Guosheng Securities: Initiates "Buy" rating for Sunriver Culture Tourism, current valuation still has room for improvement

Guosheng Securities research report points out that Sunriver Culture Tourism, as a cultural tourism industry service provider focused on tourism destination investment and operation, currently owns three international-level tourism destinations: "Daxiangxi, Dahuangshan, and Dananling," and has achieved light asset output. Backed by the rich resources accumulated by Xiangyuan Holdings in the cultural tourism industry over the years, it is expected to further expand its cultural tourism territory with excellent scenic asset acquisition capabilities and light asset operation capabilities. At the same time, the company has full-link integration capabilities and cultural tourism product creation capabilities, which are expected to further promote the release of performance through new projects such as online Xiangyuan travel, low-altitude flight, and cruises, based on expanding customer flow and increasing customer spending in existing projects. It is estimated that the company will achieve revenue of 1.36 billion / 1.57 billion / 1.73 billion yuan and net profit attributable to the parent of 380 million / 460 million / 520 million yuan from 2025 to 2027, with current estimated corresponding PEs of 21.3x / 17.6x / 15.6x. Considering the valuations of comparable companies and the potential acquisition asset space, the current valuation still has room for improvement. This is the first coverage, and a "Buy" rating is given