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　　 Changjiang Securities Chen Zhijian

Description of the event.

On December 12, 2012, Zhangjiajie Tourism Group Co., Ltd. issued a notice on adjusting the ticket price of the sightseeing tram at Shili Gallery and the ticket price of Baofeng Lake Scenic Area.

According to the documents of the Price Bureau, the one-way ordinary ticket price of Shili Gallery sightseeing tram is adjusted from the current 30 yuan/person time to 38 yuan/person time, and the two-way ticket price is adjusted from the current 40 yuan/person time to 52 yuan/person time, and the ticket price adjustment will be implemented from January 5, 2013; The ordinary ticket price of Baofeng Lake Scenic Area has been adjusted from the current 74 yuan/person time to 96 yuan/person time, and the adjustment will be implemented from March 18, 2013.

Event comments.

Since the new tickets were implemented in 2013, this ticket adjustment has no impact on the company's performance in 2012. Referring to the growth rate of tourist volume of the two scenic spots in 2011, we assume that the growth rate of tourist volume in 2013 will remain at this level. It is estimated that after the price increase, the net profit of Shili Gallery and Baofeng Lake Scenic Area will increase by at least 9 million yuan, and the performance will increase by 0.03 yuan, accounting for about 10% of the net profit in 2011.

On December 4, officials of the Ministry of Housing and Urban Rural Development said at the press conference of the Development Bulletin of China's Scenic Spots, the long-term development goal of scenic spots is free tickets, and they need to return to the view of public welfare. We believe that the current mode of natural scenic spots, which is dominated by ticket economy, will not fundamentally change, First, because the maintenance expenditure of high-quality tourism resources is still mainly from the local government, which must rely on the form of tickets to supplement local finance, and second, the scarcity of high-quality tourism resources determines the environmental problems and traffic problems caused by excessive tourists, so we believe that the possibility of canceling the tickets of scenic spots in a short time is very small.

Influenced by the favorable price increase of tickets, the company's performance in 2013 is expected to reach a new high with the steady growth of the number of tourists in the scenic spots in the future. It is estimated that the company's EPS will be 0.37 yuan, 0.47 yuan and 0.57 yuan respectively in 2012-2014; The corresponding PE is 21 times, 17 times and 14 times respectively, giving the company a "recommended" rating.

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