一文读懂陕西旅游招股说明书：聚焦文旅主业，多元布局助力发展

Investment Rating - The report assigns an "Accumulate" rating for the industry [2] Core Insights - The company focuses on the cultural tourism main business, creating new growth drivers for performance [3] - The tourism market is experiencing a strong recovery, with domestic tourism expected to reach 5.75 trillion yuan in revenue and 56.15 billion visits in 2024, representing year-on-year growth of 17.11% and 14.8% respectively [4] - The company has a solid governance structure and is leveraging state-owned capital to ensure stable operations and compliance [4] Summary by Sections 1. Tourism Industry Recovery - Nationally, tourism is rebounding with significant increases in both visitor numbers and revenue, with 2024 seeing 56.15 billion visits and 5.75 trillion yuan in revenue, up 14.8% and 17.11% year-on-year [8] - In Shaanxi province, the tourism sector is also recovering, with 3.06 billion visitors and 376 billion yuan in revenue expected in 2024, marking growth of 16.5% and 12.3% respectively [15] 2. Diverse Business Model - The company's main business segments include tourism performances, cable cars, and dining, with tourism performances accounting for over 50% of revenue [19] - The governance structure is robust, with state-owned capital as a core support, ensuring operational independence and compliance [20] - Revenue from tourism performances is projected to be 6.81 billion yuan in 2024, with a stable gross margin around 70% [32] 3. Investment Projects - The company plans to invest 18.58 billion yuan, raising 15.55 billion yuan for key projects in cultural tourism, including the expansion of performance venues and cable car services [45]