Zhangjiajie (000430): 18 years of tourists stabilizing, cost control appropriate Dayong Ancient City plans to open this year

Zhangjiajie (000430): 18 years of tourists stabilizing, cost control appropriate Dayong Ancient City plans to open this year

Event: The company released its 18-year annual report with 18-year revenue4.

68 ppm, a decrease of 14 per year.

78%; attributable net profit of 2,640.

390,000 yuan, down 60 every year.

80%; non-net profit deduction of 2,117.

930,000 yuan, an increase of 4142 per year.


Investment points Ticket price cuts and travel agency business dragged down revenue growth. Non-net profit deductions benefited from management efficiency and disposal of subsidiaries to reduce losses.

18 years revenue 4.

6.8 billion (-14.

78%), attributable net profit of 2,640.

390,000 yuan (-60.

80%), deducting non-net profit of 2,117.

930,000 yuan (+4142.


The decrease in revenue was mainly due to the reduction in the price of environmental protection passenger transportation and the closure of the casual operation of travel agencies; the non-recurring profit and loss decreased by 17 years each year, and the main reason for the decrease was the return on equity investment of companies including the disposal of tourist centers in the past 17 years, 4,266.

980,000 yuan, and the compensation for land use right recovery of Zhang International Hotel decreased by 2,292.

The increase in non-net profit after deductions was mainly based on the 17 years of low bases, the company’s management efficiency improvement and 17 years of processing business to reduce losses by approximately 13.33 million yuan; fare adjustments and discounted tickets have an impact on net profit of approximately 2,137.

490,000 yuan.

The fourth quarter was fully affected by price cuts.

4Q18 revenue 1.

2 billion (-16.

97%), net profit attributable to mother may be 0.

2.8 billion (17Q4 may be 0.

03 billion), deducting non-net profit may be 0.

2.9 billion (17Q4 may be 0.

4.5 billion), Q4 is relatively off-season, and is fully affected by the price reductions that began on September 22, 2018. The non-deduction growth is expected to be related to reducing losses and improving profit margins.

Initial tourists are stable, and it is expected to recover significantly in 19 years.

Sade ‘s influence has weakened, and tourists have stabilized, receiving 596 consecutive ticket buyers.

490,000 (+0.


Among them, Baofeng Lake / Shili Gallery sightseeing tram ticket purchases increased by 12 respectively.

72% / 8.

29%, environmental passenger transport company / ropeway ticket purchases decreased by 3 respectively.

85% and 11.

7%, the company’s attractions attractions plan to receive 715 tourists in 2019.

750,000 people, an increase of 19.

99%, recovery was significant. Except for the impact of price reductions on the tourism passenger transportation business, the gross profit margins of various businesses increased.

1) Revenue from conventional tourist passenger transportation business1.

700,000 yuan, (-15.

15%), gross margin 40.

40% (-9.

82pct), and the price reduction has led to a reduction in single tourist income11.

75% to 50.

73 yuan, the impact is expected to continue in 19 years.

2) Revenue from tourism service business 1.

55 ppm, an increase of 4 per year.

13%, gross margin 46.

47% (+5.

23pct) 3) Revenue from travel agency services 1.

4.1 billion (-30.

28%), mainly due to the closure of the Sanshang business, with a gross profit margin of 9.

24% (+3.


Continue to strengthen cost control and improve quality and efficiency.

The company shifted from extensive to refined management, and the cost control effect was good, with an 18-year sales expense ratio.

84% (-0.

93pct), management expense 武汉夜生活网 rate 17.

16% (-0.

76pct), financial expense ratio is 0.

89% (-2.

31pct), is expected to further open up throttling in the future.

The ancient city of Dayong is expected to be used at the end, which will be aided by improved transportation. The planned revenue for 19 years will grow steadily.

The investment quota of Dayong Ancient City is rich in the construction industry. It is implemented in accordance with high standards in all aspects, and the actual progress is slower than the original plan. By March 19, the main construction has been basically completed, the equipment is scheduled to be in place, and the core service items are large-scale folk performances”Meet the Dayong” and the flight theater have been basically completed, and it is expected to be put into use in October 19th, attracting passenger flow and at the same time contributing part of the performance.

Yangjiajie Avenue opened in the Spring Festival in 19, connecting Zhangjiajie urban area, Zhangsang Expressway and Wulingyuan Core Scenic Area. The shortening of Zhangjiajie City to Wulingyuan Core Scenic Area was 40 minutes, which helped increase passenger flow in 19 years.

The company plans to complete operating income in 19 years.

40 trillion US dollars, an annual increase of 15.


Profit forecast: It is estimated that the attributable net profit in 19-21 will be 0.

31 (+16.

3%), 0.

39 (+25.

8%), 0.

48 (+23.

3%) 10,000 yuan; EPS is 0.

08, 0.

10, 0.12 yuan, corresponding to PE is 81, 64, 52 times.

Risk Warning: The project progress is lower than expected, passenger flow growth is lower than expected, and ticket prices are reduced.

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