Core Viewpoint - The report from Founder Securities highlights that Santer Cableway is addressing its equity issues and embarking on new project upgrades, positioning the company for potential profit and valuation growth in the domestic tourism market [1] Company Overview - Santer Cableway operates as a rare national scenic area company, managing scenic spots and cableway projects across 9 provinces and autonomous regions in China, complemented by hotels, hot springs, and other business formats [1] Financial Performance - During the first 8 days of the 2026 Spring Festival holiday, the company reported a year-on-year increase in visitor numbers and operating revenue by 18.19% and 11.62% respectively, with all main projects achieving year-on-year growth [1] Market Outlook - The company is expected to continue benefiting from the high prosperity of the domestic tourism market in 2026, with resolved equity issues and new project upgrades likely to contribute to both profit and valuation increases [1] Equity Structure - The company's equity structure has been clarified, with a high probability of continued state-owned capital increases in the future [1] Project Developments - The total investment for the new project, Qiandao Lake Muxin Valley Ecological Theme Park, has been upgraded to 394 million yuan, featuring plans for cableways, slides, and immersive mountain sports experiences, with construction currently underway [1] - The second phase of the Zhuhai Scenic Mountain Cableway has officially commenced, with significant profit contributions expected post-renovation [1] - Renovation projects at Hainan Monkey Island, Lushan Three Gorges, and Fanjing Mountain are also in progress [1] Rating - The report maintains a "recommend" rating for the company [1]

三特索道为稀缺的全国性运营景区公司，在全国9 个省（自治区）运营景区与索道项目，并配套酒店、 温泉等多业态。2024 年，公司旗下贵州梵净山、华山索道、海南猴岛等7 个项目实现盈利，合计盈利 2.78 亿元，亏损项目仅4 个。 2026 年春节假期前8 天，公司旗下景区接待游客量及营业收入分别同比增长18.19%、11.62%，主力项 目均实现同比增长。2026 年公司持续享受国内旅游市场的高景气红利，且目前公司股权问题理顺去包 袱&项目新增改造开新章，有望带来利润及估值双击。 股权问题理顺去包袱 此前，公司受当代系债务危机及自身亏损项目影响，利润及估值均受拖累。2023 年6 月，武汉高科取代 当代城建成为公司控股股东，公司实控人变更为武汉东湖高新区管委会，截至2025/9/19，武汉高科及 其一致行动人合计持股23.77%，当代系持股21.79%。目前公司股权结构已理顺，后续国资继续增持概 率较大。2017 年以来，公司陆续处理亏损、抵消项目，资产负债率显著下降，19.28%（25 年前三季 度）vs 67.49%（2017 年）；净利润大幅提升，1.42 亿元（2024 年）vs 0.11 亿元（201 ...