基础设施投融资行业：文旅行业复苏，文旅类城投盈利改善，短期偿债压力未明显缓释

Investment Rating - The report indicates a positive outlook for the cultural tourism investment sector, with expectations of continued high prosperity in 2024 [1][14]. Core Insights - The cultural tourism investment companies have seen improved profitability due to the strong recovery of the cultural tourism industry in 2023, although they still face significant short-term debt pressure [1][9]. - The number of cultural tourism investment companies has increased, but remains relatively small, with a concentration in the East China region, particularly in Jiangsu and Zhejiang provinces [2][9]. - The revenue structure of cultural tourism investment companies is primarily derived from scenic area operations, construction income, and other related business activities, with a predominance of development-type companies [3][10]. Summary by Sections Investment Rating - The cultural tourism market is expected to maintain a high level of activity in 2024, supported by government policies aimed at stimulating the sector [14]. Profitability and Financial Health - The profitability of cultural tourism investment companies has improved in 2023, with average operating income rising from 2.21 billion to 2.88 billion yuan [9][11]. - Despite improvements, many companies still struggle with high financial leverage, with some exceeding 80% debt-to-asset ratios [9][11]. - Approximately 78% of companies have cash reserves that do not effectively cover short-term debts, indicating ongoing financial pressure [9][11]. Market Dynamics - The cultural tourism sector has benefited from a significant rebound in domestic travel, with 4.89 billion trips taken in 2023, a 93.3% increase year-on-year [7][9]. - The report highlights a disparity in resource endowment across regions, affecting the operational capabilities of cultural tourism investment companies [8][9]. Government Support and Policy - Central and local governments have implemented various supportive measures to boost the cultural tourism industry, including financial assistance and policy incentives [14]. - The report notes that the relationship between cultural tourism investment companies and local governments is generally weaker compared to other types of urban investment companies [8][9].