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

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股票名称最新评级目标价研报
亿联网络 买入 -- 研报
日月股份 买入 -- 研报
林洋能源 买入 -- 研报
通威股份 持有 -- 研报
宁德时代 持有 -- 研报
天能重工 买入 -- 研报
阳光电源 买入 -- 研报
新宙邦 持有 -- 研报
天顺风能 买入 -- 研报
国轩高科 买入 -- 研报
太阳能 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
美的集团 0 0.00 研报
苏泊尔 0.88 0.81 研报
青岛海尔 1.36 1.15 研报
浙江美大 0 0.56 研报
老板电器 0.78 0.94 研报
亿联网络 0 0 研报
天能重工 0 0 研报
日月股份 0 0 研报
林洋能源 0.67 0.75 研报
新宙邦 1.10 0.80 研报
太阳能 0.64 0.12 研报

股票关注度

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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 32 持有 买入
中信证券 29 持有 中性
海天味业 29 持有 持有
通威股份 27 持有 持有
万科A 27 买入 买入
三一重工 26 持有 买入
伊利股份 26 买入 买入
隆基股份 26 持有 持有
新华保险 26 持有 中性
泸州老窖 25 持有 持有
先导智能 25 持有 中性
保利地产 24 持有 买入
上汽集团 24 持有 买入
瀚蓝环境 24 持有 持有
中国国航 24 持有 持有

行业关注度

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行业名称关注度关注股票数买入评级数
电子信息 488 89 276
建筑建材 454 47 202
化工行业 412 51 143
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 295 32 99
生物制药 278 53 179
电子器件 271 50 150
交通运输 254 29 107
煤炭行业 246 30 132
酿酒行业 241 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