Yichang Transportation (002627): The main business is stable, transformation is expected


Yichang Transportation (002627): The main business is stable, transformation is expected

Event On March 28, 2019, the company released its 2018 annual report, which is expected to achieve operating income19.

97 ppm, a decrease of 1 per year.

99%, realized net profit attributable 重庆耍耍网 to mother 9498.

560,000 yuan, a decrease of 14 per year.

3%, the net profit of non-return to mother is 5,730.

680,000 yuan, an increase of 32 in ten years.

99%.

A brief comment is that the overall revenue is stable, the net profit after deducting non-attribution has increased significantly, and the gross profit margin has increased.

97 ppm, a decrease of 1 per year.

99%, realized net profit attributable to mother 9498.

560,000 yuan, a decrease of 14 per year.

3%, net profit 5730 deducted non-attribution.

680,000 yuan, an annual increase of 32.

99%.

The company’s non-attribution net profit increased significantly, mainly due to the non-recurring profit and loss amount of 3767 in 2018.

880,000 yuan, down 44 each year.

4%, mainly due to the reduction of non-current asset disposal income in 2018 by about 79%. In 2017, the company’s houses and land located in Yichang City’s production and living areas were requisitioned to generate demolition funds and generate asset disposal income; from the perspective of the expense ratio,Expense rate 2.
.

06%, a decline of 0 per year.

25pct, mainly because 4S store demolition costs incurred in 2017.

Management expense ratio 5.

66%, an increase of 0 a year.

59 points, mainly due to costs incurred by newly established subsidiaries including Linhong Automobile Sales & Service Co., Ltd. and Jiaoyun Songzi Company.

Finance expense ratio 1.

11%, a year to raise 0.

09pct, the overall cost rate during the period under pressure.

Overall gross profit margin in 2018 13.

22%, increase by 1 every year.

71pct, the overall gross profit level has improved significantly.

The gradual decline of the operating cash flow in 2018 was mainly due to the advancement of the first-level land development business of the Three Gorges Cruise Center, a subsidiary of the company, and the reduction in land demolition and other operating expenses, which is a normal change brought by the increase in business.

The main business is stable and the tourism service is growing rapidly. From the perspective of different industries, automobile sales and after-sales service are still the business with the largest proportion of revenue, accounting for about 57% of total revenue. Its 2018 revenue decreased by 2%.

47%, gross margin increased by 0 in the short term.

36 points.

Revenue from passenger transportation business 3.

4.5 billion, an increase of 0 in ten years.

41%, gross margin 13.

69%, a decrease of 3 per year.

47%.
The tourism service business ushered in rapid growth and achieved revenue in 20181.
89 ‰, an increase of 22 in ten years.

84%, gross profit margin also increased significantly6.

28pct, in which the revenue growth rate of tourism port and waterway tourism business exceeded 40%.

The company added primary land development business in the current period and realized revenue of 881.

40,000 yuan; revenue from main business in 2018 decreased by 2 year-on-year.

48%, mainly due to the decrease in revenue of the supply chain management business of the subsidiary Tianyuan Logistics.

According to the report baseline, the company’s comprehensive tourism services fully leveraged the resource synergy advantages of “vehicles, ships, ports, stations, and agencies”, achieved breakthrough growth in passenger reception, actively seized cruise ships through the adjustment of the Three Gorges five-level ship lock policy, and established water, land, and vehicle dispatching.Command center.

Tourist passenger transport, “two dams and one gorge” in waterway tourism, “Yangtze River Night Tour”, travel agencies and ports have all developed.

Issuing shares to purchase assets to improve tourism layout, multi-business innovation brings room for growth On February 1, this year, the company issued an announcement to issue shares to purchase assets and to raise funds. It plans to issue a total of 1,262 shares to Yichang Daoxing Culture and Tourism Development Co., Ltd. and Pei Daobing.

40,000 shares purchased 100% equity of Jiufenggu held by them, Daoxing Wenlv and Pei Daobing promised that Jiufenggu will deduct non-net profit of not less than 8 million, 9 million and 11 million in 2019-2021.

The Three Gorges Jiufenggu Scenic Area is a key tourist project in Yidu City. The number of tourists received from 2016 to 2018 was 7.

From 860,000 person-times to 24.

980,000 person-times, with a profit of 727 in 2018.

90,000 yuan, at least 17-599.

1 million, turning losses into profits and good growth; In 2018, the company will vigorously promote and promote the development of tourism and related emerging industrial projects, and realize the transformation of traditional industries, while continuing to do a good job in transportation business.

At the same time, after the automobile sales market gradually enters the inventory stage, it will accelerate the transformation and adjustment to the automotive aftermarket and continue to adapt to changes in new energy driving and autonomous driving.

Logistics business will also gradually develop in the direction of supply chain management.

In 2019, the company plans to achieve revenue of 20.

2.6 billion, net profit attributable to mothers1.

10,000 yuan.

The company expects net profit attributable to mother to 1,640 in the first quarter of 2019.

190,000 to 2077.

570,000 yuan, an annual increase of 50%?
90%, profitability has improved significantly.

Investment suggestion: It is expected that the company’s main business will continue to develop steadily in the next two years, and the 厦门夜网 car sales service and delivery business will be stable and innovative. It will also focus on the development of tourism and logistics business, with room for growth.

It is expected that EPS for 2019-2021 will be 0.

37, 0.

44, 0.

At 48 yuan, the corresponding PEs are currently expected to be 22X, 19X, and 17X, respectively.

Risk reminders: road passenger transportation and tourism service traffic safety risks; downside risks in the transportation market; competition risks for tourism service companies in the Yangtze River Delta; subordinate companies’ management integration risks.