证券研究报告|公司深度研究报告 [Table_Date] 2026 年 2 月 4 日 [Table_Title] 布局省际游轮业务，迎接成长新纪元 [Table_Title2] 三峡旅游(002627) [Table_Summary] ► 三峡游轮：立足"两峡一坝"旅游产品体系，省际 游轮项目即将落地 三峡旅游是宜昌市旅游行业头部企业，过往业务重心包括乘 用车经销及服务业务、旅游综合服务、供应链管理业务三 块，23 年 12 月通过出售股权形式剥离资金密集型的乘用车 经销及服务业务、供应链管理业务后，旅游综合业务成为主 业，观光游轮成为收入/毛利主要支撑点。观光游轮业务主 要基于"两峡一坝"运营一日游旅游产品，包括"长江夜 游"、"升船机"、"高峡平湖"等匹配多层次观光游览需求的 产品体系，根据 25 年半年报，截至 25H1 末公司旗下游船数 量已达 32 艘，其中两坝一峡豪华观光游轮 6 艘、其他游船 24 艘、在建省际豪华游轮 2 艘，24 年观光游轮业务贡献收 入 2.06 亿元/同比+17.73%，较 19 年同期+135.01%。 ► 银发群体需求匹配：省际游轮产品有效解决中老年 客群出行痛点， ...

Core Viewpoint - The report from Guohai Securities highlights the launch of the "Changjiang Xing Lan Yue" cruise by Three Gorges Tourism, marking a new growth trajectory for inter-provincial cruise operations, with the maiden voyage scheduled for April 18, 2026 [1] Summary by Relevant Sections - **Cruise Launch Details** - The maiden voyage is set to depart from Chongqing, with the core route being Chongqing to Yichang and vice versa [1] - Pricing for standard luxury cabins starts at 4,399 yuan per person, while premium luxury cabins and various suites range from 5,279 to 17,596 yuan per person, catering to mid-to-high-end customer demand [1] - **Growth Potential** - The introduction of the "Lan Yue" cruise, along with the stable performance of existing operations like "Two Dams and One Gorge," provides a solid foundation for the company's long-term performance growth [1] - The period of 2026-2027 is expected to be crucial for the company as it focuses on ramping up new ship operations and optimizing ticket pricing structures [1] - **Investment Outlook** - The company is currently in a transitional phase until 2025, which is characterized by the integration of new ships, with a gradual recovery in valuation anticipated over the next three years as profitability materializes [1] - The report initiates coverage with a "Buy" rating based on the expected earnings growth and valuation recovery [1]