一条索道年赚4亿元？陕西旅游拟IPO收购多条索道

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has finally received acceptance for its IPO plan on the Shanghai Stock Exchange after eight years on the New Third Board, indicating a significant step towards public listing and capital raising in the recovering tourism sector [2]. Company Overview - Shaanxi Tourism is primarily controlled by Shaanxi State-owned Assets Supervision and Administration Commission, with its main business encompassing tourism performances, cable cars, dining, and project investment and management [2]. - The company's core assets include the performance "The Song of Everlasting Regret" and the cable car at Huashan Mountain [2]. Financial Performance - The company is projected to achieve revenues of CNY 1.071 billion (approximately USD 150 million) and CNY 1.245 billion (approximately USD 175 million) for the years 2023 and 2024, respectively [2]. - Net profits attributable to the parent company are expected to be CNY 418 million (approximately USD 59 million) and CNY 503 million (approximately USD 71 million) for the same years, reflecting a positive trend in performance due to the recovery of the tourism industry [2]. Revenue Breakdown - The main revenue contributors are the performance "The Song of Everlasting Regret" and the Huashan cable car, expected to generate CNY 681 million (approximately USD 96 million) and CNY 390 million (approximately USD 55 million) in 2024, accounting for 55.07% and 31.56% of total revenue, respectively [3]. - Both segments exhibit high gross margins of 84.06% and 66.73%, making them significant profit drivers for the company [3]. IPO Fundraising and Investment Projects - The company aims to raise CNY 1.555 billion (approximately USD 220 million) through the IPO, with plans to invest in seven projects, primarily focused on cable car acquisitions and related infrastructure [3][5]. - Key projects include the acquisition of equity in Taihua Cableway, Yaoguang Pavilion, and Shaohua Mountain Cableway, along with the construction of various service centers and tourist facilities [4][5]. - Notably, five out of the seven fundraising projects are related to cable car construction, with a total planned investment of CNY 876 million (approximately USD 124 million) [5]. Strategic Focus - The company is prioritizing cable car operations due to their quicker revenue generation potential compared to traditional performance-based businesses [5]. - The Taihua Cableway project is expected to have a single-direction capacity of 1,500 passengers per hour, with peak capacity reaching 3,000 passengers per hour, indicating strong operational potential [5].