CYTS (600138): 3Q passenger flow improvement improves estimated storage repair space

Summary and recommendations: Performance summary: The company’s 1-3Q achieved revenue of 9.5 billion, and it will increase by 6 in the future.

9%, achieving a net profit of 5.

500 million, down by 0 every year.

3%, net profit after deduction 4

200 million, down 5 every year.

4%, gross profit margin rose slightly to 0.

3pct to 24.


Estimated 3Q income 36.

9.2 billion, a 10% increase in one year, net profit1.

6.3 billion yuan, an increase of 15% above the net profit after deduction of 1.

6.3 billion, a previous increase of 17%, the gross profit margin was the same as last year.

3Q performance was better than expected.

The company’s profit resumed quarter by quarter, and its integrated marketing business performed well.

In the first three quarters, the company’s integrated marketing business realized revenue17.

9.8 billion, an increase of 4 previously.

66%, net profit is 0.

3.2 billion, an increase of 50% previously, thanks to the report that the two subsidiaries, China Youth League, hosted many large-scale events.

At the same time, it was also affected by the base figure for the same period last year.

The business performance of the scenic spot is stable, and the 3Q passenger flow has improved.

Wuzhen’s income in the first three quarters13.

700 million, net profit 6.

2 billion, all the same as last year, receiving 730 tourists.

510,000 person-times, an increase of 1 each year.

The customer unit price was 63% flat.

Gubei Water Town was affected by large-scale events and competition in Beijing, and the number of tourists received dropped by six.

76% to 191.

350,000 person-times, resulting in a decrease in income by 5.

6% to 7.

4.8 billion, the customer unit price increased by 1.

29% to 390.

91 yuan.

However, from the single quarter of 3Q, the passenger flow in Wuzhen has increased by more than 5.

69%, the passenger flow of Gubei Water Town exceeded 4 drops.

4%, a downward trend.

In the non-scenic area business, Shanshui Hotel has a stable operation, and the hotel business revenue in the first three quarters3.

9.9 billion, an increase of 12 previously.

5%, affected by the climbing performance of new stores, net profit fell 7 year-on-year.9%.

Travel agency business is increasing by 6 per year.

4%. In the strategic investment business, the overall revenue of Chuangge Technology and Fengcai Technology increased by 5% in ten years, maintaining steady growth.

Expenditure increase and fee control efforts strengthened.

The 3Q expense ratio decreased slightly by 0.

21 points to 16.

47%, of which the sales expense ratio decreased by 0.

38pct, the overhead rate rose by 0.

39pct, R & D expense ratio rose by 0.

14pct, the financial expense ratio decreased by 0.

36 points.

The two major attractions of the company still have room to grow.

In the long run, Wuzhen is undergoing continuous expansion. The second phase of the Convention and Exhibition Center will soon be launched in 2020. After the completion of the Puyuan project, the linkage will gradually form. In the Gubei Water Town, traffic restrictions in Beijing have weakened, and traffic conditions have continued to improve.The group will be expanded nationwide, which will help the passenger flow to pick up.

Slightly adjusted the profit forecast of FM, and it is expected that net profit will be achieved respectively from 2019 to 20206.

5.1 billion 南京夜网 and 6.

9.1 billion, an increase of 8 in ten years.

9% and 6.

1%, EPS is 0.

90 yuan and 0.

95 yuan, the current expected corresponding PE is 13 times and 12 times respectively, it is estimated to reallocate and maintain the investment recommendation.

Risk reminder: The growth of passenger flow in core scenic areas is lower than expected, costs have increased sharply, and the macro economy has declined