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 - Shaanxi Tourism is the first cultural tourism IPO in A-shares in the past five years and the only listed tourism platform under the Shaanxi State-owned Assets Supervision and Administration Commission. 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 generate a net profit of 5.1 billion yuan in 2024, with a projected net profit of 3.7 billion yuan for the first three quarters of 2025. The company has sufficient cash on hand as of the end of Q3 2025 [6][7]. - The performance of the "Chang Hen Ge" show remains strong, contributing significantly to revenue, with a projected income of 6.8 billion yuan in 2024 and a gross margin of 79% [6][70]. - The company plans to raise 1.55 billion yuan through its IPO to invest in quality projects, which could contribute an additional 1.0 to 1.4 billion yuan to profits in the short term, significantly enhancing the company's performance in 2026 [6][7]. Summary by Sections 1. Company Overview - Shaanxi Tourism is backed by the Shaanxi State-owned Assets Supervision and Administration Commission, with its controlling shareholder holding 35.69% of the shares. The company has a diverse portfolio of tourism resources, including several unlisted scenic areas [21][27]. - The company has established a full industry chain layout focusing on performances, cable cars, dining, and project investments, with significant growth potential in the tourism sector [15][16]. 2. Current Projects - The "Chang Hen Ge" performance is a key revenue driver, with a high visitor conversion rate and stable gross margins. The company has also invested in cable car operations, which are essential for tourism at Mount Huashan [6][51]. - The cable car segment is expected to generate 4.7 billion yuan in revenue in 2024, accounting for 38% of total revenue, with a gross margin of 65% [6]. 3. Financial Projections - The company forecasts a net profit of 4.1 billion yuan in 2025, with a decline due to adverse weather conditions affecting visitor numbers. However, profits are expected to rebound to 5.2 billion yuan in 2026 and 6.0 billion yuan in 2027 [7][8]. - The projected earnings per share (EPS) for 2026 is 6.67 yuan, with a price-to-earnings (P/E) ratio of 21.31, indicating a relatively low valuation compared to peers in the tourism sector [8].