Investment Rating - The report assigns a "Buy" rating to the company [5] Core Insights - The company is focusing on the "Two Gorges and One Dam" tourism product system, with the inter-provincial cruise project set to launch soon [2] - The inter-provincial cruise products are designed to meet the travel needs of the elderly demographic, enhancing customer attraction over time [3] - The company has a differentiated advantage in terms of route and price-quality ratio, indicating substantial growth potential for the project [4] Company Overview - The company, a leading player in the tourism industry in Yichang, has shifted its focus to tourism comprehensive services after divesting from capital-intensive passenger car dealership and supply chain management businesses [19] - The company now primarily operates in tourism transportation, sightseeing cruises, tourism ports, and travel agency services [20] Industry Situation - The luxury inter-provincial cruise market in the Three Gorges region remains robust, with a significant increase in demand compared to 2019 [41] - The international cruise market is characterized by high concentration, with top companies holding a substantial market share [53] Financial Analysis - Following the divestiture of certain businesses, the company has seen a stabilization and recovery in revenue, with a notable increase in tourism service revenue [65] - The company projects revenue growth from 2025 to 2027, with expected revenues of 819 million, 1.016 billion, and 1.271 billion respectively, reflecting year-on-year growth rates of 10.5%, 24.1%, and 25.1% [10]

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]