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 - The Yangtze River Three Gorges inter-provincial cruise market is currently in a critical phase of recovery and transformation, characterized by "demand rebound, structural optimization, intensified competition, and accelerated innovation" [1] Group 1: Company Overview - The company plans to operate four inter-provincial cruise ships, with the first two expected to launch in June and December 2026, and the second batch in June 2028 [1] - As of the end of 2024, there will be 12 inter-provincial cruise companies in the Yangtze River Three Gorges region, with a total of 47 cruise ships averaging 15.27 years in age, and a projected cumulative passenger volume of 1.2359 million [1] - The company operates the core tourism product "Two Dams and One Gorge," which is exclusive and does not compete with inter-provincial cruises, positioning Yichang as a major hub for inter-provincial vacation cruises [1] Group 2: Financial Projections - According to the feasibility study, the four inter-provincial cruise ships are expected to generate an operating income of 395 million yuan and a net profit of 100 million yuan in the year they reach full production, effectively creating a new revenue stream for the company [1] Group 3: Competitive Advantages - The company has established a comprehensive tourism port network centered around the Three Gorges Cruise Center, supported by Yichang Port and other ports, making it a key starting point for inter-provincial vacation cruises [2] - The first two inter-provincial cruise ships are the largest green low-carbon new energy inland cruise ships in China, featuring innovative technologies such as a hybrid power system and intelligent auxiliary driving systems [2] - The company has autonomous pricing power and focuses on developing standardized, mid-range, and customized high-end products to enhance revenue through diversified product offerings [2] Group 4: Future Plans - The company aims to expand its cruise industry scale by accelerating the construction of inter-provincial cruise ships and developing vacation cruise tourism, while also pursuing external growth to join the ranks of leading luxury cruise operators [2]

Market Environment - The inter-provincial cruise market on the Yangtze River is currently in a phase of recovery and transformation, characterized by "demand recovery, structural optimization, intensified competition, and accelerated innovation" [2] - As of the end of 2024, there are 12 inter-provincial cruise companies in the Yangtze River Three Gorges area, with 47 vessels averaging 15.27 years in age and a total capacity of 19,453 passengers [2] Revenue and Profit Expectations - According to the feasibility study, the operation of 4 new inter-provincial cruise vessels is expected to generate an annual revenue of CNY 395 million and a net profit of CNY 100 million in the year of full operation [4] - The project has a post-tax dynamic investment payback period of 11.90 years and a post-tax internal rate of return of 10.11%, indicating good investment returns [4] Competitive Advantages - The company plans to operate 4 inter-provincial cruise vessels, with the first two expected to launch in June and December 2026, and the second batch in June 2028 [5] - The company has over 20 years of experience in water transport and tourism services, providing a strong operational management advantage [5] - A well-structured tourism port network supports the company’s operations, with the Three Gorges Cruise Center as the main hub [5] - The company has developed a comprehensive service system for inter-provincial cruises, enhancing operational efficiency [5] - The company has a professional marketing team and a mature marketing system that combines remote, local, and online marketing strategies [6][7] Pricing Strategy - The company has the autonomy to set prices for its cruise products, with adjustments made based on service quality, cost changes, and partnerships with distributors [8] - The focus is on developing a diverse product range to enhance value rather than frequent price increases [8] Dividend Policy - The company has consistently returned profits to investors, with a cash dividend of CNY 68.94 million in 2024, representing 58.63% of the net profit [9] - The cash distribution ratio has been increased from 10% to 30% of distributable profits, with a commitment to distribute at least 50% of the average annual distributable profits over the last three years [9] Strategic Goals - The company aims to become a leader in the Yangtze River Three Gorges tourism sector and a pioneer in China's inland cruise tourism [10] - Strategies include leveraging the parent company's resources for mergers and partnerships, and expanding the cruise industry through self-built and external growth initiatives [10]

Core Insights - The article highlights how Hubei province is leveraging its cultural and historical resources to boost the cultural tourism industry and stimulate consumer spending [1][3]. Group 1: Cultural Tourism Development - Yunmeng County Museum has undergone renovations, adding immersive exhibition halls and facilities that enhance visitor experience, leading to a cultural revival [3]. - The museum's cultural products, such as toys and sachets, have generated over 4 million yuan in revenue from January to July, attracting 20,000 educational tour groups [3][9]. - The "Two Dams and One Gorge" tourism project in Yichang has seen nearly 1 million visitors during the summer, marking a 30% increase year-on-year [4]. Group 2: Night Economy - The night economy in Hubei is thriving, with electric cruise ships offering scenic views along the Yangtze River, enhancing the overall tourist experience [3]. - The Tang City scenic area in Xiangyang features a vibrant night atmosphere with performances and modern technology, attracting a significant number of nighttime visitors [5][7]. - The "Wudang Dream" park in Shiyan has welcomed 600,000 visitors since its opening, generating 20 million yuan in revenue through immersive performances [9]. Group 3: Overall Tourism Statistics - Hubei province received 547 million tourists and generated approximately 571.7 billion yuan in tourism revenue from January to July, reflecting year-on-year growth of 14.61% and 16.07% respectively [9].

Group 1 - The article highlights the revitalization of cultural tourism in Hubei, showcasing how local resources are leveraged to boost consumption and attract visitors [1][3] - Yunmeng County Museum has undergone renovations, adding immersive exhibition halls and facilities, which have significantly increased cultural product sales, generating over 4 million yuan in revenue from January to July [3][4] - The night economy in Hubei is thriving, with projects like "Two Dams and One Gorge" attracting nearly one million tourists during the summer, marking a 30% increase year-on-year [4] Group 2 - The Xiangyang Tang City scenic area features a blend of traditional performances and modern technology, with 60% of its 1.03 million visitors in the first half of 2025 attending at night [5][7] - The "Wudang Dream" park in Shiyan has welcomed 600,000 visitors since its opening, generating 20 million yuan in revenue through dynamic cultural presentations [9] - Hubei's tourism sector has seen significant growth, with 547 million visitors and a total tourism revenue of approximately 571.7 billion yuan from January to July, reflecting year-on-year increases of 14.61% and 16.07% respectively [9]

Core Insights - The article highlights the development of the cultural tourism industry in Hubei, showcasing how local resources and historical heritage are leveraged to boost consumption and attract visitors [1][2]. Group 1: Cultural Tourism Development - Yunmeng County Museum has undergone renovations, adding immersive exhibition halls and facilities that enhance visitor experience, leading to a cultural revenue of over 4 million yuan from January to July [2]. - The integration of cultural elements into tourism experiences has increased visitor interest in cultural souvenirs, with 20,000 students visiting the museum for educational purposes, positively impacting local dining and accommodation sectors [2]. Group 2: Night Economy - The night economy in Hubei is thriving, with electric cruise ships like "Yangtze River Three Gorges No. 1" attracting tourists, showcasing local landmarks illuminated at night [3][4]. - The "Two Dams and One Gorge" cruise project has seen nearly 1 million visitors during the summer, marking a 30% increase year-on-year [4]. Group 3: Technological Integration - The use of modern technology, such as 3D projections and immersive experiences, is transforming traditional performances into dynamic interactions, enhancing visitor engagement [7][9]. - The "Wudang Dream" park has welcomed 600,000 visitors since its opening, generating 20 million yuan in revenue, demonstrating the financial viability of integrating technology into cultural presentations [9]. Group 4: Overall Tourism Statistics - Hubei received 547 million visitors and generated approximately 571.7 billion yuan in tourism revenue from January to July, reflecting year-on-year growth of 14.61% and 16.07% respectively [9].

Core Viewpoint - The financial performance of Sanxia Tourism (002627) shows positive growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 367 million yuan, a year-on-year increase of 7.47% compared to 341 million yuan in 2024 [1]. - Net profit attributable to shareholders was 63.62 million yuan, up 17.74% from 54.04 million yuan in the previous year [1]. - The gross profit margin improved to 34.01%, reflecting a 6.02% increase year-on-year, while the net profit margin rose to 18.01%, a 9.5% increase [1]. - Operating cash flow per share increased significantly by 71.11% to 0.17 yuan, compared to 0.10 yuan in the previous year [1]. Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 56.21 million yuan, accounting for 15.34% of revenue, which is a slight increase of 1.18% year-on-year [1]. - The increase in accounts receivable by 32.95% to 35.78 million yuan was attributed to growth in tourism business and increased receivables from travel agencies [3]. Cash Flow and Investment Activities - The net cash flow from operating activities saw a significant increase of 67.97%, driven by improved business performance and a 3 million yuan return from land development activities [3]. - The net cash flow from investing activities increased by 101.99%, primarily due to higher progress payments for inter-provincial vacation cruise projects [4]. - Financing activities generated a net cash flow increase of 18.96%, influenced by the acquisition of minority stakes in tourism-related companies [4]. Business Evaluation - The company's return on invested capital (ROIC) was reported at 2.81%, indicating a relatively weak capital return performance over recent years [4]. - The historical financial performance shows a median ROIC of 3.77% over the past decade, with a notably poor performance in 2022, where ROIC was -0.01% [4].

Core Viewpoint - Hubei Three Gorges Tourism Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by an increase in tourist reception and effective product pricing adjustments [2][3]. Financial Performance - The company achieved a revenue of 367 million yuan, a year-on-year increase of 7.47% [2]. - The net profit attributable to shareholders reached 63.62 million yuan, reflecting a year-on-year growth of 17.74% [2]. - The non-recurring net profit was 58.39 million yuan, up 19.00% year-on-year, marking a historical high for the first half of the year [2]. Tourism Business Growth - The comprehensive tourism business revenue reached 286 million yuan, with a year-on-year increase of 20.20% [3]. - The company’s cruise products received 1.2525 million tourists, a 10.96% increase compared to the same period in 2024, setting a new record for visitor numbers [3]. Market Expansion and New Initiatives - The company is accelerating its inter-provincial cruise business, launching a new brand "Yangtze River Cruise" with the first ship, "Yangtze River Xing·Lan Yue," set to operate in June 2026 [3]. - The inter-provincial cruise project plans to deploy four mixed-power new energy cruise ships, with the first two expected to operate on the luxurious route from Chongqing to Yichang [3]. - The project is projected to generate a net profit of approximately 100 million yuan upon reaching full production, equivalent to creating another Three Gorges Tourism [3]. Strategic Vision - The company aims to deepen its focus on the cruise tourism sector, aspiring to become a leader in China's inland river cruise tourism industry through route expansion, brand development, technological upgrades, and green initiatives [4].

Core Viewpoint - The company, Three Gorges Tourism, reported significant growth in revenue and profit for the first half of 2025, driven by an increase in tourist reception and reasonable product pricing adjustments [2]. Financial Performance - The company achieved a revenue of 367 million yuan, representing a year-on-year increase of 7.47% [2]. - The net profit attributable to shareholders reached 63.62 million yuan, up 17.74% year-on-year [2]. - The non-recurring net profit was 58.39 million yuan, marking a 19.00% increase year-on-year, with the highest non-recurring net profit recorded in history [2]. Business Operations - The growth in performance is attributed to a steady increase in tourist reception and effective product pricing strategies [2]. - The tourism comprehensive business revenue reached 286 million yuan, reflecting a year-on-year growth of 20.20% [2]. - The company received a total of 1.2525 million tourists for its cruise products, a 10.96% increase compared to the same period in 2024, achieving a new record in visitor numbers [2]. Innovation and Development - The company has a first-mover advantage in the application of new energy vessels, with the "Yangtze Three Gorges 1" cruise ship being the world's largest commercial vessel with battery capacity and possessing independent intellectual property rights [2][3]. - Collaborating with leading domestic battery and ship power control system companies, the company is developing key technologies for large pure electric vessels [3]. - The company has completed upgrades for all port shore power, enhancing its competitive edge in the electrification of Yangtze River vessels [3]. Market Expansion - The company is accelerating its provincial cruise business, recently launching a new brand called "Yangtze Xing Cruise," with the first provincial cruise ship set to operate in June 2026 [3]. - The provincial cruise project plans to deploy four hybrid power new energy cruise ships, with the first two expected to operate on the classic luxury cruise route from Chongqing to Yichang [3]. - The project is projected to generate a net profit of approximately 100 million yuan upon reaching full production, equivalent to creating another Three Gorges Tourism [3].

Core Viewpoint - The tourism market in Yichang, Hubei, known as the "Gateway to the Three Gorges," is experiencing significant growth, driven by its unique natural resources and cultural attractions [1][3]. Group 1: Tourism Growth - Yichang is renowned for its world-class tourism resources, including the Three Gorges and the Three Gorges Dam, attracting over 100 million visitors annually [3]. - The "Two Dams and One Gorge" and "Yangtze Night Tour" products have become popular, with a notable increase in demand during the summer, leading to ticket shortages [3][5]. - From January to July this year, the Gezhouba hub recorded 25,921 ship passages, a year-on-year increase of 6.85%, and over 950,000 passengers, up 9.46% [3]. Group 2: Visitor Statistics - The Three Gorges Waterfall scenic area received 400,000 visitors, a 21% increase compared to the same period last year [5]. - Daily visitor numbers at the Three Gorges Wonder and Nanjin Pass Grand Canyon have increased by over 30% year-on-year [5]. - In July, Yichang's Yiling District welcomed 4.8 million tourists, generating a total tourism revenue of 3.93 billion yuan [5]. Group 3: Accommodation Demand - The influx of tourists has led to high demand for star-rated hotels and unique homestays, with some accommodations requiring bookings 10 to 14 days in advance [5]. - Popular tourist areas such as Zigui, Yiling, Changyang, and Wufeng are experiencing full occupancy in their homestays [5]. Group 4: Events and Attractions - In August, Yichang hosted events like the Dao Lang concert and badminton qualification matches, enhancing the synergy between tourism and entertainment [7]. - Visitor numbers at various attractions have surged, with the Qu Yuan's Hometown scenic area seeing over a 20% increase and the Three Gorges Waterfall experiencing nearly a 15% rise [7]. Group 5: Management and Regulations - The local tourism management has implemented measures such as online reservations and staggered entry to manage visitor flow effectively [7]. - Efforts are being made to combat price gouging and false advertising to protect tourists' rights and maintain a healthy tourism market environment [7].