Emeishan A (000888): Passenger flow is picking up and overheating, reducing price impact, reducing costs, increasing efficiency, and improving profitability
Event: The company released its 2018 annual report and achieved operating income in 201810.
7 megabits, divided by 0.
62%, net profit attributable to mother 2.
1 ppm, a six-year increase of 6.
42%, deducting non-net profit 2.
1 ppm, an increase of 5 in ten years.
22%; of which, Q4 achieved revenue of 2 quarters.
30,000 yuan, an annual increase of 2.
1%, net profit attributable to mother is RMB 40.4 million, which is extended by 11 per year.
At the same time, it means the performance indicators for 2019: in 2019, it is planned to achieve 3.3 million passengers and 10 operating income.
700 million, net profit1.
9.6 billion, 8% return on net assets.
Passenger traffic has picked up significantly, and ticket price cuts have limited impact on revenue.
1) The impact of the Jiuzhai earthquake in 2017 was eliminated, and the number of ticket purchasers in 2018 was 329.
50,000 person-times (YOY + 3.
25%), and gradually transport tourists 583.
330,000 person-times, the overall passenger flow achieved a slight pick-up, of which, during the eleventh period, the passenger flow was slightly shifted to 150,000 (yoy-4) due to the rain and cold weather.
2) The improvement of tourism levels + the increase in the proportion of individual customers pushed the per capita ticket revenue to slightly increase to 143.
8 yuan (yoy + 0.
2%), policy changes such as ticket price reductions and senior citizens’ exemption of tickets from September 20 have contributed to the increase in Q4 ticket revenue to a certain extent, 深圳桑拿网 and ticket revenue decreased by 7 during the 11th period.
4%; Wannian Ropeway completed the transformation and refit in April, and the hourly one-way traffic increased from 1,660 to 2,400 people to promote the improvement of ropeway business.
Preliminary ticket / ropeway / hotel travel agency respectively achieved revenue4.
7 ppm / 3.
One hundred millionth.
8 ppm / 3.7 million yuan, +3 changes each year.
5% / + 8.
The cost reduction and efficiency increase are slightly effective, and the optimization of the cost side promotes the improvement of profitability.
1) Effective cost management drives the gross profit margin of ropeway / travel agency business to 0, respectively.
4pp / 0.
5pp, but due to the decrease in ticket prices and adjustments to preferential activities such 佛山桑拿网 as tickets and free tickets for the elderly, the gross profit margin of the ticket business fell by 31.
5%, dragging down the overall gross margin slightly.
04pp; 2) Through online marketing supported by big data, precision marketing, etc., significantly improve marketing efficiency, and the sales expense rate continues to decrease.
9pp.Adjusting the organization settings and optimizing the staffing configuration drove the management expense rate to decrease slightly.
1pp, the expected reduction will lead to a reduction in the financial expense rate to 0%, and the overall three rate optimization to 17.
4pp), the net margin extended by 1.
3pp to 19.
5%, profitability has improved.
Tourism is gradually transforming, and diversification is actively promoted.
In the reporting year, the company completed the upgrade of the Wannian Ropeway, Leidongping Ski Resort and other projects, and further improved and improved the supporting infrastructure for attractions and tourism.Continue to highlight the integration of culture and tourism, expand capacity and quality, and re-arrange all-round related infrastructure, product formats, and industrial structure, and further enhance the transformation of Emeishan Scenic Spot from sightseeing to leisure and vacation, and promote the company’s industrial structure from ticket ropeway toThe transformation of a diversified economy, and at the same time promoted the continued refinement and efficiency of operations and management, and the steady increase in the number of tourists.
Profit forecast and rating.
Under the pressure of ticket policies, we adjusted the company’s profit forecast, and it is expected that the EPS for 2019-2021 will be 0.
43 yuan, 0.
44 yuan, 0.
47 yuan to maintain the “overweight” level.
Risk reminder: The risk of natural disasters, the growth of the number of tourists is less than expected, and the ticket prices may continue to reduce the risk.