首创证券:首予复星旅游文化“增持”评级 上半年全球业务实现全面复苏

Shouchuang Securities: First to give Fosun Tourism Culture an “increase” rating, global business achieved full recovery in the first half of the year

新浪港股 ·  09/21 16:05

According to a research report released by Chuangchuang Securities, Fosun Tourism Culture (01992) is the first to "increase its holdings" rating, and it is estimated that the EPS for 2023-25 will be 0.38, 0.57, 0.65 yuan. With the lifting of global epidemic restrictions and the release of strong holiday demand after the epidemic, the group's global business has fully recovered. 23H1 achieved revenue of 8.899 billion yuan, + 38.7% year-on-year; net profit of 470 million yuan, turning profit; adjusted EBITDA 2.3 billion yuan, + 92.4% year-on-year. The turnover of the four major business sectors of 23H1Club Med, Sanya Atlantis, Holiday Asset Management Center and return tour totaled 9.49 billion yuan, + 29% year-on-year; gross profit reached 3.077 billion yuan, + 62.5% year-on-year, gross profit margin reached 34.57%/+5.07pcts, profitability rebounded steadily.

The main points of pioneering Securities are as follows:

Club Med: the volume and price of the resort have recovered well, and the performance has reached a new high.

1) 23H1 benefited from the rapid growth of mountain business in Europe, Africa, the Middle East and Brazil. Club Med achieved a record high turnover of 7.94 billion yuan / + 32.2%, returning to 119.6% of the same period in 19 years. The adjusted EBITDA is 1.99 billion, which is + 48% compared with the same period in 19 years. Recurrent operating profit is 950 million, compared with + 54% in 19 years. From a regional perspective, turnover in the Americas / Europe, Africa and the Middle East increased by 65% and 13% over the same period in 19 years. The Asia-Pacific region is still in a period of recovery after the epidemic. Chinese mainland 23H1 turnover was + 247.6% year-on-year, returning to 93% in the same period in 19 years.

2) the capacity of 23H1 resorts increased from + 13.4% year on year to 99.2% in 1919, of which the capacity of Euro-African Middle East / Asia-Pacific / America Resorts recovered to 91.4% in 1919, 109.8% in Universe, and 102.2% in 2025. By 2025, the capacity of resorts will exceed 20% in 2022. Among them, resorts with four / five stars and above account for 97% of the capacity, an increase of 11.2pcts over the same period in 19 years. The average occupancy rate of 23H1Club Med global beds was 62.4%, + 3.3% compared with the same period last year, returning to 97.3% in 19 years, and the average daily bed price was 1753 yuan / + 10.6%, returning to 132.2% in 19 years. The company continues to promote the renewal and upgrading of resorts, completing the sale of Turkish resorts and the after-sale and leasing of French West Indies resorts in the first half of the year, and plans to upgrade and renovate. We continued to promote the digitization and C2M strategy, and the proportion of Club Med direct sales reached 70.4% in the first half of the year, an increase of 6.9pcts over the same period last year. Online bookings accounted for 29.4% of customers, an increase of 1.7pcts over the same period last year.

Sanya Atlantis: high occupancy rate and bright summer performance.

The turnover of 23H1 Sanya Atlantis is 887 million yuan / + 82.2%; the adjusted EBITDA is 461 million / + 122.9%, and the number of visitors is 3.2 million / + 107%; the average occupancy rate of guest rooms is 86.2%; the average daily room price is 2408.3 yuan, and the saleable income per room is 2075 yuan / + 82%. In terms of property, as of the end of 23Q2, there is only a small amount of Tangan property left, and there are still 2 villas available for sale or delivery. The company continued to promote experience upgrading, and the turnover of 23H1 Panxiu reached 34 million yuan, an increase of 137% over the same period last year. Sanya Atlantis performed well in the summer travel season, with a turnover of 190 million yuan in July, an average occupancy rate of 88.3%, and an average daily house price of 3007.2 yuan.

The company brings Taicang and Lijiang under the original Fuyou City brand into the "Holiday Asset Management Center" business section, in order to optimize IP operations and promote the landing of more light asset projects in the future. At present, the Holiday Asset Management Center includes Taicang Alps International Resort and Lijiang Mediterranean International Resort. The Taicang Alps International Resort project has been completed in stages for 21 years, of which the Alpine Snow World, the Mediterranean Day Ark and the first phase of time will be opened in 23H2, and the rest will be completed in the next two to three years. The passenger flow of 23H1 Lijiang Mediterranean International Resort recovered well, with a turnover of 40 million yuan / + 122% and 64000 visitors / + 39%. The turnover of Club Med Lijiang Resort reached 35 million yuan / + 142% in the first half of the year, with an average bed occupancy rate of 35.7%/+21.7pcts.

Vacation Asset Management Center: the Taicang project is about to open, and the passenger flow of Lijiang Resort has recovered significantly.

Resurrection meeting and related business: focus on member operation and improve all-round travel experience.

The company has re-positioned TC China as a return tour and as a global member operating platform. By the end of 23Q2, the membership of the re-tour platform has reached 6.13 million / + 17.1%. The number of new members of 23H1 reached 524000, + 12.6% year-on-year, and the number of fee-paying households reached 56000, + 13.6% year-on-year. The turnover of 23H1 return tour will reach 178 million yuan / + 11.5%, and the order volume will reach 413000 / + 128%. In the future, the return tour will focus on improving the function of the member platform, focusing on the field of family vacation, and upgrading the omni-directional travel stage.

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