自然景区行业深度报告：二次消费项目带动景区内生增长，多元客流贡献未来业绩

Investment Rating - The report assigns an "Accumulate - A" rating to the natural scenic area sector, specifically recommending stocks such as Tianmu Lake and Huangshan Tourism [1]. Core Insights - The report emphasizes that secondary consumption projects are driving internal growth within scenic areas, with diverse visitor flows contributing to future performance [1]. - The transition from "ticket economy" to "tourism economy" is highlighted, driven by ticket price reductions and promotional activities [1]. - The report identifies key visitor demographics, including inbound tourists, senior travelers, and educational tourism, as significant growth drivers for the industry [1]. Summary by Sections 1. Main Business Breakdown of Natural Scenic Area Listed Companies - The report analyzes 16 listed companies in the scenic area sector, categorizing them into natural and artificial scenic areas based on resource nature [7]. - It notes that natural scenic areas have a strong post-pandemic recovery capability, with revenue growth rates varying significantly among companies [7][8]. - The gross profit margins for various business segments are as follows: cable car services (43%-89%), scenic area operations (35%-70%), passenger transport (28%-60%), hotel operations (up to 40%), and travel agency services (5%-10%) [10][11]. 2. Long-term Development Drivers of Scenic Areas - The report discusses the impact of ticket price reductions on the shift towards a tourism economy, with average ticket prices dropping from 31 yuan in 2013 to 23 yuan in 2022 [18]. - It highlights the increase in inbound tourist numbers due to visa-free policies, with significant interest in major scenic areas [1]. - The growing spending power and travel willingness of the senior demographic is noted as a key market force [1]. - The educational tourism trend is also recognized, with expectations for the market to exceed 300 billion yuan by 2028 [1]. 3. Investment Recommendations and Key Company Highlights - The report suggests that the overall sector is experiencing a rebound in performance following the travel recovery in 2023, with significant visitor increases at classic mountain scenic areas [1]. - It recommends Tianmu Lake for its comprehensive hotel offerings and Huangshan Tourism for its mature cable car business, which has transported over 9.5 million visitors in 2023 [1].