价格指标转正，出行链怎么看 20251111 摘要 双节效应推动出行产业链，机票和酒店价格上涨，酒店板块表现突出， 头部公司 ADR 在非旺季持续增长，为 2023 年四季度以来首次。 陕西旅游 IPO 过会，为 827 新政后首家，反映消费类企业 IPO 审核环境 改善及资本市场对文旅消费领域支持力度提升，标志文旅行业迎来新契 机。 酒店行业自 2023 年以来恢复度提升，华住、亚朵经营水平提高，锦江 酒店在 2024 年 Q4 触底后显著改善，Q3 数据触底回升，10 月数据进 一步改善。 酒店行业供给端增速放缓，头部公司新开店数量减少，物业租金下降吸 引新投资者，但供给增加和需求走弱导致行业盈利能力下降，中低端市 场增速放缓。 锦江酒店通过人员优化、控费、直营店减亏和租金减免等措施，业绩超 预期，收益管理策略见效，组织架构调整和会员系统改善，预计 2025 年业绩可达 15 亿元。 Q&A 今年 10 月份 CPI 同比转正，机票和酒店价格均有增长，这对出行产业链的影 响如何？ 酒店行业整体恢复情况如何？ 从我们跟踪的数据来看，自 2023 年以来，相较 2019 年的恢复度有所提升。 例如，华住、亚朵 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is positioned as a leading tourism destination enterprise focusing on "scenic spots + cultural tourism," with its IPO approved on November 7, 2025 [3][8] - The company is expected to generate revenue of 1.26 billion yuan and a net profit of 512 million yuan in 2024 [3][8] - The primary revenue sources are tourism performances and cableway services, contributing 54% and 31% respectively [9][15] - The company operates in mature 5A scenic areas, with visitor numbers for Huashan and Huaqing Palace expected to reach 3.83 million and 3.55 million in 2024, showing year-on-year growth of 2% and 12% [15] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024 [19][20] Summary by Sections Industry Overview - Shaanxi Tourism has become a leading enterprise in the tourism sector, leveraging unique resources in Shaanxi Province [3][8] - The company’s main business segments include tourism performances, cableway services, and tourism dining [9][15] Financial Performance - In 2024, the company’s revenue is projected to be 1.26 billion yuan, with a net profit of 512 million yuan [3][8] - The revenue breakdown for 2024 is 310 million yuan from tourism performances, 180 million yuan from cableway services, and 20 million yuan from dining, accounting for 60%, 36%, and 4% respectively [9][15] - The company’s gross margin is expected to be 71.3% in 2024, with a slight decrease in 2025 due to market normalization and extreme weather conditions [19][20] Market Position - The company operates in key 5A scenic areas, ensuring a stable flow of visitors and revenue [15] - The expected visitor numbers for major attractions indicate a robust demand for the company’s services [15] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism and others in the sector [29][30]