Core Insights - The rise of "eating谷" (referring to purchasing peripheral products related to anime and games) is becoming a new driving force in the cultural tourism industry, particularly among younger tourists [2][4] - The integration of二次元 culture with local tourism resources is enhancing visitor experiences and attracting a significant number of young tourists to various cities [2][4] Industry Trends - The "eating谷" trend is transforming二次元-related industries into new tourist destinations and themes, with cities like Nanchang, Shanghai, and Wuhan becoming popular spots for young visitors [2] - The demographic shift towards "post-90s" and "post-00s" generations is leading to a more youthful and personalized tourism market [2] Market Potential - According to iMedia Consulting, the market size of China's泛二次元 and peripheral market is expected to reach 597.7 billion RMB by 2024, with the谷子 economy projected to exceed 300 billion RMB by 2029 [4] - Companies are encouraged to organize events like anime carnivals to enhance city cultural competitiveness and attract more visitors [4] Collaborative Efforts - Companies like谷子科技集团 are working with local governments in Nanchang to create new cultural tourism experiences that combine technology with traditional economic elements [4] - The二次元 culture is increasingly influencing urban youth expression, leading to the emergence of niche subcultures and related industry chains [4]

Investment Rating - The report assigns a "Buy" rating for the company, Dalian City Holdings [5] Core Views - Dalian City Holdings is backed by COFCO Group and operates under a "development + operation" dual-driven model, focusing on core cities across the country. The overall property development and investment operation are stable, with a noticeable recovery in profitability expected to continue [5][6] - The company is projected to achieve a net profit of -3.035 billion, -831 million, and 872 million yuan for the years 2024-2026, with corresponding EPS of -0.71, -0.19, and 0.20 yuan, indicating a positive trend in earnings recovery [5] Summary by Sections 1. Development and Operation Dual-Driven Model - Dalian City Holdings has been operating for over 30 years, establishing a brand ecosystem through its dual-driven model of development and operation. The company is positioned as a "city operator and provider of quality living services" [24][29] - The strategic direction is clear, with a broad business layout across 38 cities, focusing on residential, commercial, and industrial real estate [29][31] 2. Steady Development of Investment Properties - The company has a strong performance in its investment property business, with revenue growth. In 2023, investment property revenue reached 5.393 billion yuan, a year-on-year increase of 24.3% [7][42] - The average occupancy rate of the company's shopping centers was 95% in 2023, with a significant increase in customer traffic and sales [44] 3. Stable Development of Core Business - In 2023, the company achieved a total contract signing of 46.1 billion yuan, ranking 29th in the sales performance of real estate companies in China, an improvement of 4 places from 2022 [6][77] - The company has adopted a cautious approach to land acquisition, focusing on core urban areas, with a total land acquisition area of 168,000 square meters in 2023, a decrease of 78.81% year-on-year [6] 4. Financial Stability and Cost Reduction - The company has optimized its debt structure, with total interest-bearing debt at 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023. The average borrowing cost for new loans in the first half of 2024 was 3.13% [8] - The company successfully listed its commercial REIT, raising 3.323 billion yuan, contributing to investment income of 2.1 billion yuan [8] 5. Profitability Forecast and Investment Recommendations - The report forecasts that the company's revenue will maintain growth, with a projected net profit turning positive in 2026 [9][13]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is driven by a "development + operation" dual strategy, focusing on core cities across China, with a notable improvement in profitability and a positive outlook for net profit from 2024 to 2026 [5][6]. - The company has a stable debt structure and is continuously optimizing its financing costs, with a significant reduction in the average borrowing cost [8][9]. Summary by Sections 1. Development and Operation Strategy - The company, backed by COFCO Group, has established a robust brand ecosystem through its dual-driven model, focusing on both development and operation [5][24]. - The strategic path is clear, with a broad business layout across 38 cities, emphasizing residential, commercial, and industrial real estate [29][31]. 2. Operational Capabilities - The investment property segment has shown strong growth, with revenue from investment properties reaching 5.393 billion yuan in 2023, a year-on-year increase of 24.3% [7][42]. - The company has a total of 45 commercial projects nationwide, with 34 operational projects covering a total commercial area of 3.74 million square meters [37][38]. 3. Development Business - The company achieved a total contract signing of 46.1 billion yuan in 2023, despite a 19% year-on-year decline, ranking 29th in the sales performance of real estate companies in China [6][77]. - The company maintains a cautious approach to land acquisition, focusing on core urban areas, with a significant reduction in land acquisition area and amount in 2023 [6][9]. 4. Financial Performance and Forecast - The company expects net profits to improve from -3.035 billion yuan in 2024 to 872 million yuan in 2026, with corresponding EPS moving from -0.71 yuan to 0.20 yuan [5][9]. - The overall revenue for 2023 was 36.783 billion yuan, with a projected slight increase in 2024 [9][31]. 5. Debt Structure and Financing - The company has a stable debt structure with a total interest-bearing debt of 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023 [8][9]. - The average cost of new borrowings in the first half of 2024 was 3.13%, indicating a downward trend in financing costs [8][9].