Since March, the epidemic situation in my country has returned to its scattered state, which has hindered domestic travel. The hotel, catering and other social service industries affected by the epidemic are under pressure at this stage. It can be seen from some listed companies on the Hong Kong stock market that, taking Helens (09869.HK) as an example, the company's cumulative stock price fell by more than 50% from early to mid-March.
###Note: Helens has been in a trend since March 4
Other related companies affected by the epidemic are also relatively similar. At the same time, the central government has successively issued relief policies for the service industry, including catering, retail, tourism, civil aviation, highway, water, railway transportation and other extremely poor industries, in the second quarter of this year, the payment of pension insurance premiums will be temporarily suspended, and the scope of the implemented phased delay in paying unemployment and work-related injury insurance premiums has been given a breath, which has caused the service industry to suffer a heavy blow.
Previously, the country issued the 14th Five-Year Tourism Development Plan, which demonstrated its importance to the development of tourism, duty-free industries, etc., and at the same time introduced relief policies such as tax reduction and exemption to support the development of tourism, catering, hotels, duty-free industries that have been severely impacted by the epidemic, and provide strong support for the recovery of the prosperity of the corresponding industries. To this end, Guosen Securities pointed out that the current sentiment low in the social service industry has exceeded the control of the opportunity of the leading oversold
html. In December, the service sector underperformed the market html. In December, the sector fell by 15.04%, underperforming the market. Catering, hotels, China Duty Free, etc. all fell significantly, mainly due to the obvious recurrence of the epidemic and the impact of external situations.is expected to be under pressure from Hainan’s duty-free products since March, and some e-commerce companies regulate online sales of duty-free products. From January to February, Hainan's offshore duty-free sales increased by 38% year-on-year, and China Free Trade Co., Ltd.'s revenue and performance increased by 20% year-on-year, and net profit margin rebounded significantly; but it is expected to decline in March. The impact of the epidemic will still need to be tracked in the near future (China Duty Free, Hai Travel, and China Service Sanya duty-free stores will be suspended from 4.2). Some e-commerce companies prohibit non-licensed parties from engaging in online sales for duty-free Hainan.
The three major hotel groups disclosed their 2021 financial reports. The epidemic disturbed the opening rhythm of the Songcheng project. In 2021, Jinjiang Huazhu reduced losses, and the CET turned losses into profits. The epidemic was under pressure over and over again in 21Q4. Looking ahead to 2022, Jinjiang's store opening target will remain the same year-on-year, with revenue expected to increase by 20-25% (9%-14%); Huazhu expects revenue to increase by 15-20% (4-9%) in 2022, and new stores will remain the same year-on-year; CTO's store opening target will accelerate in 2022, and plans to open 1,800-2,000 new stores (previously 1,400-1,600), leading the light management stage. Due to the disturbance of the epidemic, most projects in Songcheng are still closed, only Hangzhou resumed the park in early April, and the Lijiang and Xinzheng projects are currently in operation.
In addition, most other sectors have been under pressure recently. The number of domestic tourists and income during the Qingming Festival has only recovered by 68% and 39%, and the epidemic has been at a low level due to repeated outbreaks; domestic catering revenue increased by nearly 9% year-on-year in January-February.
Maintains the social service industry's over-equipment rating
Research report also mentioned that based on the uncertainty of the short-term epidemic and the positive expectations of the stabilization of the mid-term epidemic, we need to seize the opportunity of the leading oversold and maintain the industry's over-equipment rating.
Guosen recommends paying attention to the following companies, including leading companies such as China Duty Free, Chuangyou Hotel, Jinjiang Hotel (02006.HK), Jiumao Jiu (09922.HK), Tongcheng Travel (00780.HK), Huazhu Group-S (01197.HK), Yum China-S (09987.HK), Haidilao (06862.HK), Naixue Tea (02150.HK), Helensi and other leading companies.
(Article source: Cailianshe) [Please email submissions and regional cooperation information new report 3469887933#qq.com reply within 24 hours. 】
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Release date: 2022-04-07 14:51:15 Category: Finance
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