祥源文旅：深度布局文旅+科技，打造新型文旅平台-20250410

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Views - The company is focused on integrating tourism resources and building a large-scale cultural tourism platform, with significant improvements in profitability and operational efficiency [1][3]. - The company is actively expanding into the low-altitude tourism market, which is expected to drive sustainable growth [2][3]. Summary by Sections 1. Continuous Integration of Scenic Resources - The company has been acquiring and integrating tourism-related assets since 2022, focusing on core scenic resources, which has led to a significant improvement in revenue and profitability [1][13]. - In 2023, the company achieved revenue of 722 million and a net profit of 151 million, marking a substantial increase compared to previous years [1][74]. - The scenic assets include key locations such as the Hundred Dragon Sky Ladder and Huanglong Cave, which have shown strong performance exceeding performance commitments [1][22]. 2. Rapid Recovery of the Tourism Market - The domestic tourism market is recovering quickly post-pandemic, with a projected 14.8% year-on-year increase in domestic travel in 2024 [85]. - Key scenic areas like Zhangjiajie and Huangshan are experiencing a resurgence in visitor numbers, with Zhangjiajie seeing a 166.3% increase in inbound tourists in 2024 compared to the previous year [87][88]. 3. Scenic Expansion and Low-altitude Economy - The company is optimizing existing scenic assets and exploring the low-altitude tourism market, which is expected to contribute an additional revenue of approximately 175 million annually [2][3]. - The establishment of a subsidiary for low-altitude tourism and the procurement of eVTOL aircraft are part of this strategic expansion [2][3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 827 million, 1.242 billion, and 1.332 billion from 2024 to 2026, with net profits of 176 million, 384 million, and 427 million respectively [3][8]. - The report highlights the potential for continued growth in existing projects and the introduction of new assets, leading to a favorable investment outlook [3][8].