陕西旅游（603402）：深度研究：坐拥秦川稀缺文旅资源，多元化产品历久弥新

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Insights - The company, Shaanxi Tourism, is the first cultural tourism IPO in A-shares in the past five years and is the only listed tourism platform under the Shaanxi State-owned Assets Supervision and Administration Commission [6][20]. - The company primarily relies on its 5A scenic spots, Huaqing Palace and Mount Huashan, focusing on three main business segments: tourism performances, cable cars, and dining [6][15]. - The company is expected to achieve a net profit of 5.1 billion yuan in 2024, with a strong cash position as of Q3 2025 [6][7]. Summary by Sections 1. Company Overview - Shaanxi Tourism has established a full industry chain layout based on its 5A scenic resources, including performances, cable cars, dining, and project investments [15]. - The company was established in 1987 and has undergone several transformations, including a merger in 2016 that integrated key assets like the "Chang Hen Ge" performance and Taohua Cableway [15][16]. 2. Current Projects - The "Chang Hen Ge" performance is a significant revenue contributor, with a projected income of 6.8 billion yuan in 2024, maintaining a gross margin of 80% [6][57]. - The cable car segment, particularly the West Peak Cableway, is expected to generate 3.9 billion yuan in revenue in 2024, with a steady increase in passenger numbers [6][7]. 3. Fundraising Projects - The company plans to raise 1.555 billion yuan for projects including the second phase of Taishan Show City and the construction of the South Line Cableway at Shaohua Mountain, which could contribute an additional 1.0 to 1.4 billion yuan to profits [6][7]. 4. Market Trends - The report highlights a favorable environment for service consumption, with policies aimed at boosting tourism and consumer spending, which are expected to benefit the company significantly [6][7]. 5. Profit Forecast - The company forecasts a net profit of 4.1 billion yuan in 2025, with a recovery expected in 2026 to 6.2 billion yuan, corresponding to a P/E ratio of 18 times [7][8].