Sante Ropeway (002159): Core attractions continue to improve

Sante Ropeway (002159): Core attractions continue to improve

Event: 19H1 company achieved revenue 2.

800 million / + 6.

1%, net profit attributable to mother-37.2 million yuan / -138.

54%, mainly due to the company’s transfer of 100% equity of Xianfengpingbaying Company in the same period last year1.

300 million investment income.

Realized net profit deduction to non-mother-4245.

90,000 yuan / -55.

2%.

The reason why the non-performance growth rate is the fastest below the revenue growth rate is because 1) changes in accounting variables lead to the provision of bad debts per +1 million; 2) the conversion of projects such as Keqi and Chongyang, and indexing costs, etc.The cost is 15.16 million yuan.

Core View Fanjingshan / Zhuhai has a high passenger flow, and the cultivation of attractions still needs to be optimized.

1) In terms of core attractions, Fanjingshan achieved passenger flow of 55 in 19H1.

10,000 people / + 36.

At 1%, the high increase in passenger flow is due to the greatly increased local visibility of the successful application of the legacy, and the intelligent management of real-line ticket sales on the eastern network has also improved efficiency and contributed to the increase in passenger flow.

Huashan Scenic Area achieved a passenger flow of 79,000 people / -7.

4%, the slight contraction of passenger flow was mainly due to the high base of last year; Zhuhai achieved 19 passenger flow.

100,000 people / +46.

9%, the high increase in passenger flow is mainly due to the opening of the Hong Kong-Zhuhai-Macao Bridge and other uses of the Zhuhai tourism market; the romantic Tianyuan company achieved passenger flow10.

10,000 people / + 359.

At 1%, the increase in passenger flow was due to the integration of resources by Hainan Company and Romantic Tianyuan Company, which improved 南宁桑拿 the conversion rate of tourists from Monkey Island Scenic Area to Romantic Tianyuan Scenic Area.

2) From the perspective of nurturing scenic spots, the passenger flow extension of Baokang Jiuzhai Village and Chongyang Lushuihe Company has been improved, but the Nanzhang ancient cottage (affected by the weather), Chongyang Lushuihe, and Keqi three special tourism passenger flows have declinedtension.

As some scenic spots have begun to solidify, and the index has begun to be expensed, due to the short-term performance pressure, the expectation has gradually expanded and needs to be optimized.

Asset grooming continues to advance, and the double turning point of management + performance is still to be expected.

Driven by the new leader, the company adheres to the strategic idea of “do something and do nothing” and 南京桑拿网 promotes the reduction of losses and efficiency of subsidiary assets.

In 19H1, one subsidiary was replaced, one wholly-owned subsidiary was 100% transferred, and one holding subsidiary was changed to a joint-stock company, achieving a total of 384 investment income.

430,000 yuan.

At the same time, the wholly-owned subsidiaries of the company Chongyang Tourism Company and Chongyang Luoshuihe Company will hold part of their assets by two.

The price of US $ 300 million was transferred to Contemporary Real Estate, a wholly-owned subsidiary of the shareholder (the first payment has been received).

It is expected that the company will continue to lose weight to reduce losses and increase efficiency, and the double turning point of management + performance is still to be expected.

The fixed increase plan is actively promoted, and after the landing, it is expected to save the company 35 million yuan in financial expenses and boost the profit level.

At present, the company has submitted the first response to the CSRC and extended the validity of the non-public offering to ensure the implementation of the fixed increase plan.

As construction projects begin to solidify, interest expense has begun to drag down the company’s overall performance (which has improved in 19H1). After the fixed increase is passed, it is calculated at a level of about 7% of capital cost, taking into account 5.

A fixed increase of US $ 0.5 billion will repay debt, which is expected to save about 35 million financial costs in the future and further boost the company’s profitability.

Financial forecasts and investment recommendations maintain a BUY rating with a target price of 22.

65 yuan (was 28).

16 yuan).

Taking into account the interest expense, slightly increase the financial expense assumptions, it is expected that the reduction of net assets in 19-21 will be 7 respectively.

55/8.

23/9.03 yuan (was 7).

61/8.

39/9.

38 yuan), according to the historical average estimation method, given to the company 19 years3.

0 times PB, corresponding to the target price of 22.

65 yuan.

Risks suggest that the growth rate of core prospects is lower than expected, and the risk of natural disasters in scenic spots is uncertain.