In the hottest tourist season, the performance of Jinling Hotel (601007) has not kept up.
On the evening of October 29, Jinling Hotel disclosed the third quarter report of 2023, during the reporting period, the company achieved operating income of 1.353 billion yuan, a year-on-year increase of 27.09%; the net profit attributable to the parent company was 55.2887 million yuan, a year-on-year increase of 83.37%; The net profit after deducting non-attributable to the parent company was 37.7414 million yuan, a year-on-year increase of 249.24%.
It is worth noting that the net profit attributable to the parent company of Jinling Hotel in the third quarter of 2023 is only 24.1076 million yuan, a year-on-year decrease of 10.99%.
In this regard, investors in the stock bar of Jinling Hotel showed a pessimistic mood, "Monday fell sharply!" Watching! ”。
On October 30, Jinling Hotel opened low in early trading, and the stock price fluctuated repeatedly during the session, and finally closed at 7.87 yuan with a decline of 0.13%.
Net profit in the third quarter decreased year-on-year
According to the data, Jinling Hotel is one of the first batch of foreign-related tourism enterprises in the country approved by the State Council in the early stage of reform and opening up, and the first five-star hotel in Jiangsu Province, which was completed and opened in October 1983 and listed on the Shanghai Stock Exchange on April 6, 2007. The company takes hotel operation and management as its core business, covering diversified and collaborative businesses such as hotel material trade, property management, housing leasing, food R&D and sales, and tourism resource development.
Jinling Hotel's third quarter report for 2023 shows that the company's net profit attributable to the parent company in the first three quarters was 55.2887 million yuan, a year-on-year increase of 83.37%.
In this regard, Jinling Hotel's explanation is that due to the recovery of the tourist hotel market and the growth of consumer demand such as catering and accommodation, the net profit of the company's hotel segment increased significantly compared with the same period last year; and the company's subsidiary, Jiangsu Sutang Sugar and Liquor Food Co., Ltd. (hereinafter referred to as "Sutang Company"), increased its net profit over the same period last year.
In fact, the figure of 55.2887 million yuan is still lower than the performance level of the same period in 2017, 2018 and 2019.
When Jinling Hotel released its performance forecast on October 14, Guotai Junan (601211) Securities analysts said, "The performance forecast is lower than expected." ”
Especially in the third quarter of 2023, Jinling Hotel achieved an operating income of 466 million yuan, a year-on-year increase of 14.77%; The net profit attributable to the parent company was 24.1076 million yuan, a year-on-year decrease of 10.99%.
Guotai Junan Securities Research Report believes that the hotel business has a high base and there is still room for further recovery and improvement. First, the summer prosperity is relatively high, but due to the strong release of demand in the summer of 2022, the recovery of the summer of 2023 under the high base is not as high as the level of 2022; Second, in 2022, the company's Beijing New Jinling Hotel benefited from the preferential rent reduction and exemption policy, which also contributed greatly to the current performance, while the above-mentioned rent concessions did not contribute after the recovery of travel demand in 2023; Third, the growth rate of the company's soybean wholesale business in 23Q3 is basically flat, but since 2023, due to the flattening of brand promotion channels, the scale of revenue has been expanding, but the gross profit margin level has been significantly affected.
There is a divergence in institutional holdings
On October 29, 2023, the Ministry of Culture and Tourism released the "Domestic Tourism Data in the First Three Quarters of 2023", which shows that in the first three quarters of 2023, the total number of domestic tourists was 3.674 billion, an increase of 1.580 billion over the same period of the previous year, a year-on-year increase of 75.5%. Among them, the number of domestic tourists by urban residents was 2.846 billion, a year-on-year increase of 78.0%; The number of domestic tourists by rural residents was 828 million, a year-on-year increase of 67.6 percent. Quarterly: In the first quarter of 2023, the total number of domestic tourists was 1.216 billion, a year-on-year increase of 46.5%. In the second quarter of 2023, the total number of domestic tourists was 1.168 billion, a year-on-year increase of 86.9%. In the third quarter of 2023, the total number of domestic tourists was 1.290 billion, a year-on-year increase of 101.9%.
Judging from the domestic tourism data released by the Ministry of Culture and Tourism, the domestic tourism market has begun to recover after the epidemic. Among them, the total number of domestic tourists in the third quarter was the strongest, and another important reason is that the third quarter is the summer vacation, and the domestic tourism and business travel consumption market is hot.
According to data from the China Tourism Academy, the number of domestic tourists this summer was 1.839 billion, and the domestic tourism revenue was 1.21 trillion yuan. The number of performances in the national performance market in the summer was 110,000, a year-on-year increase of 301%; the box office revenue of performances was 10.2 billion yuan, a year-on-year increase of 792%; The number of spectators was 32.56 million, a year-on-year increase of 806%.
Shanxi Securities (002500) research report said that the recovery of tourism demand has promoted the development of the hotel industry. According to global hotel industry statistics, the global hotel industry market size is expected to reach $600 billion in 2023. Key market drivers include the steady recovery of the global economy, the continued growth of the tourism industry, and the rapid development of emerging markets. Rising housing prices and upgraded tourist spending are also driving the expansion of the market size. In terms of volume, the number of hotels worldwide is expected to reach 500,000 in 2023, a year-on-year increase of 5.8%.
While institutional investors are confident that the recovery of tourism will boost the development of the hotel industry, they are divided on the Jinling Hotel's holdings.
Compared with the end of the second quarter of 2023, the top 10 shareholders of outstanding shares in the third quarter of 2023 of Jinling Hotel have changed slightly, and the Wells Fargo CSI Tourism Theme ETF increased its holdings by 971,200 shares in the third quarter, ranking the fifth largest shareholder of outstanding shares.
However, the Bank of China Thematic Strategy Fund and the Bank of China Income Fund, which were originally ranked as the 5th and 6th largest shareholders of Jinling Hotel, have reduced their holdings by a large proportion in the third quarter of 2023 and have withdrawn from the top 10 shareholders of outstanding shares.
On October 30, Jinling Hotel closed at 7.87 yuan with a decline of 0.13%, and the company's market value fell to about 3 billion yuan. In fact, since the beginning of this year, the share price of Jinling Hotel has fallen by 4.45 yuan, a decrease of about 36%, and the company's market value has evaporated by about 1.7 billion yuan.
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