西域旅游：实控人变更为新疆国资，全疆资产赋能发展

Investment Rating - The report assigns an "Accumulate" rating for Xiyu Tourism, marking the first coverage of the company [1]. Core Views - Xiyu Tourism is positioned as a comprehensive tourism platform in Xinjiang, leveraging unique natural resources and a diversified business model [2][3]. - The tourism market in Xinjiang is experiencing high growth, supported by favorable policies and new project developments [3][4]. Summary by Sections Company Overview - Xiyu Tourism, established in 2001 and listed on the Growth Enterprise Market in 2020, operates in key scenic areas such as Tianshan Tianchi and Wucai Bay Hot Springs, focusing on various tourism-related services [2][35]. - The company has a diverse business model that includes tourist transportation, cable car services, boat tours, hot spring hotels, and travel agency services, with a significant revenue contribution from transportation-related activities [2][41]. Key Highlights - The Xinjiang tourism market is thriving, with a notable increase in visitor numbers and revenue, driven by strong demand and supportive government policies [3][4]. - The company plans to expand its transportation capacity and introduce new projects, including performance shows and low-altitude tours, in collaboration with EHang Intelligent [3]. - The change in control to Xinjiang State-owned Assets Supervision and Administration Commission is expected to enhance resource integration and operational synergies [3][4]. Financial Analysis - The report forecasts Xiyu Tourism's revenue and net profit growth, projecting net profits of 1.2 billion, 1.5 billion, and 1.8 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 55, 45, and 37 [1][4]. - In 2023, the company achieved a revenue of 305.26 million yuan, with a significant portion derived from transportation services [2][41]. Investment Recommendations - The report emphasizes the unique resource endowment of Xiyu Tourism as the only publicly listed tourism platform in Xinjiang, suggesting that the new controlling shareholder will facilitate resource integration and growth opportunities [4].