Huangshan:1H17core earnings in-line??topline slight miss

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2017-08-31

Bottomline up by 10% mainly driven by cable car business

    Huangshan announced its 1H17interim report today. The company reported thatcore net profit increased by 10% yoy to RMB192m in 1H17from RMB174m in1H16, in-line with our estimate of RMB194m, while top line was flattish yoy(RMB732m in 1H17vs. RMB726in 1H16). We believe the margin increase wasmainly driven by increasing contribution from its cable car business (enjoys grossmargin of c. 85%). We reiterate our Buy rating on Huangshang Tourism with TPof RMB22.4.

    Topline slight miss mainly due to more free tickets in 2Q

    Huangshan attracted 1.64million tourists in 1H17, yoy growth of 16%. However,the company's topline decreased by 1% to RMB732m in 1H17. We believe this ismainly due to more free tickets given in 1H17(note according to management,c.0.2million tourists enjoyed free tickets in 1H17). Last year, free tickets wereconcentrated in Q3, which was a heavy rainy season, therefore we believe growthshould recover in 2H, and keep our full year forecast of 3.9million tourist trafficunchanged.

    Cable car revenue grew 6% yoy to RMB220m in 1H17from RMB207m in1H16, mainly driven by rising tourism volume (cable cars attracted totaltourists traffic of 3million in 1H17, yoy growth of 8.28%).

    Revenue from tickets and travel service dropped 6%/13% yoy toRMB108m/RMB136m in 1H17(vs. RMB116m/RMB156m in 1H16). Webelieve this is mainly due to 1) more free ticket events in March and June2017and 2) reform of business tax to VAT (started in May 2016)

    . Revenue from hotel business delivered yoy growth of 1% to RMB255m in1H17from RMB253m in 1H16.

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)
600054 @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
爱婴室 中性 43.50 研报
飞科电器 买入 -- 研报
欧普照明 持有 -- 研报
莱克电气 持有 -- 研报
青岛海尔 买入 -- 研报
海信电器 买入 -- 研报
老板电器 买入 -- 研报
九阳股份 持有 -- 研报
三花智控 买入 -- 研报
华帝股份 买入 -- 研报
苏泊尔 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
爱婴室 0 0 研报
飞科电器 0 0 研报
苏泊尔 0.88 0.81 研报
海信电器 1.41 1.41 研报
华帝股份 0.65 0.63 研报
三花智控 1.34 0.72 研报
老板电器 0.78 0.94 研报
欧普照明 0 0 研报
青岛海尔 1.36 1.15 研报
九阳股份 0.84 0.67 研报
格力电器 1.84 2.20 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
五粮液 35 持有 中性
贵州茅台 34 持有 中性
万科A 33 买入 中性
中信证券 31 持有 买入
通威股份 28 买入 买入
三一重工 27 持有 买入
伊利股份 27 持有 持有
海天味业 27 持有 持有
隆基股份 26 买入 买入
格力电器 26 持有 买入
泸州老窖 25 持有 持有
格力电器 25 持有 买入
中信证券 24 持有 买入
保利地产 24 买入 中性
隆基股份 24 买入 买入
中国国航 24 持有 中性
万科A 24 买入 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 502 94 300
建筑建材 426 47 195
钢铁行业 420 30 196
化工行业 419 52 129
金融行业 374 32 134
汽车制造 349 35 183
机械行业 342 48 147
生物制药 298 51 195
家电行业 296 17 152
电子器件 291 50 175
交通运输 279 30 123
煤炭行业 273 30 131
酿酒行业 264 17 127
房地产 242 23 145
电力行业 224 32 95
服装鞋类 186 20 102
食品行业 178 19 77