China National Travel Service (601888) Annual Report and First Quarterly Review

China National Travel Service (601888) Annual Report and First Quarterly Review

Key points of investment: 18-year revenue increased 66 in ten years.

21%, net profit after deduction is increased by 27.

82% of China International Travel Service recently released the 2018 annual report and the 2019 first quarter report.

In 2018, the company achieved operating income of 470.

07 million yuan, an increase of 66 in ten years.

21%, achieving net profit attributable to shareholders of listed companies.

95 ppm, an increase of 22 in ten years.

29%, realizing net profit after deduction of 31.

44 ppm, an increase of 27 in ten years.


Sanya Duty Free Shop maintained a high growth rate. Shanghai and Shanghai combined to promote the growth of performance for 18 years, and the company’s travel service business achieved revenue of 122.

90 ppm, an increase of 0 in ten years.

10%, commodity sales business achieved revenue of 343.

35 ppm, a 119-year increase.

81%, of which the sales of duty-free goods achieved revenue of 332.

27 ppm, a 123-year increase.

59%, the outstanding performance of the tax-free business was mainly due to the company’s acquisition of Shanghai Shanghai, consolidating and optimizing the existing island-free tax-free business, and the development of capital airport and Hong Kong airport tax-free business.

230,000 yuan income increase.

In addition, Sanya Haitang Bay achieved operating income of 80 in the tax-free business.

100,000 yuan, an increase of 31 in ten years.

66%, Shanghai Airport Duty Free Shop (including Pudong and Hongqiao, separate consolidated statements in March 2018) achieved operating income of 104.

5.1 billion, Capital Airport Duty Free Shops (including T2 and T3 Terminal Duty Free Shops) achieved operating income of 73.

8.9 billion.

The gross profit margin of duty-free business continued to rise, and the increase in sales expenses extended the company’s gross profit margin for travel service business to 10.

01%, increase by 0 every year.

41 single, the gross profit margin of merchandise sales business is 52.

24%, an increase of 7 per year.

The 67 mergers have achieved breakthroughs and improvements because Sino-Immigration has integrated and optimized the 南京桑拿网 procurement channels for duty-free goods after the acquisition of Sunshine China and Sunshine Shanghai, and the procurement bargaining power has significantly improved.

In addition, due to the increase in the proportion of merchandise sales, the company’s overall gross profit margin has also improved significantly, reaching 41.

11%, an increase of 11 from 17 years.

93 units.

In terms of expense ratio, the company’s expense subsidy was 28 in 18 years.

07%, an increase of 12 per year.

27 units, of which 24 are sales expenses.

68% (+12.

20 units), management expenses 3.

41% (-0.
42 budgets), financial expense ratio -0.
01% (-0.

49 units). The significant increase in selling expenses was mainly due to the increase in selling expenses brought by Shanghai on the date of acquisition and the increase in airport lease 杭州桑拿 fees.

The performance of the first quarter of 19 is expected, and the disposal of China Travel Service will bring investment income. In the first quarter of 2019, the company achieved revenue of 136.

92 ppm, an increase of 53 in ten years.

94%, net profit attributable to mothers23.

0.6 million yuan, an increase of 98 in ten years.

80%, net profit after deducting non-return to mother 15.

890,000 yuan, an increase of 37 in ten years.

37%, slightly better than the Air Force expected.

The high-level consolidation that accelerated the growth of revenue in the first quarter was due to the fact that Shanghai and Shanghai consolidated their consolidated statements only in March 2018, which was affected by the growth of tax-free business.

In addition, net profit attributable to mothers increased by 98 each year.

8% is due to the increase in investment income from the disposal of the China National Tourism Administration.

China Exemption successfully won the bid for the tax-free business of Daxing Airport, focusing on the follow-up development of duty-free shops in the city. In March 2019, China Exemption Company successfully won the bid for the tax-exempt business of all the bidding sections in the international area of Daxing International Airport, consolidating its leading advantage in the domestic tax-free industry.

In addition, the city’s duty-free shops in Beijing and Shanghai are expected to open in 2019, and then they will form a linkage with the local airport duty-free shops.

In the two-way development of the company’s endogenous extension, the exemption of the scale advantage of China Immunity is also expected to expand, and the bargaining power of the upstream is expected to be further enhanced.

Investment advice and profit forecast China Travel currently has become an absolute leader in the domestic tax-free industry, with advantages of scale gradually appearing, superimposed on the expectations of the city’s tax-free shops and the development of overseas tax-free markets. We believe that the company’s long-term positive logic has not changed, so we maintainThe investment rating of the company’s “overweight” is expected to be 2 in 2019-2021.

27 yuan, 2.

61 yuan and 3.

02 yuan.

Risks prompt major policy changes in the industry, the growth of tax-free business is less than expected, and the business of tax-free shops in the city is less than expected.