东吴证券研报指出，陕西旅游以《长恨歌》实景演艺与华山旅游索道为核心资产，形成业务闭环与品牌 壁垒，是A股市场稀缺的文旅融合标的。2024年实现营收12.63亿元，归母净利润5.12亿元，主营业务增 长稳健。服务消费政策频出，支持文旅产业发展。陕西旅游依托华清宫和华山核心资源运营演艺和索道 业务，背靠陕西省国资享受政策红利。维持公司盈利预期，预计2025-2027年归母净利润为3.9/5.1/5.9亿 元，对应PE为30/23/20倍，维持"买入"评级。 ...

格隆汇1月26日｜东吴证券研报指出，陕西旅游主营业务为旅游演艺、旅游索道、旅游餐饮及旅游项目 投资与管理，运营着被誉为"中国旅游文化演艺典范"的《长恨歌》大型实景历史舞剧，以及位于世界自 然与文化双遗产——华山的旅游索道等核心资产。2024年公司实现营业收入12.63亿元，同比+16.03%； 归母净利润达5.12亿元，同比+19.72%。市场景气延续，消费提质升级。2026年元旦假期，全国国内旅 游出游共计1.42亿人次，相比2024年同期增长5.2%。中央陆续出台政策文件明确支持推进文旅深度融合 发展。公司核心资产主业稳健，股东赋能增长。陕西旅游依托华清宫和华山核心资源运营演艺和索道业 务，背靠陕西省国资享受政策红利。考虑到陕西旅游新项目和股东赋能增长，首次覆盖给予"买入"评 级。 ...

投资要点 控股股东陕旅集团旗下文旅资源丰富，有望赋能公司发展。 盈利预测与投资评级：陕西旅游依托华清宫和华山核心资源运营演艺和索道业务，背靠陕西省国资享受 政策红利。我们预测2025-2027 年公司归母净利润为3.9/5.1/5.9 亿元，对应PE 为31/24/21 倍。考虑到陕 西旅游新项目和股东赋能增长，首次覆盖给予"买入"评级。 风险提示：宏观经济波动；新项目落地进度不及预期；自然灾害和极端天气影响经营。 "演艺+索道"双轮驱动的文旅龙头：陕西旅游的前身陕西省旅游建筑规划设计所成立于1987 年。公司已 在上海证券交易所上市。公司主营业务为旅游演艺、旅游索道、旅游餐饮及旅游项目投资与管理，运营 着被誉为"中国旅游文化演艺典范"的《长恨歌》大型实景历史舞剧，以及位于世界自然与文化双遗产 ——华山的旅游索道等核心资产。2024 年公司实现营业收入12.63 亿元，同比+16.03%；归母净利润达 5.12 亿元，同比+19.72%。 行业景气延续：市场景气延续，消费提质升级。2025 年前三季度累计客流量延续增势，铁路/民航累计 客流量同比增速分别为6.0%/5.2%；国内出游人次/游客出游总花费同比分 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - Shaanxi Tourism is positioned as a leading cultural tourism company driven by its dual focus on performance arts and cableway operations, leveraging rich historical and cultural resources in Shaanxi Province [8][14]. - The company is expected to achieve a revenue of CNY 1.263 billion in 2024, representing a year-on-year growth of 16.03%, with a net profit of CNY 511.73 million, up 19.72% [8][14]. - The report highlights the ongoing recovery and growth in the tourism industry, supported by favorable government policies and increasing consumer spending on travel [44][51]. Summary by Sections Company Overview - Shaanxi Tourism operates major businesses in tourism performance, cableway services, and tourism project investment and management, with its flagship performance being the large-scale historical dance drama "The Song of Everlasting Regret" [8][14]. - The company has a strong historical foundation and has been publicly listed since 2026, with significant assets including the Huashan cableway and the performance at Huaqing Palace [8][14]. Industry Outlook - The tourism market is experiencing sustained growth, with domestic travel numbers and spending recovering to pre-pandemic levels, indicating a robust demand for tourism services [44][48]. - Government policies are increasingly supportive of the cultural and tourism sectors, aiming to enhance the integration of culture and tourism [51][52]. Financial Analysis - The company forecasts a total revenue of CNY 1.071 billion for 2023, with a projected net profit of CNY 418.27 million, reflecting a significant year-on-year increase of 662.06% [1][8]. - The earnings per share (EPS) is expected to be CNY 5.41 in 2023, with a price-to-earnings (P/E) ratio of 29.45 [1][8]. Profit Forecast and Investment Recommendations - The report predicts net profits for 2025, 2026, and 2027 to be CNY 394.30 million, CNY 513.89 million, and CNY 588.88 million respectively, with corresponding P/E ratios of 31, 24, and 21 [1][8]. - The company is expected to benefit from new projects and shareholder support, justifying the "Buy" rating [8][14].