证券之星消息，2月26日湖北国企改革板块较上一交易日上涨0.68%，三特索道领涨。当日上证指数报 收于4146.63，下跌0.01%。深证成指报收于14503.79，上涨0.19%。湖北国企改革板块个股涨跌见下 表： 从资金流向上来看，当日湖北国企改革板块主力资金净流出5394.7万元，游资资金净流入4410.2万元， 散户资金净流入984.49万元。湖北国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 社会服务业 [Table_Industry] /社会服务 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 28.80 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.13-18.71 | | --- | --- | | 总市值(百万元) | 3,190 | | 总股本/流通A股(百万股) | 177/138 | | 流 ...

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 719 | 692 | 660 | 748 | 882 | | (+/-)% | 180.7% | -3.7% | -4.7% | 13.4% | 17.9% | | 净利润(归母) | 128 ...

Group 1 - The company held its 7th temporary meeting of the 12th Board of Directors on February 13, 2026, with all 9 directors present, confirming compliance with relevant laws and regulations [1][2] - The Board approved the proposal to amend the implementation details of the "Three Major and One Large" decision-making system [1][2]

证券代码：002159 证券简称：三特索道 公告编号：2026-1 武汉三特索道集团股份有限公司 第十二届董事会第七次临时会议决议公告 武汉三特索道集团股份有限公司（以下简称"公司"）第十二届 董事会第七次临时会议通知于 2026 年 2 月 10 日以短信、电子邮件等 方式发出。会议于 2026 年 2 月 13 日以通讯方式召开。会议由董事长 周爱强先生主持，会议应到董事 9 名，实到董事 9 名。公司部分高级 管理人员以通讯方式列席会议。本次董事会召集、召开程序符合《中 华人民共和国公司法》《武汉三特索道集团股份有限公司章程》《武 汉三特索道集团股份有限公司董事会议事规则》的规定。 经与会董事审议，会议对审议事项作出决议如下： 二、董事会会议审议情况 审议通过公司《关于修订<武汉三特索道集团股份有限公司"三 重一大"决策制度实施细则>的议案》。 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 表决结果：9 票同意、0 票反对、0 票弃权。 三、备查文件 公司第十二届董事会第七次临时会议决议。 特此公告。 1 董 事 会 2026 ...

Company and Industry Summary Company Overview - The company discussed is **三特索道 (SanTe Cableway)**, which is positioned in the tourism and leisure industry, focusing on cableway operations and related projects. The company has been significantly impacted by the debt crisis of its former controlling shareholder, **当代集团 (Contemporary Group)**, leading to a change in control to the **Wuhan East Lake New Technology Development Zone Management Committee** [1]. Key Points and Arguments - **Debt Crisis Impact**: The company has faced challenges due to the debt crisis of its former controlling shareholder, which is expected to be resolved by 2026, allowing for potential growth [1]. - **Shareholding Structure**: As of 2023, the new controlling entity and its concerted parties hold a total of **23.77%** of the shares, while the Contemporary Group holds **22.97%**. The buy-in price is noted at **16.28 CNY per share** [1]. - **Financial Recovery**: The company has been actively disposing of and revitalizing loss-making projects since the pandemic, resulting in a decrease in the debt-to-asset ratio from **61% in 2019** to **20% currently**. Net profit is projected to grow from **0.11 million CNY in 2019** to **1.42 million CNY in 2024** [2]. - **Project Performance**: Currently, the company operates **seven profitable projects** across **nine provinces**, generating a cumulative profit of **2.75 million CNY**. Key contributors include projects at **梵净山 (Fanjing Mountain)**, **华山 (Mount Hua)**, **猴岛 (Monkey Island)**, and **珠海 (Zhuhai)** [2]. - **Loss-Making Projects**: There are three main loss-making projects with a total loss of **5.249 million CNY**, which is expected to reduce to approximately **3 million CNY by 2025** [2]. - **Future Growth Potential**: New and renovated projects are anticipated to significantly enhance performance, with the **珠海 project** expected to increase profits by over **10 times** post-renovation. The **千岛湖牧心谷 (Thousand Island Lake Muxin Valley)** project is under construction and is expected to contribute over **40 million CNY** in performance by the first half of 2027 [2]. - **Valuation and Growth Outlook**: The company is currently valued at **20 times earnings for 2025**. With the resolution of equity issues and the full takeover by the State-owned Assets Supervision and Administration Commission (SASAC), the company is expected to see significant growth, with projected earnings of **1.8 million CNY in 2026** and **2.4 million CNY in 2027**. There is a positive outlook for a valuation increase to **25-30 times** by 2027, indicating potential for a doubling of value [2]. Additional Important Insights - The company is in a recovery phase, with a focus on improving its financial health and operational efficiency through strategic project management and revitalization efforts [2]. - The anticipated changes in shareholding and management structure are expected to provide a more stable foundation for future growth and investment opportunities [1][2].

Core Viewpoint - Recent events concerning SanTe Cableway (002159) involve performance release, capital flow, operational risks, and corporate governance [1] Group 1: Performance and Operational Situation - Investors should focus on the upcoming annual financial report for 2025, expected to be released in early 2026, as it will be a key indicator of the company's profitability sustainability [2] Group 2: Capital Movement - On January 7, 2026, SanTe Cableway experienced a net outflow of main funds amounting to 810,000 yuan, indicating a shift from net inflow to outflow, reflecting a cautious short-term attitude from major investors [3] Group 3: Company Status - On February 2, 2026, the company secretary responded to investor inquiries, confirming that there is no systemic risk of termination or cancellation of operating rights for scenic spots in other provinces, and that compliance in obtaining these rights is maintained [4] - On December 4, 2025, shares held by the major shareholder, Contemporary City Construction, were judicially frozen due to debt disputes; however, the company stated that this would not lead to changes in actual control or the largest shareholder, nor would it significantly impact operations [4] - On December 5, 2025, SanTe Cableway appointed new members to the board's audit committee, further enhancing the company's governance structure, reflecting ongoing internal management optimization [4]

Summary of the Conference Call for SanTe Cableway Company Overview - **Company**: SanTe Cableway - **Core Profitability Areas**: Key scenic areas include Fanjing Mountain, Huashan, Monkey Island, Zhuhai, Lushan, and Qiandao Lake, with Fanjing Mountain generating the highest revenue and profit [2][13]. Financial Performance - **Revenue and Profit Contribution**: - Fanjing Mountain: Revenue exceeds 200 million, profit over 100 million - Huashan: Revenue between 100 million to 120 million, normal profit 30 million to 45 million - Monkey Island: Revenue around 100 million, profit over 20 million - Zhuhai: Revenue between 50 million to 60 million, profit around 30 million - Lushan and Qiandao Lake: Revenue around 30 million to 40 million, normal profit between 10 million to 20 million [13][14]. - **Profit Stability**: Core profitable scenic areas generate annual profits of approximately 250 to 280 million [11]. Future Growth and Projects - **Qiandao Lake Recovery**: Expected to see recovery growth in 2026 as operational rights return to the local government, benefiting from adjusted operational and marketing strategies [4]. - **New Projects**: - The Mukin Valley project in Qiandao Lake is expected to operate in the first half of 2027, targeting family tourism with projected stable revenue of 120 million and profit contribution of 30 to 40 million [6]. - Renovation plans for Lushan and Monkey Island, with investments of 100 million and 200 million respectively, aimed at resolving capacity bottlenecks and increasing customer spending [7][8]. Challenges and Risks - **Debt and Financial Issues**: The company has faced challenges over the past decade due to high-interest debt of 1.5 billion and financial expenses, which have eroded profits [3][11]. - **Market Concerns**: There are concerns regarding the potential impact of the former major shareholder, Contemporaneous Holdings, on SanTe Cableway, although current investigations indicate no direct risk to the company [10]. Strategic Support - **Support from Wuhan State-owned Assets**: As the current controlling shareholder, Wuhan State-owned Assets will provide financial, policy, and resource support, with clear requirements for new acquisitions and investments [11]. Market Outlook - **Long-term Investment Value**: The company is viewed positively for its long-term investment potential, with expectations of profit reaching 200 million to 300 million by 2027, indicating a potential stock price increase of over 50% [18]. Conclusion - **Overall Assessment**: SanTe Cableway is positioned for growth with a solid financial foundation from its core scenic areas, ongoing renovation projects, and strategic support from its controlling shareholder, despite facing historical financial challenges and market competition.

Company and Industry Summary Company: 三特索道 (SanTe Cableway) Key Points - **Valuation Improvement**: The company has experienced a significant increase in stock price due to the clearing of historical burdens and an accelerated pace of new project developments [1] - **Historical Issues**: The low valuation was primarily attributed to historical legacy issues, including financial problems [1] - **Debt Reduction**: The company has significantly reduced its debt ratio, with interest-bearing debt now at zero, leading to a notable decrease in future impairment scale [1][2] - **Operational Performance**: Existing projects are performing steadily, with the Hainan project expected to exceed expectations in January and February due to the timing of the Spring Festival [1] - **Future Revenue Projections**: The QianDaoHu MuXinGu project is set to be completed by the end of 2026, with an anticipated annual revenue release of approximately 120 million and a net profit of 35 million after ramp-up [1] - **Project Acceleration**: Starting in 2026, the company plans to accelerate the pace of new project advancements, with clear market capitalization management goals [1] - **Tourism Sector Outlook**: The company is positioned to benefit from the upcoming Spring travel peak, with recommendations to monitor various tourism stocks including Huangshan Tourism, Jiuhua Tourism, and others [1] Company: 当代 (Contemporary) Key Points - **Regulatory Issues**: The company is expected to face administrative penalties for violations related to fund occupation, but it does not have other significant risks or ST (Special Treatment) risks [2] - **Loss-Making Projects**: The exit from the KQ project is anticipated to have a one-time positive impact, while the Chongyang project is expected to show a significant reduction in losses this year [2] - **Financial Health**: Similar to SanTe Cableway, the company has also significantly reduced its debt ratio, with interest-bearing debt at zero, which will lead to a notable decrease in future impairment scale [2]

Group 1 - The tourism and scenic area sector increased by 0.71% on February 4, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the tourism sector showed various performance, with Caesar Travel closing at 6.47, up 3.69%, and Xi'an Tourism at 10.53, up 3.54% [1] Group 2 - The tourism sector experienced a net outflow of 65.82 million yuan from main funds, while retail investors saw a net inflow of 132 million yuan [2] - Notable stocks with significant fund flows included Caesar Travel with a net inflow of 73.92 million yuan from main funds, but a net outflow from retail investors of 58.75 million yuan [3] - Yunnan Tourism had a net inflow of 14.19 million yuan from main funds, with a net outflow of 8.36 million yuan from retail investors [3]