格隆汇2月27日｜方正证券研报指出，三特索道（维权）股权问题理顺去包袱，项目新增改造开新章。 公司为稀缺的全国性运营景区公司，在全国9个省（自治区）运营景区与索道项目，并配套酒店、温泉 等多业态。2026年春节假期前8天，公司旗下景区接待游客量及营业收入分别同比增长18.19%、 11.62%，主力项目均实现同比增长。2026年公司持续享受国内旅游市场的高景气红利，且目前公司股 权问题理顺去包袱&项目新增改造开新章，有望带来利润及估值双击。目前公司股权结构已理顺，后续 国资继续增持概率较大。公司新建项目千岛湖牧心谷生态主题乐园总投资升级至3.94亿元，规划索道、 滑道、山地运动等沉浸式体验，目前项目建设正在推进中；珠海景山索道二期已正式开工，改造后利润 贡献将显著增长。海南猴岛、庐山三叠泉、梵净山等项目改造正在推进。维持"推荐"评级。 ...

三特索道为稀缺的全国性运营景区公司，在全国9 个省（自治区）运营景区与索道项目，并配套酒店、 温泉等多业态。2024 年，公司旗下贵州梵净山、华山索道、海南猴岛等7 个项目实现盈利，合计盈利 2.78 亿元，亏损项目仅4 个。 2026 年春节假期前8 天，公司旗下景区接待游客量及营业收入分别同比增长18.19%、11.62%，主力项 目均实现同比增长。2026 年公司持续享受国内旅游市场的高景气红利，且目前公司股权问题理顺去包 袱&项目新增改造开新章，有望带来利润及估值双击。 股权问题理顺去包袱 此前，公司受当代系债务危机及自身亏损项目影响，利润及估值均受拖累。2023 年6 月，武汉高科取代 当代城建成为公司控股股东，公司实控人变更为武汉东湖高新区管委会，截至2025/9/19，武汉高科及 其一致行动人合计持股23.77%，当代系持股21.79%。目前公司股权结构已理顺，后续国资继续增持概 率较大。2017 年以来，公司陆续处理亏损、抵消项目，资产负债率显著下降，19.28%（25 年前三季 度）vs 67.49%（2017 年）；净利润大幅提升，1.42 亿元（2024 年）vs 0.11 亿元（201 ...

【国泰商社】三特索道推荐：国资入主理顺机制，增量项目打开空间 投资建议：公司作为国内领先的跨区域索道运营商，国资入驻后治 理结构持续优化，历史包袱有望逐步出清，核心项目盈利能力强劲， 新增项目未来贡献可期。 我们预计公司 2025-2027 年营业收入分别 为 6.60/7.48 亿元/8.82 亿元，归母净利润分别为 1.37 /1.70/2.07 亿 元，对应EPS 分别为0. 【国泰商社】三特索道推荐：国资入主理顺机制，增量项目打开空间 投资建议：公司作为国内领先的跨区域索道运营商，国资入驻后治 理结构持续优化，历史包袱有望逐步出清，核心项目盈利能力强劲， 新增项目未来贡献可期。 我们预计公司 2025-2027 年营业收入分别 为 6.60/7.48 亿元/8.82 亿元，归母净利润分别为 1.37 /1.70/2.07 亿 元，对应EPS 分别为0.77 元/0.96 元/1.16 元。 给予 2026 年PE为30 倍，目标价28.8 元，首次覆盖，给予"增持"评级。 核心项目盈利能力强劲，多元化布局抗风险。 公司旗下七大盈利项 目 2024 年合计贡献营收 6.74 亿元（占比 97.33%）， ...

证券之星消息，2月26日湖北国企改革板块较上一交易日上涨0.68%，三特索道领涨。当日上证指数报 收于4146.63，下跌0.01%。深证成指报收于14503.79，上涨0.19%。湖北国企改革板块个股涨跌见下 表： 从资金流向上来看，当日湖北国企改革板块主力资金净流出5394.7万元，游资资金净流入4410.2万元， 散户资金净流入984.49万元。湖北国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 社会服务业 [Table_Industry] /社会服务 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 28.80 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.13-18.71 | | --- | --- | | 总市值(百万元) | 3,190 | | 总股本/流通A股(百万股) | 177/138 | | 流 ...

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 719 | 692 | 660 | 748 | 882 | | (+/-)% | 180.7% | -3.7% | -4.7% | 13.4% | 17.9% | | 净利润(归母) | 128 ...

Group 1 - The company held its 7th temporary meeting of the 12th Board of Directors on February 13, 2026, with all 9 directors present, confirming compliance with relevant laws and regulations [1][2] - The Board approved the proposal to amend the implementation details of the "Three Major and One Large" decision-making system [1][2]

证券代码：002159 证券简称：三特索道 公告编号：2026-1 武汉三特索道集团股份有限公司 第十二届董事会第七次临时会议决议公告 武汉三特索道集团股份有限公司（以下简称"公司"）第十二届 董事会第七次临时会议通知于 2026 年 2 月 10 日以短信、电子邮件等 方式发出。会议于 2026 年 2 月 13 日以通讯方式召开。会议由董事长 周爱强先生主持，会议应到董事 9 名，实到董事 9 名。公司部分高级 管理人员以通讯方式列席会议。本次董事会召集、召开程序符合《中 华人民共和国公司法》《武汉三特索道集团股份有限公司章程》《武 汉三特索道集团股份有限公司董事会议事规则》的规定。 经与会董事审议，会议对审议事项作出决议如下： 二、董事会会议审议情况 审议通过公司《关于修订<武汉三特索道集团股份有限公司"三 重一大"决策制度实施细则>的议案》。 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 表决结果：9 票同意、0 票反对、0 票弃权。 三、备查文件 公司第十二届董事会第七次临时会议决议。 特此公告。 1 董 事 会 2026 ...

Company and Industry Summary Company Overview - The company discussed is **三特索道 (SanTe Cableway)**, which is positioned in the tourism and leisure industry, focusing on cableway operations and related projects. The company has been significantly impacted by the debt crisis of its former controlling shareholder, **当代集团 (Contemporary Group)**, leading to a change in control to the **Wuhan East Lake New Technology Development Zone Management Committee** [1]. Key Points and Arguments - **Debt Crisis Impact**: The company has faced challenges due to the debt crisis of its former controlling shareholder, which is expected to be resolved by 2026, allowing for potential growth [1]. - **Shareholding Structure**: As of 2023, the new controlling entity and its concerted parties hold a total of **23.77%** of the shares, while the Contemporary Group holds **22.97%**. The buy-in price is noted at **16.28 CNY per share** [1]. - **Financial Recovery**: The company has been actively disposing of and revitalizing loss-making projects since the pandemic, resulting in a decrease in the debt-to-asset ratio from **61% in 2019** to **20% currently**. Net profit is projected to grow from **0.11 million CNY in 2019** to **1.42 million CNY in 2024** [2]. - **Project Performance**: Currently, the company operates **seven profitable projects** across **nine provinces**, generating a cumulative profit of **2.75 million CNY**. Key contributors include projects at **梵净山 (Fanjing Mountain)**, **华山 (Mount Hua)**, **猴岛 (Monkey Island)**, and **珠海 (Zhuhai)** [2]. - **Loss-Making Projects**: There are three main loss-making projects with a total loss of **5.249 million CNY**, which is expected to reduce to approximately **3 million CNY by 2025** [2]. - **Future Growth Potential**: New and renovated projects are anticipated to significantly enhance performance, with the **珠海 project** expected to increase profits by over **10 times** post-renovation. The **千岛湖牧心谷 (Thousand Island Lake Muxin Valley)** project is under construction and is expected to contribute over **40 million CNY** in performance by the first half of 2027 [2]. - **Valuation and Growth Outlook**: The company is currently valued at **20 times earnings for 2025**. With the resolution of equity issues and the full takeover by the State-owned Assets Supervision and Administration Commission (SASAC), the company is expected to see significant growth, with projected earnings of **1.8 million CNY in 2026** and **2.4 million CNY in 2027**. There is a positive outlook for a valuation increase to **25-30 times** by 2027, indicating potential for a doubling of value [2]. Additional Important Insights - The company is in a recovery phase, with a focus on improving its financial health and operational efficiency through strategic project management and revitalization efforts [2]. - The anticipated changes in shareholding and management structure are expected to provide a more stable foundation for future growth and investment opportunities [1][2].

Core Viewpoint - Recent events concerning SanTe Cableway (002159) involve performance release, capital flow, operational risks, and corporate governance [1] Group 1: Performance and Operational Situation - Investors should focus on the upcoming annual financial report for 2025, expected to be released in early 2026, as it will be a key indicator of the company's profitability sustainability [2] Group 2: Capital Movement - On January 7, 2026, SanTe Cableway experienced a net outflow of main funds amounting to 810,000 yuan, indicating a shift from net inflow to outflow, reflecting a cautious short-term attitude from major investors [3] Group 3: Company Status - On February 2, 2026, the company secretary responded to investor inquiries, confirming that there is no systemic risk of termination or cancellation of operating rights for scenic spots in other provinces, and that compliance in obtaining these rights is maintained [4] - On December 4, 2025, shares held by the major shareholder, Contemporary City Construction, were judicially frozen due to debt disputes; however, the company stated that this would not lead to changes in actual control or the largest shareholder, nor would it significantly impact operations [4] - On December 5, 2025, SanTe Cableway appointed new members to the board's audit committee, further enhancing the company's governance structure, reflecting ongoing internal management optimization [4]