■ Reporter Lin Ke of this newspaper
Affected by the local epidemic relief and other factors, inter-provincial travel has gradually resumed. From June 21, Hubei fully resumed inter-provincial group tours; Universal Beijing Resort will gradually resume operations in phases from 25 June. Xu Guanghui, an analyst at Western Securities, pointed out that at present, most parts of the mainland have resumed inter-provincial tour group business, coupled with the issuance of cultural tourism consumption coupons in many provinces and cities, the introduction of preferential and ticket-free measures in many scenic spots, and the summer tourism market is poised for development. According to Ctrip data, the number of summer inter-provincial group tour bookings in the summer in the past week in late June increased by 291% month-on-month; Inter-provincial hotel bookings increased by 151% sequentially; Ctrip's order volume has soared since June, with average daily orders in June catching up with the same period last year.
Lei Zhenglong, deputy director of the Disease Control Bureau of the National Health and Health Commission, said a few days ago that it is necessary to effectively ensure the safe and orderly travel of the people in accordance with the requirements of the "nine no-nos". Liu Wenzheng, an analyst at Minsheng Securities, believes that the relaxation of epidemic prevention policies in many parts of the country + the adjustment of the "circuit breaker" policy of inter-provincial travel + the active drainage of local bailout policies and cultural and tourism subsidy policies have promoted the national tourism market into a recovery trend. With the overall epidemic situation in China gradually improving and the continuous relaxation of epidemic prevention policies in various places, the tourism industry is expected to quickly resume normal operations during the summer peak season.
With the heat of summer tourism heating up, the number of tourists in Hainan and other places has recovered rapidly, and first-tier city attractions have gradually resumed business. Wei Hongmei, an analyst at Dongguan Securities, suggested that it is necessary to pay attention to the key scenic spots that are expected to benefit from the policy implementation and the recovery of the summer tourism economy, such as Songcheng Performing Arts, Tianmu Lake, Zhangjiajie, etc., as well as the hotel leaders Jinjiang Hotel, BTG Hotel, SSAW Boutique Hotel, etc., and recommend that china's duty-free sales rebound rapidly in the near future.
Songcheng Performing Arts (300144) ushered in the peak summer tourism season
According to the company's website, from July 2, Hangzhou, Sanya, Lijiang, Jiuzhai, Guilin, Tanhe, Yichun, Zhengzhou and other ancient scene areas resumed opening. Previously, due to the closure of many scenic spots under the epidemic prevention and control policy, the company was greatly affected, and the resumption of park opening in July will usher in a great improvement. The joint prevention and control mechanism of the State Council reiterated the "nine inaccuracies" requirements for epidemic prevention and control, believing that with the gradual control of the epidemic, the demand for travel and tourism will usher in a greater rebound, and the summer tourism season will usher in after the restoration of The Songcheng Park. Anxin Securities pointed out that in the short term, due to the repeated local epidemics, the company's performances in various scenic spots have been reduced, and the recovery flexibility after the smooth resumption of the park is obvious; In the medium and long term, the company actively promotes the upgrading and transformation of the ancient love to the model of the kingdom of performing arts, enriches the repertoire through internal incubation and external introduction, and is expected to increase the passenger flow and secondary consumption of existing projects and further increase performance; In the active promotion of the Foshan and Xitang projects, the company's steady growth in the medium and long term can be expected.
CYTS (600138) innovates to create new growth points
The company is a tourism integrated service provider with five core formats of scenic spots, integrated marketing, strategic investment, travel agencies and hotels, and Wuzhen and Gubei Water Town are the core of performance, contributing more than 90% of profits before the epidemic. At the same time, the company is backed by everbright group and has obtained strong internal resource coordination and financial support. After the epidemic, many business sectors such as scenic spot operations were affected, and the revenue side in 2020 and 2021 recovered to 50.9% and 61.4% in 2019, showing a steady and positive trend. The two core scenic spots are differentiated and positioned, and the transformation and upgrading bring performance growth space. Northeast Securities pointed out that the company's integrated marketing led the industry to take the lead in recovery, and actively expanded the new model of online business during the epidemic; The hotel business products are rich, and the intelligent transformation has achieved remarkable results in loss reduction; Travel agencies turned to the domestic market, deepened the "travel +" layout, cooperated and innovated to open up profit margins, and the IT business contributed to the company's performance steadily. The company continues to lay out the "tourism +" business and actively innovates to create new growth points.
BTG Hotels (600258) has accelerated its store opening to deepen its market
The company suffered a loss in the first quarter, but 190 new stores were opened, a net increase of 78 to 5994, and the number of reserve stores continued to grow, and the trend of the epidemic increased against the trend. The company plans to open 1800-2000 new ones in 2022, accelerating the sinking layout of third- to fifth-tier cities. As of March 31, 2022, the number of reserve stores was 1,827. Everbright Securities pointed out that in the future, the company will accelerate the opening of stores, deeply cultivate the sinking market, take franchise stores as the main development strategy, and accelerate the expansion of the light management model with the cloud brand to meet the needs of the sinking market. In addition, upgrade brands and products, create a diversified product matrix, and establish a young and fashionable brand image. Finally, we will continue to promote two-wheel drives such as the LIFE Club and the first free global purchase to increase the proportion of members to the central reservation system. In the short term of 2022, although the performance is under pressure due to the impact of the epidemic, the company will unswervingly promote the four core strategies of "development first, product king, member-oriented, and efficiency empowerment" in the future to consolidate the company's fundamentals.
Tianmu Lake (603136) The hotel releases performance elasticity
Around the two major areas of Shanshui Garden and Nanshan Zhuhai, the company has created three 5A-level scenic spots of Tianmu Lake Landscape Park, Nanshan Zhuhai and Yushui Hot Spring, and has Tianmu Lake Water World Theme Park, Tianmu Lake Travel Agency, Tianmu Lake Commercial Company and 9 resort hotels. Before the epidemic, the company's revenue growth was steady, cost and expense control was appropriate, profitability was in the upstream of the industry, and recovery flexibility was at the forefront of the industry. Zheshang Securities pointed out that in the short term, the new hotel is put into operation to release performance flexibility, and in the long run, the company's off-site expansion projects are promoted. The number of hotel rooms in 2021 increased by 46% compared to 2019, and hotel revenue increased by 29% year-on-year. With occupancy rates gradually rising and new projects coming into production, the hotel business will be an important growth pole for the company. The company's off-site expansion strategy is clear, always adhere to the "deep ploughing in the Yangtze River Delta, focus on urban agglomerations, professional development" strategy, adhere to the "reserve generation, start a generation, construction generation" concept, off-site expansion is expected to continue to land.
Jin Jiang Hotel (600754) entered a steady recovery channel
Since 2022, the company will focus on regional unified operation, and the first department in Shenzhen and the headquarters in Shanghai will be merged into two regions, north and south, to further streamline personnel. In addition, it will also sort out and improve the rights and interests of members, optimize the membership mechanism, improve the stickiness of members and the ability of central channel diversion. The company appointed former CFO Shen Li as CEO and head of finance, reflecting that the company's subsequent integration will focus on cost control and achieve further release of performance. Minsheng Securities pointed out that the company has excellent resources, rich brands, and high certainty of long-term growth; Since May 2020, the integration has accelerated, the expense ratio is expected to improve, the organizational efficiency is continuously improved, and the platform effect is further released. The first and second quarters of the company were repeatedly affected by the epidemic in the first and second quarters of the year, the operation was under pressure, optimistic that in the context of the control of the epidemic, the third and fourth quarters entered a steady recovery channel, the acquisition of 10% of the equity of the holding subsidiary Vienna, the minority shareholders' equity decreased, is expected to increase the company's net profit attributable to the mother during the year.
China's 601888 share entered the upward channel
The Company issued the Announcement on the Signing of the Supplementary Agreement on the Operation Cooperation of entry and Exit Duty Free Shop Projects by its subsidiaries, confirming that the total rent from 2020 to June 2022 was 480 million yuan, and adjusting the calculation standard of the transfer fee of the right to operate from January 1, 2021. This matter will enable the transfer fee of the operating right to be calculated according to the original contract since 2021 to achieve a certain degree of reversal, which is expected to have a greater positive impact on the net profit attributable to the mother in the second quarter. Although the short-term impact of the epidemic is greater, in the medium and long term, it is optimistic that the company's performance as a tourism retail leader will benefit from inter-provincial and outbound tourism gradually recover. Soochow Securities pointed out that the Hainan International Outlying Islands Duty Free Shopping Festival ran through the second half of the year, and the Hainan Provincial Government issued 20 million yuan of consumption coupons to stimulate consumption on the island. The company's Haikou International Duty Free City opened in the second half of the year, and the largest ferry traffic on the island is expected to achieve "Haitang Bay" success from the perspective of scale and passenger flow. With the commissioning of this project, more than 90% of the company's card slots must pass through the road to the island, and the share is expected to enter the improvement channel.