丨证券研究报告丨 公司研究丨点评报告丨黄山旅游（600054.SH） [Table_Title] 2025 年中报点评：进山游客稳健增长 报告要点 [Table_Summary] 全域布局全力推进，科技引领持续发力，2025 年黄山 AI 旅行助手全面接入 DeepSeek 大模 型，在智能交互、场景服务、伴游体验等方面迎来全面升级。看好公司受益于交通条件改善、 酒店项目改造等多重利好，实现收入业绩稳增。在 2024 年，池黄高铁开通，随着天气条件改 善，未来进山客流有望进一步增长；山上山下酒店改造升级，量价有望重攀高峰。预计 2025- 2027 年公司归母净利润分别为 3.54/3.93/4.36 亿元，对应 PE 分别为 25/22/20X，维持"买 入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 黄山旅游（600054.SH） cjzqdt11111 [Table_Title2] ...

Core Viewpoint - Huangshan Tourism reported steady operational performance with a revenue of 1.931 billion yuan and a net profit of 315 million yuan for 2024, reflecting confidence in sustainable development through a cash dividend distribution of 1.25 billion yuan, representing 39.83% of the profit [1] Group 1: Financial Performance - The company achieved an operating income of 1.931 billion yuan and a net profit attributable to shareholders of 315 million yuan in 2024 [1] - A cash dividend of 1.72 yuan per 10 shares (including tax) is proposed, with a total distribution amounting to 1.25 billion yuan [1] Group 2: Market Strategy and Growth - Huangshan Tourism is focusing on its core tourism business, leveraging technology and culture to drive transformation and high-quality development [1] - The company implemented the "Bring Guests to Huangshan" plan, optimizing revenue management and enhancing marketing channels, resulting in a 7.60% year-on-year increase in visitor numbers to 4.9224 million [2] - The company is advancing project upgrades, including the renovation of key hotels and the development of new attractions, to enhance its tourism offerings [2] Group 3: Digital Transformation - Huangshan Tourism is actively pursuing digital transformation in the tourism sector, utilizing AI technology to improve operational efficiency and enhance visitor experience [3] - The company developed the Huangshan AI Travel Assistant, providing various services such as intelligent customer service and personalized recommendations, making it the first "fully AI-assisted" scenic area in China [3] - The company is also enhancing its official platform with features like smart reservations and real-time navigation to improve user experience [3] Group 4: Cultural Integration and Branding - The integration of culture and tourism is becoming a key path for high-quality development, with Huangshan Tourism focusing on creating unique cultural tourism IPs [4] - The company is embedding Huangshan's natural wonders and Huizhou culture into various media formats to promote cultural tourism [4] - Huangshan Tourism has successfully showcased its offerings at international events, promoting Chinese culture abroad through various social media platforms [4] Group 5: Future Outlook - With the national focus on expanding domestic demand, Huangshan Tourism plans to accelerate the integration of tourism with technology and new media formats to enhance brand influence and market competitiveness [5][6]