Event: Dalian Shengya released 2023H1 semi-annual report. The company's 23H1 realized operating income of 182 million yuan, an increase of 281.63% over 48 million yuan in the same period last year, and its net profit was 19 million yuan, an increase of 87 million yuan over-68 million yuan in the same period last year.
In the first half of the year, the company's products and services were upgraded, passenger flow was repaired steadily, and Harbin venues strengthened their brand awareness. In the first half of 2023, Harbin Polar Park innovated and launched the Glacier Show and the country's first penguin show, comprehensively optimized and upgraded the original five theme performances, realizing five venues and seven theme shows; as the first polar bear theme hotel in the country, Harbin Polar Bear Hotel became the first place on the Trip.com word-of-mouth list of Harbin Paradise Hotel in the first half of this year. At the same time, the company optimizes the channel layout, improves the multi-channel marketing network covering B-terminal C-end and the combination of online and offline, and improves brand awareness through advertising, cooperative promotion, public relations activities, digital marketing, word-of-mouth marketing and other marketing models. In the first half of 2023, Harbin Polar Park is located in the Douyin platform with the city animal and botanical garden popularity list, best-selling list, collection list.
The company explores the "IP+ travel" strategy, which is expected to create a new performance growth point. The company has carried out authorized cooperation with the world-famous IP mini-yellow people to hold a special exhibition of "God stealing Daddy's Vision". The tourism product system of Dalian Scenic spot has been upgraded from "four Pavilions and one Tower" to "four Pavilions, one Tower and one Exhibition". The exhibition opened in August 2023 in Xinghai Square, a landmark in Dalian. With the help of the flow adsorption of IP, it is expected to pry the company to obtain incremental performance. In addition, the company's original IP "Leopard Group" and "Leopard Family" made their debut at LICENSING EXPO2023 Global IP Licensing Exhibition (Shanghai Station), showing the company's IP image around the world and strengthening brand awareness and influence. The follow-up company is expected to continue to explore cooperation with well-known IP and integrate the development of "IP+ Culture Travel".
The company actively promotes the construction of remote Yingkou, Zhenjiang and Chun'an projects, and accumulates new project increments. In the first half of 2023, the company accelerated the construction progress of the Yingkou Shengya Coastal City project and promoted the completion and operation of the project as soon as possible; the management of the company always maintained close contact and communication with the relevant parties of the Zhenjiang project, and actively discussed the plan for resuming work and production. Phased progress has been made in promoting the resumption of work and continuation of construction. At the same time, the management of the company actively discusses, communicates and negotiates the revitalization of Chun'an project, studies countermeasures and measures, and makes every effort to safeguard the assets rights and interests of listed companies.
Investment suggestion: the company is expected to achieve revenue of 5.23 / 6.84 / 806 million yuan and net profit of 1.19 / 1.59 / 189 million yuan in 23-25 years, corresponding to PE of 17.4 / 13.1 / 11.0X, which is rated as "holding increase".
Risk tips: extreme weather affects passenger flow; the progress of projects under construction is not as expected; industry competition intensifies.