Among them: air passenger agent competition more fully

Mass tourism + mobile Internet = online travel industry high-speed development. Our business development space is large, online is at high speed development; Products include air tickets hotel holiday, products, price competition tends to homogeneity primarily, industry barriers lower. Among them: air passenger agent competition more fully; Hotel development space big; and the agency Vacation productMBT Ema , standardization, short-term difficult to do difficult.
Online travel industry diversification, competition white cosmetic trend. Competitors include traditional agents, traditional resources operators, new marketing mode, e-commerce sites. Online travel industry is the core competitive power of user/downstream channel, competitors are the target users.
High-end business customers, hotel agency business is the development direction of the company. Industry will face new marketing mode on traditional marketing challenge, ticket agency industry gradually atrophic; Should grab the high-end business customers, USES the existing ticket agent channels continue rapid development hotel agency business.
Goal - travel industry alibaba. The company existing agency channel is B2B core competitiveness, foreign land expansion have capital advantage; High-end businessmen, earnings growth is B2C group clients; The downstream channel is the biggest advantage that buys platform; AC, the third-party payment platform, thrusting e-commerce development.
Should dialectically perceive the company. The company is facing a single, regional business are too centralized problem; Ticket agent industry shrinking phenomenon is facts; The effectiveness of unknown foreign expansion. However, as agents of role, companies can use existing ticket agent channels quickly opened hotel agency business; B2B flat as the role, the company has Taiwanese downstream agents its biggest core competitiveness, AC system will boost the business development.
Profit forecast and investment advice. 11, 12EPS respectively are expected to 0.85, 1.2 yuan, current share price corresponding 2011 PE for 27 times, well below the industry average of 36 times, less than 45 times ctrip.com. Bullish on industry development and corporate performance elasticity, immediately. Note: short-term lacks catalyst events. (cathay XuJuanJuan) prosperous country people safe institute
Gemale group (600383) : stretch and dye-in-the-wood
Event description and comment on: gemale group report released today in the first quarter in 2011, quarter to achieve the company operating income 21.44 billion yuan, 70.31% year-on-year drop; Realize profits 2.4 billion yuan, 86.21% year-on-year drop; MBT Kipimo clog Realize 1.62 billion yuan net belongs parent company, 86.08% year-on-year drop, earnings per share 0.04 yuan.
The current expenses rise faster, financial relatively steady current performance the year-on-year decline in the first quarter, and the reason is because more less complete consign, 2011 completion time for the more projects in the fourth quarter of this year. It is expected that the company will still be lower than the medium-term performance level compared to the same period last year. Gross margin, company's current period in approximately 36%, gross settlement with the same period last year, the basic equal in annual settlement is expected gross margin by around 40%. In cost, relative to current contract for the current period, the company sales management fee and cost of sales rise faster. In comparison with China vanke and poly we can clearly see, gemale in sales and management or has the disparity, also in another side proof high-end projects relative sales difficulty ascension. The company in the first quarter to land market, not with a final financial relatively stable. Mobile money as much as 14 billion, with a maturity short-term borrowing for 92 billion total debt, the company financial pressure is relatively minor.
The company quarter sales in the first quarter, receive zhang quadrature cumulative increase 26.8 million square meters, signing area, the cumulative 44.6 percent year-on-year growth in 37.2 billion yuan, sum signed earliest year-on-year. The comparison of the leading enterprises, the company quarter sales calculate can say, the main reason is the quadrature in quarter, making relatively few push shipments first quarter sales account for only the target tenth. On the other hand is the company sales average sales price is high, pressure does exist. In the final for 223 million receive zhang, this is divided into companies in order to lock EPS about 0.84 yuan.
The company commercially available resources are rich, within the existing advanced project commercially available in 2011 pressure area approximately 500 square meters, can sell for the amount of 600 million, the company years 400 million sales targets without change. The 2011 is the year towards gemale, it is expected that the company high-end 11 years days character in the series and other high-end products to more than 10%. We believe that the current market conditions, these high-end projects sales is there is greater pressure. In the second city, 11 years expected in shenyang, xian, wuhan, tianjin etc will increase sales share. Expanding in land in southwest expected this year, with Yangtze river delta second-tier cities will continue to expand.
Profit forecast and valuations: company for 11 years commercially available more, but because MBT Chapa ,supply under current market adjustment, currently has gradually entered the opening phase of high-end projects achieving sales is our focus of concern. At the same time the company is also four enterprise, elastic higher enterprise, it is expected that the company 11 to 12 years EPS respectively, maintain "0.81, 1.04 recommend" rating. (Yangtze river securities (000783) research institute SuXueJing)