20231030-山西证券-众信旅游-002707.SZ-出境游业务逐步复苏_带动公司业绩持续改善_5页_405kb

Summary of Stock Research Report: Sensation Travel (002707SZ)

Company and Rating

• Company: Sensation Travel (002707SZ), a leader in outbound tourism services.
• Rating: Maintain "增持-B" (Add-Buy), based on expected performance and market recovery.

Key Performance Highlights

• In Q3 2023, the company achieved significant improvement in revenue and net profit, reversing losses from the previous year due to the gradual recovery of outbound tourism business.
• Specific figures: Revenue increased by 74828% year-over-year in Q3, and net profit surged by 19551%, attributing to factors like restored batch lists for出国travel and seasonal demand in summer.
• Overall, for Q1-3 2023, the company recorded a net profit turnaround, with metrics like EPS and ROI showing positive trends amid industry-wide market warming.

Reasons for Improvement

• The recovery is driven by the resumption of outbound team travel to specific countries and regions, along with promotional strategies for winter and off-season products to mitigate seasonal downturns.
• Factors include international market conditions, consumer confidence rebuilding, and policy changes supporting tourism.

Investment Recommendations

• The company is positioned to capitalize on the outbound tourism market, which has partially recovered to 51% of 2019 levels.
• Forecasted EPS for 2023-2025: 0.04 yuan, 0.26 yuan, and 0.48 yuan, with corresponding PE ratios of 1548, 265, and 144 times, supporting a "增持-B" rating.
• Valuation suggests growth potential in the sector.

Risk Factors

• Key risks include slower-than-expected consumer spending recovery, changes in出入境policies, and increased competition.
• Other considerations: Financial and operational challenges if market uncertainties persist.

This summary covers the core aspects of the report, focusing on performance, drivers, and outlook without delving into detailed financial data or assumptions.