行 业 报 告 2025年10月09日 社会服务 行业点评 国庆中秋黄金周出行半径增加，出入境游火热 强于大市( 维持) 行 业 点 评 行情走势图 相关研究报告 【平安证券】行业半年度策略报告*社会服务*新世代 新需求 新消费*强于大市20250702 【平安证券】行业深度报告*社会服务*冰雪经济全景 图之旅游专题 冰雪旅游活力持续 带动区域发展*强于 大市20250122 【平安证券】行业年度策略报告*社会服务*顺应时 代：变与应变，体验消费*强于大市20241214 【平安证券】中国中免（601888.SH）*半年报点评 *Q2降幅收窄，期待经营回暖*推荐20250901 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 事项： 据交通部，10月1日-8日累计全社会跨区域人员流动量预计24.32亿人次，日均 3.04亿人次，同比（2024年国庆假期7天日均，下同）增长6.2%；其中累计铁 路客运量预计15396万人次，日均1924万人次，同比增长2.6%；累计公路人 员流动量预计224751万人次，日均28094万人次，同比增长 ...

Investment Rating - The report assigns an "Accumulate" rating for Hong Kong Travel (00308.HK) for the first time [1]. Core Views - The company is positioned as a leading integrated platform for tourism investment and operation, backed by the central enterprise China Travel Group, focusing on both domestic and international expansion [1][9]. - The tourism sector is experiencing sustained high demand, supported by policies aimed at releasing consumer potential, with expectations for continued growth in domestic travel [3][41]. Summary by Sections Company Overview - Hong Kong Travel, established in July 1992 and listed in November of the same year, operates as a tourism asset investment and operation platform under China Travel Group, managing approximately 60 domestic and international scenic spots by the end of 2024 [13][33]. - The company has a diversified business model that includes tourism attractions, travel documentation, hotel operations, and cross-border passenger transport [17][33]. Core Highlights - The tourism industry is experiencing robust growth, with domestic travel numbers and spending showing significant increases, indicating strong consumer demand [38][41]. - The company has a nationwide layout of scenic spots, focusing on integrated operation and management, with a revenue breakdown showing significant contributions from various segments [45][54]. Financial Analysis - Revenue projections indicate a growth trajectory, with total revenue expected to reach HKD 5,559 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.19% [1]. - The net profit attributable to shareholders is forecasted to increase significantly, from HKD 239.55 million in 2023 to HKD 597.20 million by 2027, indicating a strong recovery and growth potential [1]. Investment Forecast and Recommendations - The report anticipates that the company will continue to expand its quality tourism assets, justifying a valuation premium and supporting the "Accumulate" rating [1][9]. - The expected price-to-earnings (P/E) ratios for the upcoming years are projected to be 32, 21, and 15 for 2025, 2026, and 2027 respectively, reflecting the company's growth potential [1].