研报掘金丨东吴证券：维持陕西旅游“买入”评级，“演艺+索道”双轮驱动的文旅龙头

Group 1 - The core viewpoint of the report is that Shaanxi Tourism, with its key assets of the live performance "Chang Hen Ge" and the Huashan cableway, creates a business loop and brand barrier, making it a rare cultural tourism integration target in the A-share market [1] - The company is expected to achieve a revenue of 1.263 billion yuan and a net profit attributable to the parent company of 512 million yuan in 2024, indicating stable growth in its main business [1] - The service consumption policies are frequently introduced to support the development of the cultural tourism industry, benefiting Shaanxi Tourism through its operations at Huaqing Palace and Huashan [1] Group 2 - The company is backed by Shaanxi provincial state-owned assets, allowing it to enjoy policy dividends [1] - The profit expectations for the company are maintained, with projected net profits attributable to the parent company of 390 million yuan, 510 million yuan, and 590 million yuan for 2025-2027, corresponding to price-to-earnings ratios of 30, 23, and 20 times respectively [1] - The report maintains a "buy" rating for the company [1]