This report is read as follows:
The pricing mechanism of motor vehicle testing market has been fully liberalized, and the company plans to invest in the construction of motor vehicle testing stations, and the business will be extended to motor vehicle testing business. Maintain the "overweight" rating and maintain the target price of 7.57 yuan.
Main points of investment:
The company plans to invest in the construction of motor vehicle testing stations, the business extends to the motor vehicle testing business, maintains the "overweight" rating, and maintains the target price of 7.57 yuan. With the growing demand of the domestic motor vehicle testing market, in order to seize the opportunity of fully liberalizing the pricing mechanism of the motor vehicle testing market, the company plans to invest in 4 motor vehicle testing institutions and build 18 environmental inspection lines and 12 equipment testing lines. Operating passenger cars, trucks, trailers, motorcycles and other vehicle testing business. Hedge the main business of cruise tourism affected by the epidemic, give full play to the rigid demand attribute of Yidu good luck vehicle testing business, expand the investment in testing business, and achieve multi-point blossom. Maintain profit forecast: 2020-2022 revenue 23.20,24.86, 2.773 billion, return to the mother net profit of 118 million, 2.91, 339 million, corresponding to EPS0.21, 0.51, 0.60 yuan. Maintain the target price of 7.57 yuan and maintain the "overweight" rating.
Enrich and expand the integrated transportation service industry and improve the profitability of the company. The company plans to invest no more than 48 million yuan to build four motor vehicle testing stations. It is estimated that after putting into production, the annual operating income will be 30 million yuan, the after-tax profit will be 11 million yuan, the static investment payback period of the project is 3.6 years, and the dynamic investment payback period will be 4.9 years, which will further enhance the company's profitability and enhance its overall competitiveness.
The tourism industry is in a period of reform, and leading enterprises are expected to continue to become bigger and stronger through the integration of the industrial chain.
In 2019, domestic tourism revenue totaled 6.63 trillion yuan, which played an important role in stabilizing economic growth.
Affected by COVID-19 's epidemic situation in the first half of 2020, the tourism industry shut down and the industry was faced with changes. as a local state-owned background enterprise, the company is expected to integrate local tourism resources through mergers and acquisitions, expand and strengthen its tourism business, and win against the trend during the trough of the industry.
Catalyst: the landing of the reform policy of state-owned enterprises and the expectation of potential integration of local tourism resources.
Risk tips: road passenger transport and tourism services traffic safety risks, intensified competition in the tourism industry
