陕西旅游：近五年来首个景区IPO+历史上最大的景区IPO，A股消费类国企IPO全梳理-20260119

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is highlighted as a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources to set a benchmark for cultural tourism integration. The company went public on the Shanghai Stock Exchange in January 2026, with main operations in tourism performances, cable cars, dining, and project investment and management [4][9] - In 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 512 million yuan, up 19.72% year-on-year [4][9] - The revenue primarily comes from tourism performances and cable car operations, with the 2024 contributions from "The Long Hate Song" and the Huashan West Peak cable car at 54% and 31%, respectively [4][10] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024. The expected revenue for 2025 is projected to be between 951 million and 1.117 billion yuan, reflecting a year-on-year decline of 24.69% to 11.54% due to a return to normal market conditions and increased extreme weather events [4][14] - The company is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with a fundraising target of 1.555 billion yuan for various projects [4][22] - The report emphasizes the rarity of Shaanxi Tourism as a public cultural tourism enterprise, being the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][23] Summary by Sections Industry Trends - The report notes a decline of 1.47% in the Shenwan Commercial Retail Index during the week of January 12 to January 16, 2026, while the overall market indices showed mixed performance [26][30] Company Financials - In 2024, Shaanxi Tourism's main business revenue was 1.254 billion yuan, with tourism performances, cable cars, and dining contributing 58%, 38%, and 3% respectively [4][10] - The company’s gross margin for 2024 was 71.3%, with specific margins for tourism performances and cable cars at 79.4% and 65.3% respectively [14][20] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism, Changbai Mountain, and others in the scenic area sector [4][25]