商贸零售行业跟踪周报：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

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - Shaanxi Tourism has become a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources. The company went public on the Shanghai Stock Exchange in January 2026, marking the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][9][23] - The company's main business includes tourism performances, cable cars, dining, and tourism project investment and management. In 2024, Shaanxi Tourism achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit of 512 million yuan, up 19.72% year-on-year [4][9][10] - The revenue primarily comes from tourism performances and cable car services, with the "Chang Hen Ge" performance and Huashan West Peak cable car contributing 54% and 31% of the revenue, 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 due to a return to normal market conditions and increased extreme weather events [4][14][22] - 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 projects related to its core business [4][22][23] - The report highlights the scarcity of Shaanxi Tourism as a consumer state-owned enterprise with a market value exceeding 10 billion yuan, emphasizing its unique resources and competitive advantages in the cultural tourism sector [4][23] Industry Overview - The report notes that the tourism industry continues to show high prosperity, with relevant policies expected to catalyze growth. It suggests monitoring other scenic companies with potential for capacity expansion or transportation improvements, such as Changbai Mountain, Three Gorges Tourism, and others [4][25] - The performance of the retail sector indices shows fluctuations, with the Shenwan Retail Index declining by 1.47% during the week of January 12 to January 16, 2026 [26][30]