研報掘金丨國海證券:首予九華旅遊“增持”評級,稀缺資產驅動長期成長
國海證券研報指出,九華旅遊深耕九華山核心風景區多年,依託國家5A級佛教名山資源,形成以索道、酒店、客運、旅行社爲核心的全鏈條文旅服務體系。依託九華山深厚的佛教文化底蘊與高遊客黏性,公司業務獲得穩定增長動能,並顯著受益於服務消費政策紅利及年輕羣體“寺廟遊”熱潮。核心盈利來源索道業務2023-2024年毛利率維持在85%以上,2024年索道營收達2.93億元,佔公司收入比重38.33%,是公司高確定性的核心利潤來源;2024年4月池黃高鐵通車,顯著縮短長三角及華中核心城市至九華山行程時間,疊加‘高鐵+航空+公路’三位一體網絡完善及區域景區集羣效應,九華山景區的通達性與整體吸引力持續增強。首次覆蓋,給予“增持”評級。
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