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The company is the only listed tourism state-owned enterprise in Guangxi，Guilin Municipal People’s Government is the actual controller of the company。Main business includes: cruise ship transportation、Scenic Area Tourism Business、Hotel、Travel passenger transportation, etc.，A relatively complete tourism industry chain has been formed。The company is rich in scenic spots resources，A tourism circle around Guilin centered on the two rivers and four lakes system has been initially formed、Southern Line Landscape Sightseeing and Leisure Tour and Northern Line Danxia Scenery and Hot Spring Vacation Tour。But the company’s current performance is mediocre，The institutional issue is the key。However，This also shows that the company has significant room for tapping cost potential in the future，At the same time，The integration of its resources to further form synergy and other related measures are also worthy of attention。

New official takes office、Driven by traffic improvements and price increases, the fundamentals are highly resilient to reversal

With the new chairman taking office at the end of 2014，The company began to actively increase revenue and reduce expenditure；The Guiyang-Guangzhou high-speed railway will be opened at the end of 2014 to boost passenger flow growth；Ticket price increase is expected to boost the company16、2017 performance，We believe that the company’s fundamentals are highly resilient to reversal in the future，15Q1 passenger flow increased by 26%、Income increased by 19%，50% loss reduction in performance has been initially confirmed。

The target of natural scenic spots with increasingly clear reform routes: multiple perspectives on resource integration and state-owned enterprise reform

Compared with other natural scenic spots in the industry，The company has taken the lead in integrating regional resources and introducing external investors，Although at present, the introduction of HNA and the integration of regional resources may still have twists and turns，But the 188bet sports betting app download company’s reform and transformation ideas are relatively clear。Considering the numerous tourism resources in Guilin，But most of them are scattered in distribution，Failed to form a combined force，The necessity of integration is outstanding；The company is the only listing platform in Guilin；And the construction of tourist attractions brings policy benefits，It is expected that the company will continue to integrate regional resources in the future, which is still a high probability event。On the issue of controlling rights game，Considering that local government support is very necessary for the company to become bigger and stronger，We estimate that the company will become the number one state-owned asset in the future、HNA’s second but generally equivalent equity arrangement is a better choice for a win-win situation。

Other highlights: introduction of combat investment、O2O layout and going global expectations, etc.

First，The company’s projects are also expected to be further optimized in the future，Some loss-making items are not excluded from disposal，Projects with good potential for subsequent development do not rule out the introduction of strategic investment for cooperative development。Secondly,Listed companies + major shareholders have better control of most of the scenic spots in Guilin、Hotel、Core tourism elements such as cars and boats，There are necessary conditions to build O2O (the previous announcement also reflects that the company has also considered the O2O layout)。In addition，The company relies on its resource advantages，We have not ruled out cooperation with other tourism groups in the future，Except Guilin，The company may also be based in Guilin、Backed by Guangxi、Looking at ASEAN for development opportunities。

Flexible varieties with increasingly clear reform routes，Maintain "Overweight" rating

Maintain "Overweight" rating。Resource integration is not considered yet、Expansion expectations such as asset disposal and extension，Consider the impact of price increase in Yinziyan Scenic Area，The company’s EPS is expected to be 0 in 2015-2017 respectively.13/ 0.22/0.30 yuan。Considering the company’s fundamental reversal flexibility，It is the investment target of natural scenic spots with the clearest ideas for reform and transformation，There are many catalysts to look forward to in the future，The current market value is 7.1 billion yuan, which is in a medium to small position，Continue to recommend as a flexible variety in the theme of state-owned enterprise reform to increase holdings on dips。

Risk reminder:State-owned enterprise reform and resource integration are lower than expected；The control game ended 188bet sports betting app download up being lower than expected。