海昌海洋公園(2255.HK)：上海項目漸入佳境，主題公園龍頭起航
機構：東北證券
短期利潤受財務費用及公園經營季節性影響拖累。公司2019H1實現營業收入10.9億/+76.8%，其中門票收入7.4億元/+65.1%，非門票收入3.5億/+107.7%；淨利潤虧損9140萬，主要由於主題公園經營季節性影響和財務成本激增所致。2019H1公司淨負債率為139.9%/+4.2pct，負債率提升主要為保障上海/三亞項目開業，增加了部分財務費用，但依然低於國際主題公園200%左右的負債率水平。上海旗艦項目逐漸成熟，未來利潤核心引擎。
2019H1上海項目實現收入3.87億，上半年由於是公園淡季而運營成本對剛性導致虧損，預計2019全年可實現盈虧平衡，客流量可達350萬以上。上海項目未來增量源自兩方面：
（1）客流增長，預計項目成熟期可以達到600萬人次/年；
（2）客單價提升，2019H1客單價為285元，隨着客源結構優化和園內二消產品的開發，未來客單價有較大提升空間。上海項目開業至今，市場口碑已樹立，服務品質和運營效率迅速提升，預期未來三年營收復合增速可達20%左右。上海項目二期正有序推進，19年底已完善配套停車場及多種經營方案設計，將進一步豐富公園產品線和提升遊客容納量。
三亞&鄭州項目前景廣闊，未來輕資產發展減輕負債壓力。三亞項目於2019年1月開業，以沉浸式的遊玩方式和全天候的運營模式為主，各項目單獨收費有望吸引更多遊客。鄭州項目預計於2020年開業，將是中原地區最大的海洋公園項目，米字形高鐵帶來龐大客流量，項目未來發展空間廣闊。考慮到負債率問題，公司將有序調整三亞二期項目和鄭州項目的推進節奏。公司重資產項目擴張已告一段落，未來將以輕資產模式發展為主，目前簽署合同金額已接近5億，隨着輕資產項目的擴張，盈利能力不斷提升，負債壓力將大幅減弱。
投資建議：考慮公司舉債開業上海、三亞項目，債務規模擴大致財務費
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