Main points of investment:
Investment recommendations due to the impact of the epidemic on the company's performance is lower than expected, the company's EPS in 2022-2024 is-0.05,0.27,0.35 yuan respectively. As the tourism culture and technology business is in a period of growth, the company will be given 28.8x in 2023 to maintain the target price of 7.77 yuan and maintain the overweight rating.
Performance description: the company's 2022Q1 income is 198 million yuan /-13%, the return net profit is-9.25 million yuan /-330%, and the non-return net profit is-1193 million yuan /-1977%.
Short-term performance is under pressure, medium-and long-term performance is good. The company has the advantages of the whole industry chain in the construction of cultural tourism science and technology projects and the R & D and production of high-tech amusement equipment. At the level of cultural tourism science and technology project building, Culture and Tourism Science and Technology has achieved full-process coverage services, such as project planning and design, construction management, provision of high-tech amusement equipment, etc. At the manufacturing level of high-tech amusement facilities, Wen Lu Science and Technology has created the production mode and industrial chain production capacity of "creative design + equipment research and development + visual work production". And mastered the screen system, sports equipment system, special effects system, film shooting and other technologies needed by high-tech amusement facilities, with technological innovation advantages. The company's tourism culture technology business plate has a series of Karle brands and has the qualification of national A-class special amusement equipment. The transformation of cultural science and technology business will support future growth.
The company has the advantage of tourism industry chain which is difficult to copy. After years of investment, development and integration of tourism resources in Yunnan Province, the company has a number of tourism factor resources, and has constructed an industrial chain system covering "food, accommodation, transportation, tourism, shopping, entertainment" and other tourism elements.
Risk factors: long-term persistence of the epidemic, breach of contract in cultural and scientific and technological projects, the impact of bad weather, traffic improvement is not as expected.
