Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

The company announced its 2018 annual report, and its performance growth was comprehensive and stable. In 2018, the company achieved operating income4.

89 ppm, an increase of 6 per year.

2%; net profit attributable to mother 1.

30,000 yuan, an increase of 22 per year.

2%; deduct non-net profit 9373.

870,000 yuan, an annual increase of 12.


One quarter of Q4 achieved operating income1.

22 ppm, an increase of 11 years.

2%; net profit attributable to mother 859.

430,000 yuan, an annual increase of 38.


The company’s expense control is better, and the number of reports is steadily increasing. As a result of the increase in employee compensation, the company’s gross profit margin has decreased by 1.

6 points to 62.

1%, the net margin rose to 24.

1%, an annual increase of 2.

9 points.

The increase in the company’s net interest rate was mainly due to the decline in financial expenses and the contribution from non-recurring losses. In 18 years, the company received a large amount of various government subsidies totaling 7.45 million yuan, and the company’s total investment income was 6.25 million yuan, further increasing its profits.

The company’s expense control is good, and the expense ratio during the period decreases by 3 every year.

0%, the sales expense ratio increased by 0.

5pct, the management expense rate drops by 0 every year.

9pct, every 2 decrease in financial expense ratio.

6pct, mainly due to the reduction of interest expenses caused by repayment of long-term loans.

The main business of the scenic spot performed well, the hot spring hotel continued to grow steadily in 2018, and the company’s scenic spot business achieved revenue3.

61 ppm, an increase of 5 in ten years.

9%; gross margin decreased by 1.

64pct to 61.


In terms of attractions, in 2018, Shanshui Garden and Nanshan Zhuhai received 101 tourists.

80, 101.

680,000 person-times, an increase of 1 every year.

7%, 4.

9%; revenue is 1.

60, 1.

29 ppm, an increase of 4 per year.

0%, 9.

9%; gross margins are 63.

7%, 67.1%, a decrease of 1 per year.

5pct and 1.

9 points.

The hot spring business realized zero revenue.

55 ppm, a 10-year increase3.

0%; gross margin 57.

7%, down 2 every year.


Hotel business realized revenue of 0.

95 ppm, a five-year increase of 5.

4%, gross margin decreases by 0 per second.

9 points to 63.


The second phase of the hot spring project is expected to be put into operation in 19 years. Follow-up attention will be paid to the progress of the convertible bond project. On April 27, 18, the company announced that it would originally invest the remaining funds raised from the Tianmu Lake cultural entertainers.

The US $ 8.1 billion and interest are all for the second phase of the hot spring project. The company strives to complete the 武汉夜网论坛 construction and use of the second phase of the hot spring project within 19 years, which will bring new profit points to the company.

In addition, the company issued an announcement on March 8 that it plans to issue convertible bonds and raise US $ 300 million for the Tianmu Lake Mountain and Water Park Sightseeing Tram Project and the Nanshan Zhuhai Cableway Upgrade. After completion, it will greatly improve internal transportation and the company’s profitability.The construction period is one year. If the issuance of convertible bonds is smooth, the new project is expected to land before 2020.

The private enterprise mechanism and the potential for secondary development are the company’s core advantages. First of all, it covers companies with “overweight” ratings as operators of private bases. It has the advantages 北京夜网 of strong market sensitivity and high management efficiency. The surrounding area and its own area are also of high quality.After listing, the company actively expands new projects and further taps the secondary consumption potential of attractions.

Due to the uncertainties in the issuance of convertible bonds, the profit forecast will not consider its impact for the time being, and the company’s EPS is expected to be 1 in 19-21.


61, 1.

78 yuan / share, corresponding to PE is 27/24/22 times.

We are optimistic about the secondary development potential of the company’s reorganization and the performance boost brought by subsequent fixed-increasing projects. The average company of the same type is estimated to be 35 times, and we will give the company a reasonable value of 43 based on 19 years of PE. 43

2 yuan / share, for the first time to give the “overweight” rating.

Risk reminder: there is uncertainty in convertible bond projects, the risk of natural disasters, and the risk of increased market competition.