Emeishan A (000888) 2019 Third Quarterly Report Review: The third quarterly report is growing steadily, focusing on the new growth of the personnel business after rationalization

Emeishan A (000888) 2019 Third Quarterly Report Review: The third quarterly report is growing steadily, focusing on the new growth of the personnel business after rationalization

The first three quarters of 2019 increased by 10%, which was slightly higher than the expected first three quarters. The company achieved revenue of 8%.

7.3 billion, an increase of 3.

04%; achieve performance 1.

8.6 billion, an increase of 10.


97%); EPS0.

35 yuan / share, slightly expected.

In Q3 single quarter, the company’s revenue / performance / deductible non-performance increased by 6 respectively.

65% / 10.

52% / 9.

75%, ticket prices are still relatively good.

It is expected that the passenger flow will grow steadily, the ropeway business will continue to develop, and the cost control and efficiency increase will be good. In the third quarter of 2019, the company’s revenue growth slightly accelerated compared with the first half of the year, and the performance is still relatively good (2019H1 revenue is stable, performance increased by 10%).It is believed that the main reasons are the steady growth of passenger flow, the continuous development of ropeway business and the impact of fee control.

Combined with our continuous tracking, in terms of attractions business, the launch of Q3 passenger traffic also increased by about 7% -8%; although the price of attraction tickets began to be reduced on September 20 last year (peak season tickets replaced 160 yuan / -13.

5%) and preferential policies for the elderly are adjusted, but it is estimated that relying on the discount rate of tickets to pick up, valid ticket prices are relatively limited; under the overall effect of the Q3 ticket income is stable.

Based on the increase in passenger flow, at the same time, it is expected that the ride rate will increase, and the passenger flow of the ropeway will increase in the scheduled quarter (the passenger flow in the first three quarters of Jinding Cableway is expected to increase by about 20%), which will continue to increase the revenue of the ropeway, which is the core of the company’s revenue growth.

In addition, under the background of macroeconomic pressure, it is expected that the performance of other income such as hotels and tea will be relatively average.

Taken together, the company’s gross profit margin in the first three quarters was 43.

21%, a slight increase of 0.

42pct; during the period, the rate is reduced by 1.

77pct, of which the financial, sales and management expense ratios each dropped 0.

78pct / 0.

58pct / 0.

42pct, the overall cost control and efficiency performance is good.

The personnel business is gradually streamlined, the mid-line is concerned with new projects such as the performing arts, and the short-term focus on ticket price reductions has accompanied the gradual settlement of the company’s personnel in the past two years.

The restructured company divested its non-core business, while the replacement explored a new profit growth model based on the main business.

The “Emeishan Only” Real Scenery Village Performing Arts Project (40% of shares held by director Wang Chaoge) was officially launched on September 25. It is expected that on the basis of the current tourist flow, combined with Wang Chaoge ‘s director-directed impression series and other experience,With relatively reasonable competition in the region, this performing arts product is expected to help the company grow and transform its business in the future.

In addition, as a listed tourism leader, the company is still expected to continue to promote regional integration in the future.

In the short term, it is still recommended to pay attention to the progress of ticket price reduction.

Risks suggest that ticket prices will 苏州桑拿网 be reduced, the progress of state-owned enterprise reform will exceed expectations, new project development and performance will be less than expected, natural disasters and other concerns about the potential of new projects and regional integration, taking into account the price reduction of tickets, maintaining the “overweight” rating and raising EPS to 0 in 19-21.



48 yuan (was 0.



46 yuan, mainly considering passenger flow improvement and good fee control), PE 14/13 / 12x.

The company’s personnel business is gradually streamlined, and there is still room for new projects and resources such as subsequent performances. It is recommended to track the progress of ticket price reductions and maintain the “overweight” level.