CYTS (600138): The cultural unit price of the ancient town is increasing, and corporate governance continues to improve

CYTS (600138): The cultural unit price of the ancient town is increasing, and corporate governance continues to improve

The performance has grown steadily, and the value of the ancient cultural town highlights its 18-year income 122.

65 billion / + 11.

3%, net profit attributable to mother 5.

9.7 billion / + 4.

5%, excluding 1.

US $ 9.9 billion in government subsidies, etc., deducted non-attributed net profit4.

9.3 billion / + 14.

4%, in line with expectations.

Wuzhen strives to build an exhibition town, and the unit price of passengers is expected to continue to increase. In 1919, the Beijing-Shenzhen high-speed railway was opened to boost the passenger flow in Gubei. The two ancient towns still have potential for development.Other projects continue to advance, and the transfer of China Everbright Group brings the expectation of governance optimization and mechanism improvement. It predicts EPS 0 in 19-21.



23 yuan with a target price of 20.


65 yuan, to maintain a buy.

Wuzhen: To build a conference town, the customer unit price will increase significantly. In 2020, the courtyard will open for 18 years and revenue 19.

05 billion / + 15.

74%, net profit 7.

34 billion / + 5.

98%, excluding supplementary net profit increased by 18.

56%; tourists 915.

03 thousand / -9.

71%, the unit price of 208.

19 yuan / + 28.


Scenic spots make every effort to create a benchmark for convention and exhibition towns, strengthen the brand effect; various thematic activities held with theatrical festival as the link, strengthen tourism + cultural IP, and the unit price can increase the potential for improvement.

Since September 18, the ticket price of Dongzha in Wuzhen has been adjusted from 120 to 110 yuan, and the ticket price of East and West has been adjusted from 200 yuan to 190 yuan. Due to the diverse income structure of attractions, the impact of ticket price reduction is limited.

Puyuan is expected to open in 2020, about 30 minutes away from Wuzhen, of which about 1/4 of Wuzhen’s Xizha is positioned as a fashionable shopping town. It aims to form a synergy with Wuzhen and increase the unit price of tourists in Wuzhen.

Gubei: Phased implementation of equity, transportation improvement and improvement of passenger flow 18 years revenue9.

9.8 billion / + 1.

98%, net profit 3.

08 billion / +169.

84%, excluding real estate settlement investment income2.

200 million, the profit of the scenic spot dropped by 20%, depreciation and increase in financial costs dragged down performance.

Affected by Beijing-Gubei transportation operations and adverse weather, the passenger flow was 256.

490,000 / -6.

85% (Wuzhen Xizha 18 years visitors 5.14 million / -5.

61%), the customer unit price is 389.

1 yuan / + 9.44%.

In 19 years, the Beijing-Shenzhen high-speed rail is expected to open, improve the transportation from Beijing to the scenic area, and radiate the Hebei / Liaoning passenger 杭州桑拿网 base, and the passenger flow is expected to boost.

Facing the well-known cultural events such as the Beijing TV’s Global New Year’s Eve, the world premiere of “Evil Is Not Overwhelming”, the charm of attractions and brand culture are constantly improved.

In March 19, the company transferred Gubei 5 transferred by Jingneng Group.

16% of shares, holdings increased to 46.

6%, net profit is expected to increase.

Outreach project reserves are abundant, cultural tourism is expanded, Kangyang’s entire industry chain layout is 77.05 million yuan for 18H2 company investment in Chengdu Qingcheng Shandujiangyan Tourism Company.

CYTS Hongqi Tourism Industry Investment Fund also continues to develop new project layouts: it invested 60 million in the health and leisure tourism industry park of Jiangsu Yada Health in September 1合肥夜网7;

40,000 yuan in a 40% stake in Jiuhuang Mountain, a national 4A-level scenic spot in Sichuan (has been delisted on the New Third Board in April 18); 63.5 million invested in the rural complex operator rural partner cultural tourism in March 18, 27 million investment in Wuyuan rural cultural tourism.
Improved governance, long-term optimism about the growth potential of the ancient town, synergies of major shareholders’ resources, and the strength of maintaining the purchase of ancient town tourism + strong cultural IP highlights, still has growth potential, and abundant project reserves.

In January 18, the company transferred to China Everbright Group. In December, Group Chief Qiu became the new president, and three new directors settled in. The governance structure continued to be optimized.

Wuzheng’s customer orders are higher than expected, and the original forecast for EPS0 in 19-20.


97 yuan, adjusted to EPS0 in 19-21.



23 yuan, comparable company’s average PE22 in 19 years.

47 times, giving 22-23 times PE in 19 years, with a target price of 20.


65 yuan, to maintain a buy.

Risk reminder: The growth rate of passenger flow is not up to expectations, the improvement of management mechanism and the progress of project implementation are gradually expected.