In 2023, the tourism industry will fully recover, with strong market demand and vitality of the industry, showing a vigorous development trend as a whole.
The first financial reporter recently combed through more than 10 listed companies in the tourism and hotel category and found that in this context, many listed companies in the tourism category turned losses into profits last year. Entering the first quarter of this year, such listed companies have seen a mixed situation.
The source of tourists returned, and the tourism enterprises turned losses into profits
During the epidemic, the number of tourists declined, resulting in the dismal performance of major tourism and scenic spot enterprises, while last year's tourism market fully recovered, coupled with the holiday economy, the performance of major tourism enterprises improved, and most of them turned losses into profits.
CYTS (600138. SH) last year's operating income was 9.635 billion yuan, a year-on-year increase of 50.15%, the net profit attributable to the parent company was 194 million yuan, a year-on-year turnaround, and the net cash flow generated by operating activities was 920 million yuan, a year-on-year positive, and the asset-liability ratio was 51.71%, a year-on-year decrease of 2.16 percentage points. The company's gross sales margin was 24.45%, an increase of 8.43 percentage points year-on-year, and the basic earnings per share were 0.27 yuan.
Visitor growth is the engine that drives performance. As the main scenic spot under CYTS, in 2023, Wuzhen Scenic Area will receive a total of 7.7207 million tourists, a year-on-year increase of 568%. Wuzhen Company achieved an operating income of 1.784 billion yuan, a year-on-year increase of 183.65%, and a net profit of 284 million yuan, with a steady recovery in operating performance.
Jiuhua Tourism(603199. SH) in 2023, its operating income will be about 724 million yuan, an increase of 117.94% year-on-year, the net profit attributable to shareholders of the listed company will be about 175 million yuan, and the basic earnings per share will be 1.58 yuan. In the same period of 2022, the operating income was about 332 million yuan, the net profit loss attributable to shareholders of the listed company was about 13.7 million yuan, and the basic earnings per share loss was 0.12 yuan. The same turnaround.
Emeishan A (000888.SZ) will achieve operating income of 1.045 billion yuan in 2023, a year-on-year increase of 1.42 times, and the net profit attributable to the parent company will be 228 million yuan, turning losses into profits year-on-year, and achieving a net cash flow of 474 million yuan from operating activities, turning positive year-on-year.
Guilin Tourism (000978. SZ) in 2023, it will achieve revenue of 467 million yuan, a year-on-year increase of 260.89%, a net profit of 16.376 million yuan, a year-on-year increase of 105.81%, and a non-net profit of 12.4693 million yuan, a year-on-year increase of 104.3%. Swung. In 2023, Guilin will receive 6,185,700 tourists, a year-on-year increase of 233.31%.
The resumption of outbound travel last year significantly boosted Zhongxin Tourism (002707. SZ) is mainly engaged in cross-border tourism business. Last year, Zhongxin Tourism achieved a total operating income of 3.298 billion yuan, a year-on-year increase of 558.96%, a net profit of 32.2742 million yuan, and a net operating cash flow of 170 million yuan, a year-on-year increase of 179.52%. The company's net profit margin turned from negative to positive, and the gross profit margin and net profit margin of sales increased by 1.82 and 0.42 percentage points respectively compared with normal business in 2019. This is the first profitable year for Utrust Travel since 2020.
It is worth noting that there are also a small number of loss-making enterprises.
Qujiang Cultural Tourism(600706. SH) last year's total revenue was 1.504 billion yuan, a year-on-year increase of 68.80%, a net profit loss of 195 million yuan, a loss of 248 million yuan in the same period last year, and a net profit loss of 222 million yuan after deducting non-profits, a loss of 260 million yuan in the same period last year. According to the financial report, the high point of Qujiang Cultural Tourism's performance loss appeared in the fourth quarter, and the net profit attributable to the parent company in the four quarters of last year was 09 million yuan, 04 million yuan, 49 million yuan, and -258 million yuan respectively. As of December 31, 2023, Qujiang Cultural Tourism has total assets of 3.64 billion, but the book balance of accounts receivable in the same period is as high as 1.455 billion, the amount of bad debt provision is 422 million, and the book value is 1.033 billion, accounting for 28.38% of the total assets.
Hotel chains collectively make profits
The return of visitors has also boosted the accommodation industry.
Jin Jiang Hotel (600754. SH) will achieve operating income of 14.65 billion yuan in 2023, an increase of 29.53% over the same period of the previous year, and net profit attributable to shareholders of listed companies of 1.002 billion yuan, an increase of 691.14% over the same period of the previous year. In terms of business type, in 2023, Jin Jiang Hotels' hotel business achieved a consolidated operating income of RMB14.4 billion, a year-on-year increase of 29.97%, an operating profit of RMB1.637 billion, a year-on-year increase of 494.04%, and a net profit attributable to the hotel business segment of RMB768 million, an increase of RMB0.95 billion over the same period of last year.
BTG Hotels (Group) Co., Ltd. (hereinafter referred to as "BTG Homeinns", 600258. SH) achieved operating income of RMB7.793 billion in 2023, net profit attributable to shareholders of listed companies of RMB795 million, turning losses into profits, and annual average rentable room revenue (RevPAR) of all hotels (excluding lightly managed hotels) was RMB173, up 65.1% year-on-year and recovering to 106.5% in the same period of 2019.
ATAT. NASDAQ) reported revenue of RMB4.666 billion, up 106.2% year-over-year, adjusted net profit of RMB903 million, up 248.3% year-over-year, and adjusted EBITDA of RMB1.207 billion, up 184.3% year-over-year. In the fourth quarter, Atour Group's revenue increased by 140.4% year-on-year to 1.505 billion yuan. In 2023, the average rentable room revenue (RevPAR) of Atour Group's hotels will be 377 yuan, recovering to 114.4% of the same period in 2019, the average daily room rate (ADR) will be 464 yuan, recovering to 107.9% of the same period in 2019, and the occupancy rate (OCC) will reach 77.8%, recovering to 106.0% of the same period in 2019.
First-quarter results were mixed
Judging from last year's annual results, most of the listed tourism and hotel companies achieved profitability, but in the first quarter of this year, the situation of major enterprises is different.
In the first quarter of 2024, the revenue and profit of Zhongxin Tourism will continue to maintain rapid growth, profitability will continue to improve, and the industry will continue to improve. In the first quarter of this year, the total operating income was 1.025 billion yuan, a year-on-year increase of 643.38%, and the net profit was 28.0453 million yuan, compared with a loss of 37.4995 million yuan in the same period last year, a year-on-year increase of more than 65 million yuan.
Lingnan Holdings' revenue in the first quarter of 2024 was about 901 million yuan, an increase of 89.02% year-on-year, and the net profit attributable to shareholders of listed companies was about 24.11 million yuan, an increase of 176.89% year-on-year. Under the trend of continuous improvement in the prosperity of the industry, Lingnan Holdings continues to focus on the construction of the strategic blueprint of "pan-tourism ecosystem", accelerates the innovation of its main business products, gives full play to the advantages of development strategy, financial strength, resource integration and business model, and shows a strong growth trend in the complete industrial chain of business travel, accommodation, catering, exhibition and scenic spots.
In the first quarter of this year, Lijiang Co., Ltd. (002033.SZ) achieved operating income of 180 million yuan, a year-on-year decrease of 0.05%, and a net profit of 55.8134 million yuan, a year-on-year increase of 1.11%. Emeishan A achieved operating income of 253 million yuan in the first quarter of this year, a year-on-year increase of 6.64%. The net profit attributable to shareholders of listed companies was 74.4178 million yuan, a year-on-year increase of 6.08%.
During the reporting period, Jin Jiang Hotels achieved operating income of 3.206 billion yuan, a year-on-year increase of 6.77%, and net profit attributable to shareholders of listed companies of 190 million yuan, a year-on-year increase of 34.56%. In the first quarter, the hotel business achieved a consolidated operating income of 3.144 billion yuan, a year-on-year increase of 6.78%.
In the first quarter of 2024, BTG Homeinns achieved operating income of 1.845 billion yuan, a year-on-year increase of 11.47%, and a net profit of 121 million yuan, a year-on-year increase of 49.83%. The RevPAR of all hotels excluding lightly managed hotels was 147 yuan, a year-on-year increase of 2%.
However, there are also some companies that have experienced a decline in profits or incurred losses in the first quarter of this year.
In the first quarter of this year, Jiuhua Tourism achieved operating income of 180 million yuan, a year-on-year decrease of 6.13%, a net profit attributable to the parent company of 52.08 million yuan, a year-on-year decrease of 15.80%, and a net cash flow generated by operating activities of -17 million yuan, a year-on-year turn negative, and an asset-liability ratio of 16.01%, an increase of 2.00 percentage points year-on-year. The company's gross sales margin was 54.68%, down 3.27 percentage points year-on-year, the basic earnings per share was 0.47 yuan, down 15.80% year-on-year, and the diluted return on equity was 3.54%, down 1.19 percentage points year-on-year. The company's inventory turnover ratio was 10.33 times, down 1.21 times year-on-year, and the total asset turnover ratio was 0.10 times, down 0.03 times year-on-year.
In the first quarter of 2024, CYTS's operating income was 1.922 billion yuan, a year-on-year increase of 15.96%, and the net profit loss attributable to shareholders of listed companies was 28.999 million yuan. Talking about the reasons for the loss, CYTS said that due to factors such as the decline in the popularity of scenic spots in the suburbs of Beijing and the overflow of consumer demand in the surrounding tourism market, during the reporting period, Gubei Water Town, a subsidiary of CYTS, received 183,000 tourists, a year-on-year decrease of 26.38%, and achieved an operating income of 112 million yuan, a year-on-year decrease of 32.16%.
In the first quarter of 2024, Guilin Tourism achieved an operating income of 88.4962 million yuan, a year-on-year increase of 3.18%, and a net profit loss attributable to shareholders of listed companies of 12.4777 million yuan. In the first quarter of this year, the company's net cash flow from operating activities was -21.2537 million yuan, a year-on-year decrease of 12.9927 million yuan, mainly due to the company's cash for purchasing goods, accepting labor payments, paying to and for employees in the first quarter of 2024, The net cash flow from financing activities was 21.3054 million yuan, a year-on-year decrease of 82.9602 million yuan, mainly due to the year-on-year decrease in the company's bank borrowings and repaid bank borrowings in the first quarter of 2024, and the net cash flow from investment activities was -11.1065 million yuan, compared with -5.7455 million yuan in the same period last year, mainly due to the year-on-year increase in cash paid by the company for the purchase and construction of fixed assets, intangible assets and other long-term assets in the first quarter of 2024.
According to the first World Tourism Barometer for 2024 released by the United Nations Tourism Organization, international tourism has recovered to 88% of pre-pandemic levels by 2023, with about 1.3 billion international tourists. In terms of the domestic market, according to data from the Ministry of Culture and Tourism, the number of domestic trips in mainland China will be 4.891 billion in 2023, a year-on-year increase of 93.3%. With the successful conclusion of the 2023 "Year of Consumption Boost", the 2024 "Year of Consumption Boost" is ushering in new development opportunities. The scale of travel and tourism during the Spring Festival this year continues to rise, and the industry is generally optimistic about the follow-up tourism consumption stimulus policies and the sustainable development of the industry.
(This article is from Yicai)