Ge Long Hui A P P·2026-02-27 05:44Core Viewpoint - The report from Founder Securities highlights that Santer Cableway is addressing its equity issues and embarking on new project upgrades, positioning the company for potential profit and valuation growth in the domestic tourism market [1] Company Overview - Santer Cableway operates as a rare national scenic area company, managing scenic spots and cableway projects across 9 provinces and autonomous regions in China, complemented by hotels, hot springs, and other business formats [1] Financial Performance - During the first 8 days of the 2026 Spring Festival holiday, the company reported a year-on-year increase in visitor numbers and operating revenue by 18.19% and 11.62% respectively, with all main projects achieving year-on-year growth [1] Market Outlook - The company is expected to continue benefiting from the high prosperity of the domestic tourism market in 2026, with resolved equity issues and new project upgrades likely to contribute to both profit and valuation increases [1] Equity Structure - The company's equity structure has been clarified, with a high probability of continued state-owned capital increases in the future [1] Project Developments - The total investment for the new project, Qiandao Lake Muxin Valley Ecological Theme Park, has been upgraded to 394 million yuan, featuring plans for cableways, slides, and immersive mountain sports experiences, with construction currently underway [1] - The second phase of the Zhuhai Scenic Mountain Cableway has officially commenced, with significant profit contributions expected post-renovation [1] - Renovation projects at Hainan Monkey Island, Lushan Three Gorges, and Fanjing Mountain are also in progress [1] Rating - The report maintains a "recommend" rating for the company [1]