西域旅游：新疆国资成实控人，疆内旅游资源整合有望开启

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Insights - The company is positioned as the only state-owned tourism listed platform in Xinjiang, with a higher-level actual controller expected to continuously empower the company [4]. - The low-altitude tourism sector is anticipated to become a new growth driver, with a partnership with EHang to operate at least 120 eVTOL aircraft over the next five years, potentially generating 380 million in revenue and 190 million in net profit [4]. - The expected net profits for 2024, 2025, and 2026 are projected to be 134 million, 177 million, and 281 million respectively, with corresponding P/E ratios of 28.4, 21.6, and 13.6 [4]. Financial Overview - Total shares outstanding: 155 million [1] - Market price: 24.58 yuan [1] - Market capitalization: 3,810 million yuan [1] - Revenue forecast for 2023 is 305 million, with a significant growth rate of 198% year-on-year [3]. - Net profit for 2023 is projected at 106 million, reflecting a year-on-year growth of 1,235% [3]. - The company’s revenue is expected to grow to 371 million in 2024, 497 million in 2025, and 688 million in 2026 [3]. - The net profit is expected to increase to 134 million in 2024, 177 million in 2025, and 281 million in 2026 [3]. Shareholder Structure - The original controlling shareholder, Tianchi Holdings, has transferred voting rights of 3,664,000 shares (23.64% of total shares) to Xinjiang Cultural Tourism Investment Group, which will become the largest single shareholder [3]. - Xinjiang Cultural Tourism Investment Group is a state-owned cultural tourism platform with significant assets and operational rights to several high-quality scenic spots in Xinjiang [3].