the epidemic, the company actively took various measures, such as strictly controlling costs, increasing R & D innovation and marketing, and reshaping the business profit model, and finally achieved a net profit of-128 million yuan, reducing losses by 46.85% compared with the same period last year.
Stable word is the top priority of financial health, science and technology enabling business development. At the end of the 2021 period, the company's asset-liability ratio was 28.36%, and monetary funds accounted for 44.92% of the total assets. The financial structure and cash reserves maintained stability, so that the company could cope with the adverse effects of the epidemic for a long time. During the reporting period, the company promoted the digital construction of the business, and a number of R & D projects around "easy to rise" have been completed and accepted, which may improve the efficiency of operation management and supply chain coordination, and support the opening of new business and new markets. At the same time, the company promotes the application of information technology in the accommodation industry, and a variety of intelligent systems may continue to empower enterprises to reduce costs and increase efficiency.
Keep an eye on demand, innovation, supply, and regional expansion. During the reporting period, the Guangzhou trip aimed at innovative product supply for travel demand, and the iterative update rate of new products reached 62%. In recent years, Tour has also completed the strategic layout of the country's six major operation centers, and actively set up new Tour Yuejing and Guang Tour Travel bus companies after the outbreak of the epidemic to deeply cultivate tourism destination services and achieve diversified development. Its hotels are also actively expanding the new racetrack new business, such as takeout products, prepared dishes, high-end business new reception model and so on. The company's hotel management business accelerated brand expansion, expanded 28 management projects, and added more than 11000 rooms. During the reporting period, Guangzhou SASAC plans to implement a joint reorganization of Guangzhou Business Control and Lingnan Group, so as to effectively integrate Guangzhou business and travel industry resources to achieve cultural and tourism resource sharing, give better play to synergy and improve anti-risk ability, or will effectively increase the consumption frequency of the company's products in the future.
Valuation
According to the company's annual report for 21 years, the EPS for 22-24 is 0.40, 0.67, and the corresponding price-to-earnings ratio is 30.6, 18.4, 17.2. The epidemic has repeatedly put pressure on the company's performance, and the company's once-revenue outbound travel business has not recovered. However, the company actively pays attention to new demand and innovative supply, promotes the company's science and technology endowment to reduce cost and increase efficiency, and the performance is expected to recover quickly after the improvement of the epidemic, so it maintains the overweight rating.
Main risks faced by rating
The risk of repeated epidemic situation, market competition and the recovery of outbound travel are not as good as expected.