20230602-山西证券-研究早观点_3页_391kb

Summary of the Research Report on Post-Pandemic Tourism Recovery:

• Market performance on 2023-06-02: Domestic and international indices showed mixed results, with domestic markets like Shanghai Composite and Shenzhen Component up significantly, while some international markets like the NASDAQ had high gains.
• Industry analysis highlights that in the post-pandemic era, scenic spots are a key destination, especially among young consumers. For 2023 Q1, park attractions saw strong growth, with revenue increases reported.
• Key drivers: Revenue from tickets and transport indices (like scenic spots) is income-dependent and recovering well; state-owned status aids cost optimizations and higher earnings; high operating leverage amplifies performance.
• Specific company performances: Notable improvements in companies like Sanitez Cable (first quarterly profit since listing), Mount Emei A, and Huangshan Tourism, with some achieving record profits.
• Investment recommendations: Focus on catering and hotel segments due to tourism recovery and holiday season, advising layout amid "reasonable valuation" and upcoming opportunities.
• Risks: Potential ticket price cuts; uncertainty in consumer recovery pace; other factors like evolving trip reductions could impact performance. Overall, timings suggest a good recovery trajectory.