股 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 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 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： | [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 | ...

Group 1: Visitor Reception Growth - The company experienced a significant increase in visitor reception in the first three quarters of 2025 due to enhanced marketing efforts, product supply expansion, increased transportation capacity, and favorable weather conditions [3][4]. - The marketing team actively promoted brand awareness and product offerings, making core products essential for tourists visiting Yichang [3]. - New products such as "Premium All-Region Tour" and "Sturgeon VIP Experience" were introduced, contributing to the growth [3]. Group 2: Cruise Development - The first two inter-provincial cruise ships are under construction, with expected operational dates by June 2026 and December 2026 [3][4]. - The company has established a management and marketing system for the inter-provincial cruise business, with a focus on building a competent operational management team [3]. Group 3: Financial Performance and Dividend Policy - The company has maintained a high cash dividend ratio, with a cash dividend of CNY 68.94 million in 2024, representing 58.63% of the net profit [5]. - The annual cash distribution ratio has been increased from 10% to 30%, and the cumulative cash distribution over the last three years will be at least 50% of the average distributable profit [5]. Group 4: Asset Depreciation and Infrastructure - The depreciation period for the company's tourism vessels is set at 20 years, in line with industry standards [6]. - Yichang has seen improvements in transportation infrastructure, including expanded airport routes and new high-speed rail connections, enhancing accessibility for tourists [7][8]. Group 5: Strategic Goals - The company aims to become a leader in Yangtze River Three Gorges tourism and a pioneer in China's inland cruise tourism [8]. - Strategies include leveraging the parent company's resources for mergers and partnerships, and expanding the cruise fleet to enhance tourism offerings [8].

Group 1: Company Performance - The company achieved a total revenue of 2.86 billion yuan in the first half of 2025, representing a year-on-year growth of 20.20% [2] - The number of tourists received by the company's cruise products reached 125.25 thousand, marking a 10.96% increase compared to the same period in 2024 [2] - The gross profit margin of the travel agency business reached 26%, significantly higher than the industry average [3] Group 2: Factors Driving Growth - The increase in tourist reception was attributed to favorable weather conditions in the first quarter, which led to an earlier market activation compared to last year [3] - The company expanded its capacity by adding new cruise ships, including the Xiling Gorge Harmony and Joy [3] - New product offerings, such as the Premium All-Region Tour and Sturgeon VIP Experience, contributed to the growth in tourist numbers [3] - Enhanced marketing efforts in various target cities improved brand recognition and product awareness [3] Group 3: Strategic Goals - The company aims to become the leader in tourism for the Three Gorges region and a pioneer in China's inland cruise tourism [5] - Implementation strategies include leveraging the advantages of the controlling shareholder for resource integration and expanding the cruise industry scale through self-built and external growth [5] Group 4: Market Conditions - In 2024, the Three Gorges cruise market saw a total of 5,396 ship departures, with a cumulative passenger volume of 1.2359 million, of which 1.1767 million were domestic tourists, accounting for 95.21% of total reception [6][7] - The elderly population (60 years and above) constituted 50.88% of the total passenger volume [7] Group 5: Regulatory Environment - The Yangtze River Navigation Administration issued regulations on May 31, 2024, regarding market access for inter-provincial passenger transport, including restrictions on establishing new companies and conditions for new ship construction [9]