三峡旅游（002627）：布局省际游轮业务，迎接成长新纪元

Investment Rating - The report assigns a "Buy" rating to the company [5] Core Insights - The company is focusing on the "Two Gorges and One Dam" tourism product system, with the inter-provincial cruise project set to launch soon [2] - The inter-provincial cruise products are designed to meet the travel needs of the elderly demographic, enhancing customer attraction over time [3] - The company has a differentiated advantage in terms of route and price-quality ratio, indicating substantial growth potential for the project [4] Company Overview - The company, a leading player in the tourism industry in Yichang, has shifted its focus to tourism comprehensive services after divesting from capital-intensive passenger car dealership and supply chain management businesses [19] - The company now primarily operates in tourism transportation, sightseeing cruises, tourism ports, and travel agency services [20] Industry Situation - The luxury inter-provincial cruise market in the Three Gorges region remains robust, with a significant increase in demand compared to 2019 [41] - The international cruise market is characterized by high concentration, with top companies holding a substantial market share [53] Financial Analysis - Following the divestiture of certain businesses, the company has seen a stabilization and recovery in revenue, with a notable increase in tourism service revenue [65] - The company projects revenue growth from 2025 to 2027, with expected revenues of 819 million, 1.016 billion, and 1.271 billion respectively, reflecting year-on-year growth rates of 10.5%, 24.1%, and 25.1% [10]