研报掘金丨东吴证券：首予陕西旅游“买入”评级，陕西国资赋能优质资产再创辉煌

Core Viewpoint - The report from Dongwu Securities highlights that Shaanxi Tourism's main business includes tourism performances, cable cars, dining, and project investment and management, with a strong focus on cultural tourism and government support [1] Financial Performance - In 2024, the company is projected to achieve an operating revenue of 1.263 billion yuan, representing a year-on-year increase of 16.03% [1] - The net profit attributable to shareholders is expected to reach 512 million yuan, reflecting a year-on-year growth of 19.72% [1] Market Trends - The market remains optimistic, with a notable upgrade in consumer spending quality, as evidenced by 142 million domestic tourist trips during the 2026 New Year holiday, a 5.2% increase compared to the same period in 2024 [1] - Central government policies are increasingly supportive of the deep integration of culture and tourism [1] Company Strengths - Shaanxi Tourism operates key assets such as the large-scale historical performance "The Eternal Regret" and the cable car at Mount Huashan, which are recognized as exemplary in Chinese cultural tourism [1] - The company benefits from the backing of Shaanxi provincial state-owned assets, which provides access to policy dividends [1] Investment Recommendation - Given the company's core asset stability and growth potential from new projects and shareholder empowerment, the report initiates coverage with a "Buy" rating [1]