The performance is slightly lower than expected, and the scale effect is beginning to show
In 2011, the company achieved operating income of RMB 720,877,700, a year-on-year increase of 18.13%; sales expenses of RMB 51,248,400, a year-on-year increase of 19.12%; management expenses of RMB 148,145,700, a year-on-year decrease of 5.31%; reasonable cost control; net profit attributable to shareholders of listed companies 26,411.37 Ten thousand yuan, an increase of 23.48% year-on-year; net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 25,519,460 yuan, an increase of 20.66% year-on-year, and the performance was slightly lower than our expectation.
Steadily expand the "hotel + catering + retail" big consumption layout
Hotel information system business, the company completed the establishment of 156 new international high-star hotel information systems, 99 new technical support and service users, the total number of users reached 825; the subsidiary WestSoft Technology added 439 new hotel users, the total number of users It has reached more than 3,800 homes; there are 110 new hotel users in Shiji Kunlun, with a total of 350 users. Its core product hotel central reservation system (CRS) has become one of the main choices for domestic high-star hotel groups. In the restaurant information system (POS) business, the company acquired 70% of the genuine Quide in August last year, and more than 600 new customers were signed, which formed synergy with the company's existing MICROS POS and INFRASYS POS in the field of high-end food information management systems. Changlian's business has an effective output of more than 1 million nights, and the total number of straight-line hotels is more than 6,000. In the payment system business, the company realized revenue of RMB 84,406,200 in 2011, a year-on-year increase of 124.81%, including 116 newly opened hotels in the hotel bank card integration (PGS), with more than 400 total users. The company's development history shows that it has clear Strategic purpose and strong execution.
Profit forecast and valuation
We expect the company's EPS for 2012-2014 to be 1.11., 1.49 and 1.97 yuan respectively. The revenue growth rate is 26.65%, 27.84% and 26.1% respectively. The net profit growth rate is 30.55%, 34.24% and 32.13% respectively. We maintain " Buy "rated", target price of 31.08 yuan in the next 6 months, corresponding to 28 times PE in 2012.
risk warning
The overall slowdown in the development of the hotel industry; the development of third-party payment services is slower than expected.
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Can offer Door to Door sercice
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