China CYTS Tours:Access China Conference highlights

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2018-01-15

Ancient town traffic update - Wuzhen attracted a total of c.10 million visitors in2017 (vs. c.9 million in 2016). In its third year of operation, Gubei attracted a totalof c.2.8 million visitors in 2017 (vs. c.2.5 million in 2016). This is mainly due tomore sight-seeing projects and entertainment facilities to the site and marketingcampaigns.

    Ancient town revenue breakdown update - Management disclosed the roughbreakdown of current Wuzhen’s top line that c.50% comes from tickets, c.30%comes from hotels and dining and c.10-20% comes from others (includingretailing and transportation fee). As for Gubei's topline, c.40% of toatal comesfrom tickets, c.50% comes from hotels and dining and c.10% comes from others(including retailing and transportation fee).

    Ticket price hike - Management pointed out that the price hike in the past wasonly from tickets. There was a Wuzhen ticket price hike in 2017 (East Gate’s will beadjusted from RMB100 to RMB120, a 20% increase and West Gate’s ticket pricewill be adjusted from RMB120 to RMB150, a 25% percent increase). Managementalso disclosed that there is a difference in ticket pricing between Wuzhen andGubei. Wuzhen's ticket price is subject to government approval, while Gubei'sticket price is market-adjusted.

    Revenue from real estate - The real estate income of Gubei is not recurring.

    Gubei generated revenue of c.RMB40 m as of 9M17 (vs. RMB80 m in 2016). Thedifference is due to the real estate income (Phase 1 was booked in 2016 andPhase 2 is expected to be booked in 2018E). Management guided that there willbe almost no real estate income in 2017.

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)
600138 @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
中科曙光 中性 -- 研报
用友网络 中性 -- 研报
中科创达 中性 -- 研报
深信服 中性 -- 研报
广联达 中性 -- 研报
四维图新 中性 -- 研报
浪潮信息 中性 -- 研报
益丰药房 买入 -- 研报
老百姓 买入 -- 研报
金域医学 买入 -- 研报
安图生物 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
齐心集团 0.35 0.30 研报
帝欧家居 0 0 研报
欧派家居 0 0 研报
顾家家居 0 0 研报
比亚迪 0.49 0.33 研报
华域汽车 1.13 1.18 研报
上汽集团 1.83 1.86 研报
长安汽车 0.45 0.25 研报
江苏神通 0.53 0.39 研报
中科创达 0 0 研报
四维图新 0.69 0.44 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 36 持有 持有
隆基股份 31 买入 买入
泸州老窖 31 持有 买入
万科A 30 买入 买入
长安汽车 30 买入 买入
伊利股份 29 持有 买入
宋城演艺 29 持有 持有
中国国旅 28 持有 买入
比亚迪 28 持有 持有
三一重工 27 持有 持有
晶盛机电 27 持有 中性
中信证券 26 持有 中性
中国太保 26 持有 中性
格力电器 26 买入 买入
当升科技 26 持有 买入
万华化学 25 买入 买入
贵州茅台 25 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 471 75 286
电子器件 373 51 235
汽车制造 345 35 185
金融行业 296 25 145
建筑建材 296 47 170
机械行业 289 38 117
生物制药 266 38 182
酿酒行业 245 16 125
化工行业 219 44 101
房地产 200 21 150
交通运输 192 24 90
食品行业 179 25 69
钢铁行业 169 30 86
商业百货 167 29 96
家电行业 166 15 111
有色金属 142 37 55
其它行业 141 14 84