首次覆盖: 战略蓝图清晰，省际游轮打开成长空间 三峡旅游(002627) 三峡旅游首次覆盖报告 本报告导读： 需求回暖与公司省际度假游轮项目推进，有望打开业务新增量与盈利弹性。 投资要点： 风险提示：消费景气波动风险、运营爬坡风险、政策监管与安全运 营风险。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,600 | 741 | 827 | 981 | 1,326 | | (+/-)% | -16.1% | -53.7% | 11.5% | 18.7% | 35.1% | | 净利润(归母) | 130 | 118 | 112 | 153 | 206 | | (+/-)% | 2,848.6% | -9.3% | -4.5% | 36.2% | 35.0% | | 每股净收益(元) | 0.18 | 0.16 | 0.16 | 0.21 | 0.28 | | 净资产收益率(%) | 4.2% | 3.8% | 3.6% ...

Core Viewpoint - The "Yangtze River Night Tour" in Yichang has become a popular tourism product, attracting over one million visitors and significantly contributing to the city's night economy [3][5][8] Group 1: Tourism Product Development - The "Yangtze River Night Tour" features a unique experience that includes passing through the Gezhouba ship lock and viewing iconic landmarks such as the Natural Tower and Zhenjiang Pavilion [3][5] - The product has been upgraded continuously, with investments in lighting and the introduction of green energy tourism vessels, enhancing the overall experience [5][7] Group 2: Economic Impact - The night tour has become a core intellectual property (IP) of Yichang's night economy, with ticket sales booming ahead of the upcoming National Day and Mid-Autumn Festival holidays [3][5] - The development of diverse night-time consumption scenarios, such as the West Ba Night City and Jiuma Wharf cultural and commercial complex, has stimulated night-time consumer activity [7][8] Group 3: Future Prospects - The project is evolving beyond mere sightseeing to integrate land and water activities, fostering a multi-faceted approach to night economy and tourism [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company has transitioned from a traditional road passenger transport enterprise to a leader in the Yangtze River Three Gorges cruise tourism sector, focusing on its core tourism business [6][15]. - The company has successfully optimized its product offerings, including the "Two Dams and One Gorge" and "High Gorge and Flat Lake" tours, which are integral to its tourism service system [6][38]. - The company is expected to achieve a compound annual growth rate (CAGR) of 27% in net profit from 2025 to 2027, with a target market capitalization of 8 billion yuan, indicating a potential upside of 73% from the current market value [7][24]. Summary by Sections 1. Transition from Transport to Tourism - The company has undergone a strategic transformation, focusing on tourism and gradually divesting from capital-intensive businesses like passenger car services [6][29]. - The company has established a comprehensive tourism service system, enhancing its competitive edge in the Three Gorges tourism market [6][15]. 2. Product Development and Market Position - The core products include "Two Dams and One Gorge," "High Gorge and Flat Lake," "Three Gorges Family Special Line," and "Yangtze River Night Tour," which cater to diverse customer needs [6][38]. - The company has introduced new vessels and upgraded existing products to enhance customer experience and increase ticket prices, reflecting a strong market demand for high-quality tourism experiences [6][66]. 3. Financial Performance and Forecast - The company is projected to generate total revenue of 741 million yuan in 2024, with a net profit of 118 million yuan, showing a recovery trend in its core tourism business [5][24]. - The report anticipates a steady increase in revenue and net profit over the next few years, with significant growth expected in the tourism segment [5][24]. 4. Market Dynamics and Competitive Landscape - The Yangtze River cruise market is characterized by limited supply due to strict regulatory controls, which favors high-end luxury cruises over economy options [6][9]. - The company is well-positioned to capitalize on the growing demand for luxury cruise experiences, supported by its strategic investments in new vessels and service enhancements [6][9].

Core Insights - Wuhan is leveraging its unique geographical advantages along the Yangtze River and its largest tributary, the Han River, to develop a distinctive night cruise IP cluster featuring themed boats [1] Group 1: Industry Development - The construction of the "Two Rivers and Four Banks" core area of the Yangtze International Golden Tourism Belt is accelerating, enhancing the cultural and scenic tourism experience [1] - The Wuhan Cultural Tourism Group's Two Rivers Tour Company is continuously innovating services such as Yangtze River educational tours and robot-guided tours to refresh the "river cruise" experience [1] Group 2: Unique Offerings - The "Zhiyin" cruise has pioneered a "mobile theater + city museum" model, attracting global tourists to experience the charm of Wuhan [1] - Night cruises on the Yangtze River have become a popular choice for visitors to appreciate the beauty of "Great Rivers, Great Lakes, Great Wuhan" [1]

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 - Wuhan's night economy is thriving, driven by a combination of government support, innovative business models, and cultural experiences [1][2][3][4][5][6][7][8] Group 1: Government Initiatives - The central government has issued a plan to boost consumption, emphasizing service innovation and quality improvement in the restaurant sector [1] - Wuhan has implemented policies to promote night economy development, including extending business hours and creating night-time cultural and tourism hubs [3][4] Group 2: Business Innovations - Local restaurants are experiencing significant growth, with some reporting a 50% increase in monthly revenue compared to the previous year, particularly during nighttime operations [2][3] - New dining concepts, such as the integration of local flavors and innovative marketing strategies, are attracting more customers [2][3] Group 3: Cultural Integration - Cultural experiences are becoming a key component of Wuhan's night economy, with themed streets and events enhancing the appeal of night-time activities [4][5][6] - The "江夏里·武汉老码头文化美食街区" has successfully combined historical themes with modern entertainment, attracting large crowds and generating significant revenue [5][6] Group 4: Entertainment and Attractions - New attractions like the "城市之眼" Ferris wheel and immersive shows are drawing visitors, contributing to the city's reputation as a vibrant night-time destination [7][8] - The integration of sports events with local dining experiences is further enhancing the night economy, with initiatives like the "汉超" food and lifestyle event [8]

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].

Core Insights - Wuhan is transforming its night economy by leveraging its water resources, creating immersive experiences for both residents and tourists [2][5][20] Group 1: Night Economy Development - The Yangtze River light show has evolved from a mere backdrop for photos to a significant attraction driving Wuhan's night economy [2] - The introduction of themed night cruises, such as the "Changjiang Glory" cruise, combines cultural tourism, performances, and dining, making it a popular destination for families and tourists [2][5] - Recent measures to promote nighttime economic activities have led to an increase in night cruise vessels, now totaling 11, offering various immersive experiences [5] Group 2: Water-Based Leisure Activities - Wuhan's waterfront consumption extends beyond light shows to include diverse activities such as reading clubs, food streets, and free concerts, enhancing the overall visitor experience [6][20] - The popularity of water sports is rising, with youth participation in sailing increasing from fewer than 30 participants in 2019 to hundreds today, supported by local educational institutions [12] - Paddleboarding and hydrofoil sports are gaining traction, with local enthusiasts actively participating in these activities, indicating a growing trend in water sports [12][18] Group 3: Cultural and Recreational Integration - The integration of cultural events, such as immersive theater experiences, is attracting visitors and enriching the local cultural landscape [7][20] - The city is focusing on enhancing visitor experiences by developing more water-related leisure projects and optimizing waterfront commercial areas [20]

Group 1 - Domestic travel demand remains high during the summer, with significant increases in hotel, flight, and tour searches on Meituan Travel, showing 48% growth in hotel searches, 99% in flight searches, and 42% in tour searches since July [1] - Popular attractions like the Shanghai Natural History Museum and Haichang Ocean Park are experiencing record visitor numbers, with the museum reaching 4,800 visitors in a single day despite adverse weather conditions [2][3] - Haichang Ocean Park's hotel bookings are in high demand, particularly for the Ultraman-themed hotel, with a 10% increase in occupancy rates compared to last year [13] Group 2 - The "night economy" is thriving, with night tour-related searches and comments on Meituan Travel doubling since July, indicating a growing trend for nighttime activities [22] - Many attractions are extending their hours to accommodate night visitors, with significant increases in searches for night tours, such as a 200% rise for museum night tours [23] - Government initiatives in cities like Shanghai and Shenzhen are promoting the development of nighttime dining and entertainment, enhancing the overall tourism experience and increasing visitor retention [28]

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].