Guosheng Securities: Initially rated Xiangyuan Cultural Tourism as "buy", the current valuation still has room for improvement.

Guosheng Securities research report pointed out that as a cultural and tourism industry service provider with tourism destination investment and operation as its core, Xiangyuan Tourism currently owns three large international tourist destinations: "Daxiangxi, Dahuangshan, and Dananling." It has achieved asset-light output and relies on the rich resources accumulated by Xiangyuan Holdings in the cultural and tourism industry over the years. It is expected to further expand its cultural and tourism map with its excellent ability to acquire scenic assets and operate with light assets. At the same time, the company has the ability to integrate the entire chain and create cultural and tourism products, and is expected to further promote the release of performance through online Xiangyuan Travel, low-altitude flights, cruise ships and other new projects on the basis of expanding customer flow and increasing per capita spending in existing projects. It is expected that the company will achieve revenue of 1.36/1.57/1.73 billion yuan and net profit attributable to the parent company of 380 million/460 million/520 million yuan from 2025 to 2027. The current estimated corresponding PE is 21.3x/17.6x/15.6x. Referring to the valuation of comparable companies and considering the potential space for the company to acquire assets, there is still room for improvement in the current valuation. First coverage, "Buy" rating.