上 市 公 司 交通运输 2025 年 09 月 25 日 三峡旅游 (002627) ——内河游轮旅游领航者，聚焦主业再出发 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 09 月 24 日 | | --- | --- | | 收盘价（元） | 6.37 | | 一年内最高/最低（元） | 7.63/4.56 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.57 | | 流通 A 股市值（百万元） | 4,568 | | 上证指数/深证成指 | 3,853.64/13,356.14 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.25 | | 资产负债率% | 20.75 | | 总股本/流通 A 股（百万） | 725/717 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 09-24 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 0 ...

Core Viewpoint - In 2024, Sanxia Tourism experienced a significant decline in both revenue and net profit, primarily due to the divestiture of its automotive sales business and the underperformance of the Jiufeng Valley scenic area, which has become a financial burden for the company [2][5]. Financial Performance - In 2024, the company reported total revenue of 741.32 million yuan, a decrease of 53.68% year-on-year [5]. - The net profit attributable to shareholders was 117.59 million yuan, down 9.29% compared to the previous year [5]. - The net profit after deducting non-recurring gains and losses was 96.29 million yuan [1]. Business Segments - The core business segments, including sightseeing cruise services and travel agency operations, saw revenue growth of 17.73% and 14.04%, respectively [3]. - The total number of tourists served by cruise products in 2024 was 2.56 million, a slight increase of 1.93% year-on-year [3]. - The Jiufeng Valley scenic area, acquired by the company, reported revenue of only 2.5 million yuan in 2024, a decline of 48.38% [4]. Strategic Changes - The company divested 70% of its stake in the automotive sales business, which significantly impacted its revenue [2]. - The divestiture included selling 20% of the stake to the controlling shareholder and transferring all debts related to the automotive sales company [2]. - The company aims to extend its tourism service offerings by adding new scenic area operations, despite the challenges faced by Jiufeng Valley [4]. Legal and Compliance Issues - Jiufeng Valley has not demonstrated profitability since its acquisition, failing to meet profit commitments in 2021 and 2022, leading to a compensation obligation for the seller [6]. - The seller, Pei Daobing, has appealed a court ruling regarding the failure to fulfill performance compensation commitments, with the case still pending [6].