消费者服务行业 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 2026 | 年 2 月 26 | | --- | --- | | 日 | | | 收盘价(元) | 139.62 | | 总市值（亿 | 107.97 | | 元） | | | 总股本 ( 亿 | 0.77 | | 股) | | | 流 通 股 本 | 0.19 | | (亿股) | | | ROE（TTM） | 27.65% | | 12 月最高价 | 166.50 | | (元) | | | 12 月最低价 | 125.00 | | (元) | | 股价走势 资料来源：东莞证券研究所，IFind 相关报告 投资要点： 增持 （首次） 陕西文旅龙头，盈利能力强劲 陕西旅游（603402）深度报告 2026 年 2 月 27 日 公 司 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险 自担。 请务必阅读末页声明 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company is positioned as a leading player in the cultural tourism sector, driven by its dual business model of "performing arts + cable cars," with core assets including the live performance "Long Hate Song" and the Huashan cable car, creating a business loop and brand barrier [2][19] - The company is expected to achieve a revenue of 1.263 billion yuan in 2024, with a net profit of 511.73 million yuan, indicating stable growth in its main business [2][19] - The company benefits from supportive service consumption policies that promote the development of the cultural tourism industry [16][19] Financial Projections - Total revenue projections for the company are as follows: 1.088 billion yuan in 2023, 1.263 billion yuan in 2024, 1.052 billion yuan in 2025, 1.174 billion yuan in 2026, and 1.308 billion yuan in 2027 [1] - Net profit projections are: 427.45 million yuan in 2023, 511.73 million yuan in 2024, 394.30 million yuan in 2025, 513.89 million yuan in 2026, and 588.88 million yuan in 2027 [1] - The earnings per share (EPS) are projected to be 5.53 yuan in 2023, 6.62 yuan in 2024, 5.10 yuan in 2025, 6.65 yuan in 2026, and 7.61 yuan in 2027 [1] Business Segments - The performing arts segment is expected to generate 7.39 billion yuan in revenue in 2024, with the "Long Hate Song" contributing 6.81 billion yuan, reflecting a 26% year-on-year increase [25][36] - The cable car segment is projected to generate 4.73 billion yuan in revenue in 2024, with the Huashan cable car expected to carry 371 million passengers, reflecting a 10% increase [27][55] - The tourism catering segment is anticipated to generate 0.42 billion yuan in revenue in 2024, although it is expected to decline by 11% year-on-year [34][19] Group Support - The controlling shareholder, Shaanxi Tourism Group, is a significant player in the cultural tourism sector, with assets exceeding 54 billion yuan as of September 2025, providing comprehensive support to the company [57][60] - The group operates multiple 5A-level scenic spots and cultural performances, enhancing the company's operational capabilities and resource integration [60]

Core Viewpoint - Shaanxi Tourism (stock code: sh603402) experienced a trading halt with a price increase of 10% to 168.7 yuan, resulting in a total market capitalization of 13.046 billion yuan and a circulating market capitalization of 3.262 billion yuan, with a total transaction amount of 0.565 billion yuan as of the report date [1]. Group 1 - The company successfully completed its IPO, increasing its registered capital to 77.33334 million yuan, significantly enhancing its capital strength [2]. - Post-IPO, the company has improved its governance structure by establishing and revising 24 governance systems, which cover various aspects such as the shareholders' meeting, board of directors, and professional committees, thereby increasing transparency in information disclosure [2]. - The company has a strong core business advantage, with recognized projects like "The Long Hate Song" providing stable revenue sources, and additional income from businesses like the Huashan West Peak Cableway [2]. Group 2 - The raised funds will be allocated to projects such as the second phase of Taishan Xiucheng, which is expected to cultivate new profit growth points [2]. - The company's price-to-earnings ratio is 12.37, significantly lower than the industry average of 23.29, indicating a relatively reasonable pricing [2]. - On January 31, 2026, China International Capital Corporation rated Shaanxi Tourism as "outperforming the industry" with a target price of 170 yuan, highlighting its strong product capabilities in the cultural tourism performance sector and potential for project expansion [2]. Group 3 - The tourism sector has recently gained momentum, influenced by holiday travel consumption expectations, leading to active performance among certain stocks within the sector, including Shaanxi Tourism [2]. - Although specific capital flow data is not yet available, the positive fundamentals of the company and favorable market expectations for the tourism sector have attracted investor attention [2]. - The technical indicators may also show a bullish trend, contributing to the stock price increase [2].

Summary of Shaanxi Tourism Group Conference Call Company Overview - Shaanxi Tourism Group is the only publicly listed cultural tourism platform under the Shaanxi provincial state-owned assets, holding key assets such as "The Song of Everlasting Regret" and the Huashan West Peak Cableway [2][5] Core Financials and Performance - In 2024, the company expects tourism performance revenue to account for 59% and cableway revenue to account for 38% of total income [2] - Revenue from "The Song of Everlasting Regret" is projected to be approximately 680 million yuan, with a visitor count of 2.49 million, an occupancy rate of 88%, an average ticket price of 273 yuan, a gross margin exceeding 80%, and a net profit of about 467 million yuan [2][5] - The Huashan West Peak Cableway is expected to generate 390 million yuan in revenue, with a visitor count of 3.56 million, a ride rate of 104%, an average ticket price of 105 yuan, and a net profit of 190 million yuan (51% ownership by the listed company) [2][6] - The company anticipates that existing businesses will contribute approximately 600 million yuan in profit [2][7] Future Growth and Acquisitions - Plans to acquire a 19% stake in Taihua Cableway and a 49% stake in Yaoguang Pavilion, expected to add 40 million and 10 million yuan in profit, respectively [2][7] - Ongoing construction of the second phase of Taishan Xiucheng, expected to contribute over 30 million yuan in profit in the year of completion and 70-80 million yuan in five years [2][7] - New projects include the construction of the South Line Cableway at Shaohua Mountain and supporting facilities for the Huashan West Peak Cableway [2][7] Asset and Revenue Projections - By September 2025, the total asset scale of Shaanxi Tourism Group is expected to exceed 54 billion yuan, with projected group revenue of over 9 billion yuan and a gross profit of around 2 billion yuan [2][8] - The listed company is expected to achieve a gross profit of about 900 million yuan, with potential for further integration of mature assets to enhance overall profitability [2][8] Profit Forecasts - Due to a high base in 2024 and weather impacts in Q3 2025, the company forecasts a profit of approximately 400 million yuan for 2025 [3][9] - For 2026, with a recovery in visitor numbers and the impact of equity acquisitions, profits could reach 500 million yuan, corresponding to a current P/E ratio of less than 25 times [3][10] - Given the quality of assets and growth potential, a valuation expectation of over 30 times is suggested, with attention to holiday service consumption policies and new project developments [3][10] Unique Aspects of the IPO - Shaanxi Tourism is noted as the largest scenic area IPO in A-share history, with strong government support for service consumption, making it a compelling investment opportunity [4]

Summary of Shaanxi Tourism Conference Call Company Overview - **Company**: Shaanxi Tourism Group (陕旅) - **Industry**: Cultural and Tourism Industry - **Listing**: First cultural tourism company listed on A-share market Key Financials - **Total Revenue for 2024**: 1.254 billion CNY - **Revenue Breakdown**: - **Performing Arts**: 59% (740 million CNY from "The Song of Everlasting Regret") - **Cableway**: 38% (390 million CNY from Huashan West Peak Cableway) - **Others (Dining)**: 3% [2][4] - **Profit Margin**: - Huashan West Peak Cableway: 49% [2][5] - "The Song of Everlasting Regret": 200 million CNY profit from 540 million CNY revenue [9] Core Assets - **Key Assets**: - Huashan West Peak Cableway (51% ownership, plans to increase to 70%) - "The Song of Everlasting Regret" performing arts project - **Investment in Performing Arts**: Over 10 million CNY annually for production upgrades [9][10] Growth Potential - **Future Growth Drivers**: - Acquisition of minority stakes in: - Taihua Cableway (19% stake) - Yaoguang Pavilion Performing Arts (49% stake) - Expected profit increase of approximately 50 million CNY from acquisitions [10] - Expansion of Tai Mountain Show City Phase II, projected to contribute 260 million CNY in revenue and 77 million CNY in profit over five years [3][11] - Construction of Shaohua Mountain Panlong Ridge Cableway, expected to operate by H2 2026 [3][11] Market Position and Strategy - **Market Position**: - Shaanxi Tourism Group is a leading cultural tourism enterprise under the Shaanxi Provincial State-owned Assets Supervision and Administration Commission - Group aims to reach 100 billion CNY in assets by 2028, requiring an annual growth rate of around 25% [6][12] - **Competitive Advantages**: - Unique revenue model focused on performing arts and cableway operations rather than traditional hotel and ticket sales - High occupancy rates and ticket prices in performing arts and cableway sectors [4][8] Valuation and Market Outlook - **Valuation Expectations**: - Projected profit of 400 million CNY for 2025 - Current P/E ratio below 25, with a reasonable valuation of 35-40 times P/E, corresponding to a market cap of 18-20 billion CNY [13] - **Investment Potential**: - Considered a benchmark in the service consumption sector within the A-share market due to its unique assets and growth potential [13] New Projects and Expansion - **Upcoming Projects**: - Tai Mountain Show City Phase II, featuring new performance IPs, expected completion between 2028-2029 [14] - Shaohua Mountain Panlong Ridge Cableway, aimed at enhancing existing traffic flow, expected to be operational by late 2026 [14] Conclusion - Shaanxi Tourism Group demonstrates strong growth potential through strategic asset management, expansion projects, and a unique revenue model focused on performing arts and cableway operations, positioning itself favorably in the cultural tourism industry.

Core Viewpoint - The company, a leading state-owned cultural tourism enterprise in Shaanxi, has rapidly increased its revenue and profitability in 2023, with projected revenues and net profits for 2024 showing significant growth compared to previous years [1][3]. Group 1: Financial Performance - In 2024, the company is expected to achieve revenue of 1.263 billion yuan and a net profit attributable to shareholders of 512 million yuan, representing year-on-year growth of 16% and 20% respectively, with a net profit margin of 41%, significantly higher than 23% in 2019 [1]. - The flagship performance project "Chang Hen Ge" has a substantial scale and an excellent business model, generating 92% of the company's performance business revenue with a gross margin of 87.77% [1]. Group 2: Tourism and Transportation Business - The company's tourism transportation business is stable, with revenue from the Huashan West Peak cableway projected to increase by 10% to 390 million yuan in 2024, maintaining a gross margin of 67% [2]. - The revenue from transportation projects is closely related to the overall visitor flow to the Huashan scenic area, with potential growth expected as regional visitor numbers recover and supporting facilities improve [2]. Group 3: Fundraising and Future Development - The company plans to raise 1.555 billion yuan through its IPO, with net proceeds of 1.522 billion yuan allocated for various projects, including the construction of the Taishan Xiucheng Phase II project and acquisitions related to cableway projects [2]. Group 4: Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 1.117 billion, 1.313 billion, and 1.423 billion yuan from 2025 to 2027, with net profits of 436 million, 580 million, and 653 million yuan respectively, reflecting a mixed growth outlook [3]. - The current stock price corresponds to valuations of 28, 21, and 19 times earnings for the years 2025 to 2027, with a "recommended" rating for initial coverage [3].

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Macro Economic Group - In 2025, GDP growth is projected to be 5%, consistent with 2024, while Q4 GDP growth is 4.5%, down 0.3 percentage points from Q3 [4] - The industrial added value in December increased by 5.2% year-on-year, exceeding the market expectation of 4.9% [5] - Fixed asset investment in 2025 is expected to decline by 3.8%, significantly lower than the market forecast of -2.4% [4] Industry Comprehensive Group - Huayi Electronics (688709.SH) forecasts a net profit attributable to shareholders between 213 million to 255 million, representing a year-on-year growth of 74.35% to 108.73% [9] - Dinglong Co., Ltd. (300054.SZ) anticipates a net profit of 700 million to 730 million, with a year-on-year increase of 34.44% to 40.20%, driven by strong growth in semiconductor materials [10] Advanced Manufacturing Group - Gansu has publicly announced key parameters for capacity compensation, indicating a storage capacity electricity price of 137.9 yuan/(KW·year) [12] - The new compensation mechanism is expected to reduce uncertainty in storage project returns and promote a new cycle of storage demand release across the country [12] Consumer Group - Shaanxi Tourism, a leader in the "scenic area + cultural tourism" integration, has shown strong profitability but has provided guidance for a decline in 2025 performance due to normalization of visitor flow and extreme weather disturbances [16]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is highlighted as a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources to set a benchmark for cultural tourism integration. The company went public on the Shanghai Stock Exchange in January 2026, with main operations in tourism performances, cable cars, dining, and project investment and management [4][9] - In 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 512 million yuan, up 19.72% year-on-year [4][9] - The revenue primarily comes from tourism performances and cable car operations, with the 2024 contributions from "The Long Hate Song" and the Huashan West Peak cable car at 54% and 31%, respectively [4][10] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024. The expected revenue for 2025 is projected to be between 951 million and 1.117 billion yuan, reflecting a year-on-year decline of 24.69% to 11.54% due to a return to normal market conditions and increased extreme weather events [4][14] - The company is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with a fundraising target of 1.555 billion yuan for various projects [4][22] - The report emphasizes the rarity of Shaanxi Tourism as a public cultural tourism enterprise, being the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][23] Summary by Sections Industry Trends - The report notes a decline of 1.47% in the Shenwan Commercial Retail Index during the week of January 12 to January 16, 2026, while the overall market indices showed mixed performance [26][30] Company Financials - In 2024, Shaanxi Tourism's main business revenue was 1.254 billion yuan, with tourism performances, cable cars, and dining contributing 58%, 38%, and 3% respectively [4][10] - The company’s gross margin for 2024 was 71.3%, with specific margins for tourism performances and cable cars at 79.4% and 65.3% respectively [14][20] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism, Changbai Mountain, and others in the scenic area sector [4][25]

Core Viewpoint - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, marking a significant milestone for the company as it aims to enhance its core business and expand nationally with the funds raised from its IPO [1] Group 1: Business Overview - Shaanxi Tourism focuses on tourism performance, cable cars, and dining, leveraging top-tier resources like Huaqing Palace and Mount Huashan to create a competitive barrier through deep integration and specialized operations [2] - The company has developed renowned cultural performances, including the large-scale historical dance drama "Chang Hen Ge," which has been a significant success since its debut in 2007, contributing to both social and economic benefits [2] - The Huashan West Peak Cableway is recognized as an industry benchmark, enhancing visitor experience and serving as a major profit source for the company [2] Group 2: Financial Performance - For the fiscal year 2024, Shaanxi Tourism is projected to achieve a revenue of 1.263 billion yuan and a net profit of 512 million yuan, with a net profit margin and return on equity (ROE) significantly higher than peers like Huangshan Tourism and Lijiang Shares [4] - The company has demonstrated strong operational resilience, maintaining robust financial metrics despite external challenges such as extreme weather [4] Group 3: Strategic Plans - The funds raised from the IPO will primarily be used for acquiring stakes in Taihua Cableway and Yaoguang Pavilion, as well as for the construction of the second phase of Taishan Xiucheng and the South Line Cableway of Shaohua Mountain [5][6] - These strategic acquisitions and projects are aimed at enhancing net profit, improving management efficiency, and expanding the company's footprint nationally, transitioning from a regional player to a leading provider of comprehensive leisure tourism services [5][6] - The company aims to leverage capital market resources for both organic growth and external expansion, aspiring to become a top-tier provider of leisure tourism experiences across the country [6]