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@

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投资评级

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凯莱英 买入 -- 研报
华测检测 买入 12.86 研报
广州酒家 持有 -- 研报
中国国旅 持有 -- 研报
锦江股份 持有 -- 研报
首旅酒店 持有 -- 研报
宋城演艺 持有 -- 研报
凯撒旅游 持有 -- 研报
天目湖 持有 -- 研报
中青旅 持有 -- 研报
黄山旅游 持有 -- 研报

盈利预测

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股票名称11年EPS12年EPS研报
宏大爆破 0 0.62 研报
振华科技 0 0.22 研报
中航光电 0.49 0.55 研报
中航沈飞 0.54 0 研报
中直股份 0.38 0.37 研报
火炬电子 0 0 研报
中国巨石 0.89 0.46 研报
东方雨虹 0.55 0.53 研报
北新建材 0.93 1.16 研报
华新水泥 1.70 0.61 研报
海螺水泥 2.36 1.21 研报

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股票名称关注度平均评级最新评级
贵州茅台 38 持有 买入
三一重工 33 持有 持有
中信证券 32 持有 中性
贵州茅台 31 买入 买入
华泰证券 28 持有 持有
上汽集团 27 买入 买入
五粮液 27 持有 买入
贵州茅台 26 持有 买入
伊利股份 26 持有 买入
隆基股份 26 买入 持有
三一重工 24 持有 持有
通威股份 24 买入 买入
万科A 24 买入 买入
中顺洁柔 24 持有 中性
保利地产 23 买入 买入
恒瑞医药 23 买入 持有
中国国旅 23 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 484 78 262
汽车制造 424 33 238
钢铁行业 392 30 233
化工行业 328 53 110
金融行业 318 23 153
电子器件 316 49 180
生物制药 275 43 164
建筑建材 269 41 134
机械行业 230 44 99
酿酒行业 229 16 119
家电行业 215 14 130
房地产 213 22 148
酒店旅游 211 20 71
交通运输 188 22 90
食品行业 177 21 75
商业百货 169 19 102
有色金属 166 34 62