聚焦文旅主业，多元布局助力发展

Investment Rating - The report indicates a positive outlook for the tourism industry, highlighting a strong recovery and growth potential [51][52]. Core Insights - The tourism market is experiencing a robust rebound, with domestic tourist visits and revenue projected to reach 5.62 billion visits and 5.75 trillion RMB in 2024, reflecting year-on-year growth of 14.8% and 17.11% respectively [51][52]. - In Shaanxi province, the integration of cultural tourism is yielding significant results, with 2024 domestic tourist visits expected to reach 0.31 billion and revenue at 376 billion RMB, marking increases of 16.5% and 12.3% year-on-year [51][52]. - The company is focusing on its core business in cultural tourism, enhancing its performance and cableway transport offerings, and aims to create new growth poles through strategic investments totaling 1.86 billion RMB [53][52]. Summary by Sections 1. Tourism Industry Recovery - Nationally, the tourism market is recovering strongly, with significant increases in both visitor numbers and revenue, particularly during holiday periods [6][10]. - In Shaanxi, the tourism sector is showing resilience, with notable growth in visitor numbers and revenue, especially in key cities like Xi'an [10][13]. 2. Diverse Business Model - The company's revenue is primarily derived from tourism performance, cableway operations, and dining services, with tourism performance contributing over 50% of total revenue [18][22]. - The governance structure is robust, supported by state-owned capital, ensuring compliance and risk management [19][22]. 3. Financial Performance - The company has turned profitable, with revenue reaching 1.26 billion RMB and net profit at 0.51 billion RMB in 2024, reflecting year-on-year growth [52][33]. - The gross profit margin has stabilized around 70%, indicating improved profitability and operational efficiency [34][33]. 4. Investment Projects - The company plans to invest in several key projects, including the Taishan Show City and various cableway services, to enhance capacity and service quality [46][53]. - A total investment of 1.86 billion RMB is planned, with 1.56 billion RMB to be raised through fundraising efforts [53][46].