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中信证券:旅游景区板块景气度回升可期

CITIC Securities: The sector of tourist attractions can be expected to recover in terms of prosperity.

Breakings ·  Jun 20 08:56

Citic securities research reports indicate that since 2023, there have been several obvious trends in the tourism sector. From the perspective of the recovery pace, individual travelers are better than group travelers, and natural attractions are better than leisure attractions. Among them, famous mountains and rivers have the leading recovery of passenger flow. From the perspective of time distribution, the holiday effect is more obvious and tourism consumption is more concentrated, while non-holidays are relatively flat. From the perspective of regional distribution, the tourism sector also shows a sinking phenomenon, with prominent growth in cost-effective travel and county-level tourism. In the short term, based on the data of the first quarter of 2024, due to the higher base formed by compensatory travel in the first quarter of 2023, coupled with poor weather and late temperature rise in many places, the growth rate of passenger flow and income in the tourism sector in the first quarter of 2024 is under pressure compared with the same period last year. With the gradual entry into the peak tourism season, the prosperity of tourism attractions is expected to recover. Considering the differences in the base effect, weather conditions, transportation conditions, and preferential policies, it is determined that the tourism sector will show a trend of overall growth and differentiation between attractions in the future. In the medium and long term, as one of the representative scenes of experiential consumption, tourism attractions still have strong growth resilience.

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