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海昌海洋公园(02255.HK)站上“政策+资本”双风口,六部委消费升级方案引爆文旅赛道

香港智远权证网2025年12月4日 00:00
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事件催化:11月26日,六部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》,以消费升级引领产业升级,以优质供给更好满足多元需求,实现供需更高水平动态平衡。政策落地后,海昌即被纳入“首批受益标的”名单,资金抢筹迹象明显,近一周成交已放大。

精准命中政策靶点 轻资产扩张全面切换估值逻辑

《方案》提出,到2027年,消费品供给结构明显优化,形成3个万亿级消费领域和10个千亿级消费热点,打造一批富有文化内涵、享誉全球的高品质消费品。北京海昌海洋公园计划于2027年开业,其坐落于北京市通州区环球影城度假区,与北京环影仅一街之隔,其采取轻资产模式,具体为合作方负责土地获取及投资建设,承担资本支出;海昌负责项目运营且实现收入并表。如此一来,待开业后将显著提升公司整体利润率及降低风险。

海昌在建在规划中的采取轻资产模式的项目还包括上海、福州等地,积极响应《方案》打造一批富有文化内涵、享誉全球的高品质消费品。过去市场对海昌的担心集中在“重资产、高折旧、现金流吃紧”。如今海昌重资产包袱卸下、现金流转正,海昌正由“高杠杆景区股”蜕变为“轻资产现金牛”,估值重估空间随之打开。

资本结构显著优化,流动性压力缓解

受疫情后复苏节奏慢于预期、新项目集中投入等因素影响,海昌海洋公园2024年出现阶段性亏损,流动资金承压。今年祥源控股以每股0.45港元认购51亿股新股,总计22.95亿港元,将主要用于补充营运资金、偿还存量债务及核心业务发展。交割后公司资产负债率有望大幅下降,短期借款偿还缺口将被覆盖,财务费用预计每年减少逾上千万,将大幅度释放利润。

获MSCI ESG AAA评级 撬动全球资本活水

海昌获纳入MSCI中国可投资市场指数(MSCI China IMI)成分股,MSCI ESG评级跃升至AAA级,成为全球主题公园行业少数获得最高等级的企业之一。这一结果不仅标志着公司在环境保护、社会责任及治理结构上的持续投入获得国际权威认可,也为其打开全球被动资金及主权基金配置通道。

结语

从“重资产自建”到“轻重并举输出”,海昌海洋公园正站在商业模式升级与盈利拐点交汇的新起点。公司有望在未来三年迎来入园人次、收入等核心指标的共振上行,为投资者带来可持续的回报。业内分析师普遍预期,当新一轮旅游消费旺季与财务改善共振到来时,海昌海洋公园的估值修复之路才刚刚开始。

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