丨证券研究报告丨 公司研究丨点评报告丨黄山旅游（600054.SH） [Table_Title] 2025 年中报点评：进山游客稳健增长 报告要点 [Table_Summary] 全域布局全力推进，科技引领持续发力，2025 年黄山 AI 旅行助手全面接入 DeepSeek 大模 型，在智能交互、场景服务、伴游体验等方面迎来全面升级。看好公司受益于交通条件改善、 酒店项目改造等多重利好，实现收入业绩稳增。在 2024 年，池黄高铁开通，随着天气条件改 善，未来进山客流有望进一步增长；山上山下酒店改造升级，量价有望重攀高峰。预计 2025- 2027 年公司归母净利润分别为 3.54/3.93/4.36 亿元，对应 PE 分别为 25/22/20X，维持"买 入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 黄山旅游（600054.SH） cjzqdt11111 [Table_Title2] ...

Core Viewpoint - The article discusses the challenges and limitations of AI travel planning tools, highlighting user experiences and the evolving landscape of AI in the travel industry [3][4][6]. Group 1: User Experiences with AI Travel Products - Users often find that AI-generated travel plans do not align with real-world conditions, leading to incomplete itineraries [3][4]. - Many users combine multiple AI tools for travel planning rather than relying on a single product, indicating a preference for a hybrid approach [7][8]. - Users express skepticism about the reliability of AI-generated travel quotes and often seek advice from human travel planners [8][15]. Group 2: Types of AI Travel Products - AI travel products can be categorized into four main types: chatbot products, traditional OTA-integrated tools, general AI products, and travel-specific applications [6]. - Popular chatbot tools include ChatGPT and DeepSeek, while traditional OTAs like Booking and Expedia have integrated AI features into their platforms [6]. - Travel-specific products such as Wanderboat and Mindtrip are gaining traction, reflecting a growing interest in AI-driven travel solutions [6][16]. Group 3: Market Dynamics and Challenges - The AI travel market is experiencing rapid consolidation, with larger companies acquiring smaller startups, indicating a competitive landscape [17][20]. - Despite the influx of new entrants, many startups face significant challenges, including financial sustainability and product reliability [17][20]. - Traditional OTA giants remain cautious about fully embracing AI, suggesting a divergence in perspectives between startups and established players [21][22]. Group 4: Entrepreneurial Landscape - The article highlights a diverse group of entrepreneurs in the AI travel space, many of whom have backgrounds in major tech companies [23][24]. - These entrepreneurs are motivated by the potential for innovation in addressing pain points within the travel industry [16][24]. - The article notes a tension between prioritizing product development versus community engagement, which could impact the long-term success of AI travel startups [26].