Urgent! Choose a A-share listed company in tourism, hotels and restaurants, write an investment analysis report and hand it in on Monday.

Hello. This is what I saw on the Internet. It may be useful to you.

Zhangjiajie (000430) research report text?

The company grew steadily and its performance met expectations.

2012101October 25th? 08:42? Huachuang Securities? Chen Juan

1, the company operates steadily, and the year-on-year growth of performance is in line with expectations. In the company's research report at the end of September, we pointed out that the tourists in Wulingyuan core scenic spot increased by 65,438+00% year-on-year, the tourists in Baofeng Lake increased by 65,438+03% year-on-year, the income of travel agencies will increase by 60-70%, and the net profit of returning home for the whole year will increase by about 25%. At present, the three quarterly reports are basically in line with expectations, and the company's operation is relatively stable. ?

2. Operating costs increased by 38% year-on-year, but the expenses during the period were greatly reduced. We believe that during the reporting period, the main reason for the sharp increase in operating costs was the sharp increase in travel agency business, which led to a sharp increase in operating costs, and the purchase of new environmentally-friendly cars increased operating costs. But at the same time, we also see that the company can maintain a high growth rate of operating profit, mainly due to the decline in expenses during the period. The management expenses in the first half of the year were more than 7 million yuan less than the reorganization expenses in the same period, which reduced the management expenses from June to September by 65,438+06.5% compared with the same period of last year. The third quarterly report shows that at the end of September, the company's short-term loans decreased by 37.2 million yuan and long-term loans decreased by 37 million yuan, and the total scale decreased by nearly 50%. This greatly reduced the company's financial expenses by 30.07%; In addition, due to the company's strengthened cost control, the sales expenses from June 5438 to September also decreased by 4% year-on-year. ?

3. In the long run, the growth of the company's performance depends on the improvement of traffic to drive the growth of passenger flow. In our last report, we pointed out that during the Twelfth Five-Year Plan period, Zhangjiajie has made remarkable improvements in various modes of transportation such as aviation, railways and highways. At present, the most anticipated thing is that Zhangjiajie Airport will be officially upgraded to an international airport, which will continue to effectively increase overseas passenger flow; The completion of Zhanghua Expressway at the end of 20 12 will open the passage from Chongqing to Zhangjiajie; 20 13 of the roads around the scenic spot were completed, which effectively promoted the western passenger flow; The 20 14 expansion of Lianhua Airport will effectively increase the flight capacity; 20 15, Zhangsang Expressway was completed, running through Hubei. ?

4. The development of Yang Jiajie and Baofeng Lake Scenic Area will open up new profit space. Yang Jiajie Cableway is expected to be completed on 20 13, which may be limited by Yu Jiancheng date, passenger demand and marketing cost during the year, and its performance cannot be greatly improved. However, we predict that in 20 14 years, Yang Jiajie cableway will significantly enhance the reception capacity of scenic spots and enhance the company's business.

Performance. According to the forecast of tourist reception scale of Tianzishan and Huangshizhai ropeways, we expect the gross profit margin of Yang Jiajie ropeway project to reach at least 70%. ?

5. Profit forecast and investment suggestion: We maintain the previous performance forecast: 20 12-20 14? The earnings per share of Zhangjiajie in 2007 were 0.36 yuan, 0.43 yuan and 0.63 yuan respectively. It is predicted that the company's performance will increase rapidly in 20 14 years. We suggest paying attention to the company's performance growth ability in the next few years. Compared with other scenic spot companies, we believe that with the deepening of the company's characteristic marketing, the continuous improvement of transportation convenience, the increase of ticket prices and the realization of Yang Jiajie cableway performance, Zhangjiajie's performance growth will be higher and clearer. Investment suggestion: allocate on dips in the fourth quarter and grasp the stock market in the coming year. Give the company a "recommended" rating. ?

Risk warning: the macro-economy affects demand, the opening time of high-speed rail is shorter than expected, the company's main cost expenditure and advertising investment exceed expectations, and emergencies affect it.