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商贸零售行业跟踪周报：陕西旅游主板IPO过会，招股书详细拆解-20251110
Soochow Securities·2025-11-10 01:29

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is positioned as a leading tourism destination enterprise focusing on "scenic spots + cultural tourism," with its IPO approved on November 7, 2025 [3][8] - The company is expected to generate revenue of 1.26 billion yuan and a net profit of 512 million yuan in 2024 [3][8] - The primary revenue sources are tourism performances and cableway services, contributing 54% and 31% respectively [9][15] - The company operates in mature 5A scenic areas, with visitor numbers for Huashan and Huaqing Palace expected to reach 3.83 million and 3.55 million in 2024, showing year-on-year growth of 2% and 12% [15] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024 [19][20] Summary by Sections Industry Overview - Shaanxi Tourism has become a leading enterprise in the tourism sector, leveraging unique resources in Shaanxi Province [3][8] - The company’s main business segments include tourism performances, cableway services, and tourism dining [9][15] Financial Performance - In 2024, the company’s revenue is projected to be 1.26 billion yuan, with a net profit of 512 million yuan [3][8] - The revenue breakdown for 2024 is 310 million yuan from tourism performances, 180 million yuan from cableway services, and 20 million yuan from dining, accounting for 60%, 36%, and 4% respectively [9][15] - The company’s gross margin is expected to be 71.3% in 2024, with a slight decrease in 2025 due to market normalization and extreme weather conditions [19][20] Market Position - The company operates in key 5A scenic areas, ensuring a stable flow of visitors and revenue [15] - The expected visitor numbers for major attractions indicate a robust demand for the company’s services [15] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism and others in the sector [29][30]