CITIC Construction Investment Services: Jiuhua’s core business gross margin slightly declined

14 May by admin

CITIC Construction Investment Services: Jiuhua’s core business gross margin slightly declined

CITIC Construction Investment Services: Jiuhua’s core business gross margin slightly declined

CITIC Construction Investment Service Co., Ltd.-Jiuhua Tourism Review: The company’s performance remains stable, new projects optimize the travel experience. CITIC Construction Investment Service Co., Ltd. Business Travel and Tourism Event, July 13, the company released the 2018 Interim Report: report, the company achieved revenue 2.

4.7 billion, an increase of 0 a year.

82%; net profit attributable to mothers was 60.25 million yuan, an annual increase of 1.

19%.

  1. A brief comment on the steady growth in revenue, and the cost control benefits began to highlight the H1 company’s revenue in 20182.

4.7 billion, an increase of 0 a year.

82%; net profit attributable to mothers was 60.25 million yuan, an annual increase of 1.

19%.

Taking into account the poor weather conditions in the first half of the year, the overall operation is basically stable.

During this period, the company’s expense control was significant. After significantly reducing advertising costs and controlling office and business activity expenses, the gross profit margin dropped slightly.

08pct to 51.

6%, but there has been an improvement in the expense ratio: the report consolidated, the company’s sales expense ratio, and the management expense ratio decreased by 0.

68 points / 0.

44 points to 4.

42% / 13.

53%.

The company’s cash 合肥夜网 is comprehensive and healthy, and operating cash flows continue to flow in to ensure that the company is operating well.

Although the company continues to invest in new projects after repaying its debts, due to the sound operation of the attractions and better cash quality, the investment and construction of new projects will not have an impact on the company’s operations.

  Due to weather disturbances, the gross profit margin of the core business decreased slightly. The company’s gross profit margin declined, mainly due to the decline in the core business’s gross profit margin: the progress of the report and the implementation of the cable car business1.

01 billion yuan, accounting for 40% of total revenue.

89%, a slight increase of 239 in the previous period.

70,000 yuan (+2.

65%), gross profit margin fell by 0.

39pct to 84.

55%; Travel agency business achieved 6,369 revenue.

130 thousand yuan, the benchmark revenue increased 522 last period.

120,000 yuan (+8.

93%), gross margin decreased by 1.

01pct to 3.

41%; passenger transportation business achieved 4,648.

460,000 yuan, an increase of 1.37 million yuan from the previous period (+3.

04%), gross margin decreased by 1.

71pct to 50.

3%; hotel business realized 7,460 revenues.

270,000 yuan, the benchmark decreased slightly during the same period (-3.

11%), gross profit margin fell slightly to 0.

54 points to 20.

29%.In general, due to the rainy and snowy weather in Jiuhua Mountain in the first half of the year, the core business was not affected by the weather and the performance growth was not obvious, which affected the gross profit margin to decline slightly.

  New projects are completed, facilities are improved, and the company ‘s reception capacity is enhanced. The company continues to optimize the supply of tourism products: 1) The Dongya Hotel renovation project has been successfully completed, further optimizing the company’s tourism service facilities, and meeting the demand for tourism products under consumer upgrades.”More advanced Zen travel experience” added chips for the company to merge Jiuhuashan core scenic spot market; 2) The second-phase expansion and reconstruction project of Pingtian Peninsula Hotel is progressing as scheduled, and the company’s tourism products and services will be further optimized, optimized and upgraded to create moreGood travel experience.

The project continues to advance, the tourist reception capacity continues to increase, coupled with the company’s continuous promotion of channel integration in the first half of the year, and the company’s travel agency to build and promote customized high-speed rail tourism products, the transportation system is gradually improved, the radiation effect brought by the transportation network has increased, and the company has arrived during the peak tourist seasonLuji is expected to maintain steady growth in performance.

  Investment suggestion: We believe that in response to the arrival of the tourist season, the completion of new projects and ongoing construction projects continue to progress, and the company is expected to achieve healthy growth in the next quarter. It is expected that the EPS for 2018-2020 will be 0.

82, 0.

91, 1.

00 yuan, currently the corresponding PE is 31X, 28X, 25.

4X, covering for the first time, give “overweight” rating.

  Risk reminders: macroeconomic and policy risks; risks of changes in the market environment; force majeure risks such as major epidemics and natural disasters; security risks of tourism equipment.

  2. Profit forecast