July 24，188bet sports betting announced，The COVID-19 epidemic has had a significant negative impact on the group’s tourism operations business，Expected to lose about 8% in the first half of this year.500 million to 1 billion yuan。

After 188bet sports betting released its performance forecast，July 26，CICC released a research report saying，Although the epidemic caused losses in overseas business in the first half of the year，Still optimistic about the company’s business expansion in China。CICC pointed out，The future performance flexibility of 188bet sports betting Atlantis is worth looking forward to，And obviously benefited from the Hainan Free Trade Port policy；Also，There are currently 7 Club Meds in operation in China，In the future, we plan to open 3-5 new stores every year，There are currently 7 new projects under construction and 7 planning and negotiation projects；At the same time，The company has sufficient cash reserves，Qie Taicang、Lijiang properties have begun pre-sales，Cash flow can cope with the negative impact of the epidemic and future large-scale expansion。

To this，CICC maintains target price of 10 for 188bet sports betting85 HKD，Compare its closing stock price on July 28，Room for increase up to 61%。

The leading beneficiary stock of 188bet sports betting’s free trade port policy

July 11，The Atlantis Water World nightclub event launched by Atlantis Sanya took the lead in kicking off the Sanya summer 188bet sports betting market，Water World Night Club for two days on the weekend of the 12th and 13th，Water World has more than 7,000 visitors。July 18，The number of visitors to Water World exceeded 10,000 as scheduled。

Although since the beginning of this year，The epidemic has had a great impact on the tourism industry，The company’s Sanya Atlantis project’s EBITDA in the two months as of February 29 still reached 50 million yuan。Atlantis fully opens in mid-March，After 3 and a half months of recovery，Income in June recovered to 970%。Qian Jiannong, Chairman of 188bet sports betting, recently stated: Summer vacation has begun，With the opening of the nightclub and various rich activities，Income is expected to resume growth this summer。

Hainan is an important position for Fosun’s industrial layout。As of now，Fosun’s tourism culture will originate from Club Med in France, which provides all-inclusive leisure vacations、One-stop entertainment, leisure and comprehensive tourism resort destination Sanya·Atlantis settles in Sanya。April 13，Sanya Municipal Government Signs Strategic Cooperation Agreement with 188bet sports betting，188bet sports betting Group plans to build "Sanya Foyou City"，This project covers world-class theme parks、Theme Hotel、Shopping Center、Wellness Center、Wealth management center and other formats and contents，Hainan’s leisure resort and retail format will be deployed in depth in the form of a complex。

Since the release of the "Overall Plan for the Construction of Hainan Free Trade Port" on June 1，Hainan Free Trade Port builds an international 188bet sports betting consumption center，The domestic and foreign passenger flow brought about by tax-free and visa-free entry policies will increase significantly，Especially Sanya has a series of duty-free shopping stores、Tourist Attractions、High-end accommodation, etc.，Will become the main destination for tourists visiting Hainan。

July 14，The General Office of the Ministry of Culture and 188bet sports betting announced the resumption of inter-provincial (district)、City) Group Travel，Currently many provinces and cities have relaxed restrictions。Since the resumption of inter-provincial group tours，Qunar.com data display，Sanya has the fastest growing search volume，Becoming the “new favorite” in summer。The increase in passenger traffic will first benefit Atlantis Sanya as a whole。

Also，Mentioned 188bet sports betting plan，For encouraged industrial enterprises registered in Hainan Free Trade Port and operating substantively，15% corporate income tax reduction。According to the latest research report of CICC，If the tax rate drops to 15%，Will increase Atlantis’ net profit by 13% (based on 2019 data)。

In addition to the direct benefits brought by corporate income tax，The biggest highlight of Hainan’s free trade policy is that the entire island is tax-free。Tax exemption is within the scope of the concession，Need traffic at the same time、Site and supply chain。The author noticed it in Tianyancha，July 9，188bet sports betting has established a wholly-owned subsidiary in Hainan - Hainan Xing Travel Shopping Trading Co., Ltd.，There are business scopes involving the sales of goods in duty-free shops，In Hainan, a blue ocean of tax-free prospects，It is not ruled out that the company may intend to enter this field in the future。

European and American 188bet sports betting industry unblocked，Club Med’s global business gradually resumes

As restrictive measures are gradually lifted or relaxed in Europe and the United States，The European and American tourism industry has begun to reopen since June，188bet sports betting’s Club Med business will usher in a full recovery。June 12，Sandpipers, a resort in the Americas owned by Club Med, reopens，Late June to early July，A series of resorts in Europe are being opened。According to company announcement，It expects 25 resorts around the world to reopen by the end of July，Capacity restored to 35%。

188bet sports betting country，Except two ski resorts closed seasonally，The other five resorts have gradually opened since April。Anji and Beijing Yanqing resorts are all sold out during the May Day holiday。Club Med Guilin Resort、Sanya Resort and Club Med Joyview Beidaihe Resort，Also on April 27th、Reopening on May 1st and May 28th。The company’s management stated recently，China’s five year-round resorts have performed well after restarting，Anji Resort has been fully booked for 12 consecutive weekends since May Day。

Also， Club Med’s new project development process is not affected，Seychelles and French Alps projects expected to progress steadily，Still planned to be completed in December，Another renovated French 188bet sports betting is now operational。The 188bet sports betting business is also expanding in China with an asset-light model，July 18，Company Club Med and Luneng Group、Tangshan Hot Spring 188bet sports betting and Forte Group signed contracts respectively，Planning and constructing the Joyview 188bet sports betting series，Thousand Island Lake respectively、Nanjing Tangshan and Nanjing Xianlin Project，Both adopt a light asset management model。

188bet sports betting starts pre-sale，It may become another major growth engine for the company

November 2019，188bet sports betting releases Fosun City brand，Lijiang and Taicang projects are titled as Fuyou City。July 17，Taicang Fuyou City real estate part welcomes pre-sale，The Mediterranean International Resort in Lijiang Fuyou City will also open on August，These two projects are replications of the successful experience of the Atlantis project。

Taicang Fuyou City is only 600 meters away from Taicang South Railway Station，Convenient transportation，The Shanghai-Suzhou-Tongshan Railway has been opened for operation on July 1，It only takes 30 minutes from Shanghai to Taicang。With Taicang’s access to the Yangtze River Delta high-speed rail network，In the future, it can cover 1 within a two-hour radius 188bet sports betting high-speed rail.600 million people。Taicang Fuyou City is expected to enjoy improved infrastructure、The resort economy around the Yangtze River Delta brought about by convenient transportation。

Taicang Fuyou City is expected to become another major growth engine for the company。Viewed from area，128 from Taicang Fuyou City.60,000 square meters of building area，Compared with the already opened Atlantis Sanya covering an area of ​​540,000 square meters, it has more advantages。The project will have one 188bet sports betting largest indoor ski resorts in East China、Sports Paradise、Club Med Resort、European style town, etc.。Currently，The number of ski resorts per million people in my country is far lower than that in Europe and the United States，There is huge room for growth in skiing。Taicang Fuyou City is expected to accommodate nearly 100,000 people during peak period，The annual number of tourists received in the mature period can reach 5 million。

Also，The total construction area of ​​Taicang Fuyou City is about 128.60,000 square meters，More than 55 supporting properties.40,000 square meters。We predict that the properties available for sale will be launched gradually from 2020 to 2024，The available price is calculated by increasing by 5% every year，The total property revenue is expected to reach RMB 144.600 million。And Taicang Commercial Street、Ice and Snow World is expected to open in batches in the second half of 21 and 22 respectively，The author’s rough estimate，The cumulative cash flow 188bet sports betting project from 2020 to 2029 can exceed 25 billion；The cumulative free cash flow in ten years exceeds 15 billion，Assuming 10% wacc，1.2’s enterprise beta，The current value 188bet sports betting final project value is about 10 billion，Assume that the average interest-bearing debt 188bet sports betting project over ten years is 3 billion，Project equity value is about 7 billion，Equivalent to the valuation of Atlantis in its growth period。

Surge in demand for family vacations，Domestic business resumes growth，188bet sports betting welcomes a good opportunity to build a position

Since this year，Although affected by the epidemic，The company’s stock price has fallen by 40% so far，However, the domestic business of Atlantis Sanya and Club Med has shown a good recovery trend，Growth is expected to resume in the second half 188bet sports betting year。From the perspective of growth space，New projects in Taicang and Lijiang are expected to be gradually released this year，Bring continuous cash flow to the company，Refer to the successful experience of Atlantis，The new project is expected to become the company’s two new domestic engines。

With the launch 188bet sports betting vaccine, it is on the agenda，The author predicts that universal vaccination will be ushered in this winter at the latest。The epidemic may cause profound changes in the way people live and work，Zoom、Remote conferencing technologies such as Tencent Conference may reduce the need for business travel to a certain extent，After the epidemic, the demand for family vacations caused by home isolation has ushered in an explosive rebound。

Also，Hang Seng Indexes Company will announce the results of the Hang Seng Index series review for the second quarter of 2020 on Friday, August 14, 2020，The changes in constituent stocks will take effect on September 7, 2020 (Monday)。According to CITIC Securities(29.300, 0.90, 3.17%) prediction，188bet sports betting will also be included in the Hong Kong Stock Connect subject，Receive more attention from Beishui funds。From our analysis，Investing in 188bet sports betting under HK is undoubtedly an opportunity to recover from the epidemic，Returning value，Now is a good opportunity to open a position.

*Source 188bet sports betting：Sina Securities,Original title：《Losing 1 billion in half a year, how much is Fosun’s 188bet sports betting culture worth?》.