UTour Travel:1H17topline up by 13%,wholesale business slows down

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2017-08-22

1H17top line up by 13%; bottom line up by 27%

    Utour Travel announced its 1H17interim report today. The company reported thattop line increased by 13% yoy to RMB5.05bn in 1H17from RMB4.46bn in 1H16and core net profit increased by 27% yoy to RMB94m in 1H17from RMB74m.We believe the margin increase continues in 2017due to better products mixchange. We reiterate Buy given the company's more diversified products andmore attractive valuation than previously. Our new target price of RMB15(fromRMB17) reflects a cut in our 2017wholesale business growth forecast.

    Top line up 13% yoy, driven mainly by outbound wholesale business

    Wholesale outbound - revenue rose 13% to RMB3.88bn in 1H17fromRMB3.43bn in 1H16. This was the main driver of total top-line growth,however, wholesale business growth slows down compared to 27% yoygrowth in 2016. We believe that this is mainly due to the slowdown ofoutbound travel in China (number of outbound tourists increased only by5% to 62million in 1H17from 56million in 1H16)

    Retail outbound - By end-1H17, the company has 108offline stores.Revenues from the retail sales business rose 7% to RMB769m in 1H17from RMB720m in 1H16. Recall that the company has planned to expandits offline stores to 200in the next two to three years. We believe marginswill continue to increase in 2017under the company’s strategy of revenuemix change.

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
002707 @nn@ @n@ @c@ @cc@ @v@ @t@

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报
隆基股份 持有 -- 研报
通威股份 持有 -- 研报
宁德时代 持有 -- 研报
当升科技 持有 -- 研报
亿纬锂能 持有 -- 研报
恩捷股份 持有 -- 研报
塔牌集团 持有 -- 研报
五粮液 持有 121.20 研报
东江环保 持有 -- 研报
上海医药 持有 -- 研报
爱尔眼科 持有 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
华策影视 1.12 0.59 研报
光线传媒 1.49 1.16 研报
视觉中国 0 0 研报
分众传媒 0 0 研报
唐德影视 0 0 研报
慈文传媒 0.52 0.41 研报
万达电影 0 0 研报
华泰证券 0.47 0.35 研报
中信证券 0.73 0.42 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
贵州茅台 34 持有 持有
万科A 34 买入 买入
五粮液 33 持有 持有
中信证券 30 持有 持有
海天味业 29 持有 持有
万科A 27 买入 买入
通威股份 27 持有 持有
三一重工 26 持有 买入
伊利股份 26 买入 买入
隆基股份 25 持有 持有
泸州老窖 25 持有 持有
保利地产 24 持有 买入
瀚蓝环境 24 持有 持有
中国国航 24 持有 持有
格力电器 24 持有 中性
宋城演艺 24 持有 中性
格力电器 23 持有 中性

行业关注度

更多>>
行业名称关注度关注股票数买入评级数
电子信息 496 90 279
建筑建材 454 47 202
化工行业 413 52 144
机械行业 358 50 145
钢铁行业 345 30 156
汽车制造 299 39 165
金融行业 297 32 99
生物制药 280 53 179
电子器件 273 50 150
交通运输 254 29 107
煤炭行业 246 30 132
酿酒行业 242 17 113
房地产 233 26 140
家电行业 227 17 119
食品行业 193 23 81
电力行业 176 31 75
有色金属 170 35 60