The company is the first listed company in Tibet, focusing on Tibetan tourism for a long time. The company is a comprehensive company engaged in tourism resources development, tourism services, Tibetan human geography mining, cultural media services. The company has the right to develop and manage famous tourism resources in Tibet, including Basongcuo tourist area, Yarlung Zangbo Grand Canyon entrance tourist area, and so on.
As the cost of tourism transportation remains on the high side, the overall growth of Tibet's tourism industry is limited. The negative impact of the "two restrictions and one police" policy on the company's performance continues. The business end of the company remained in the doldrums. in the first three quarters, the company achieved operating income of 114 million yuan, a decrease of 7.81% over the same period last year, a net profit of-26.2075 million yuan, a loss reduction of 6.504 million yuan over the same period last year, and earnings per share of-0.1386 yuan per share. Losses continued in the first three quarters, and the cumulative net profit for the whole of 2016 is expected to be negative.
The company's controlling shareholders continue to increase their holdings, the fixed increase plan is terminated, the acquisition of Lakala is terminated, and there is a great expectation of epitaxial expansion. Since August this year, Guofeng Group, the company's controlling shareholder, began to continuously increase its holdings of the company's shares through the secondary market, with a view to increasing its control over the company and consolidating its position as a controlling shareholder. The company originally planned to raise no more than 560 million yuan to repay bank loans and replenish working capital, which has now been terminated. The company intends to acquire Lakala, the suspension and reorganization lasted nearly seven months, and the announcement was terminated on June 24. No major asset restructuring will be planned within a commitment period of not less than three months. At present, the restructuring window has passed, the company is still facing greater financial pressure, the company is likely to start the process of epitaxial expansion again.
Valuation and profit forecast: it is estimated that from 2016 to 2018, the company's operating income will be 157 million yuan, 183 million yuan and 214 million yuan respectively, the net profit attributable to the parent company will be-6.49 million yuan,-18.32 million yuan and 5.27 million yuan respectively, and the EPS will be-0.03 yuan,-0.10 yuan and 0.03 yuan respectively, and the corresponding PE from 2016 to 2018 will be-712.48 times,-252.51 times and 878.19 times respectively. Cover for the first time, giving the company a "recommended" rating.
Risk hint: natural disasters and policy risks, failure to carry out asset restructuring smoothly
