Investment Rating - The investment rating for the company is "Accumulate" [3][17]. Core Views - The company's performance in 2023 reached a new high in profits and increased dividends, with a revenue of 630 million yuan, representing a 70.9% increase compared to the previous year and a 25.2% increase compared to 2019. The net profit attributable to shareholders was 147 million yuan, up 623.9% year-on-year and 18.8% compared to 2019 [3][4]. - The company plans to distribute a cash dividend of 5.36 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 68% and a dividend yield of 2.9% based on the current price [3]. - New project expansions have driven revenue growth compared to 2019, with hotel revenue increasing by 117% compared to 2019, while other business segments remained relatively stable [3][4]. - The company has adjusted its business structure, with hotel revenue accounting for 33% of total revenue in 2023, up from 19% in 2019 [3]. - The company is expected to continue benefiting from its advantageous location and ongoing development of a one-stop resort destination, with local state-owned assets enhancing resource development and project reception capabilities [17]. Financial Summary - In 2023, the company reported a gross profit margin of 54.3%, an increase of 18.1 percentage points year-on-year, although it decreased by 11.0 percentage points compared to 2019 [3]. - The company's net profit margin was 23.3%, an increase of 17.8 percentage points year-on-year, but a decrease of 1.2 percentage points compared to 2019 [3]. - The financial forecast for 2024 estimates revenue of 676 million yuan, a 7.3% increase, and a net profit of 159 million yuan, an 8.2% increase [4][11]. Future Outlook - The company is currently facing pressure in Q1 2024 due to seasonal weather factors and consumer environment disturbances, with a revenue of 11 million yuan, down 11.3% year-on-year, and a net profit of 10.94 million yuan, down 42.8% [3]. - The company is expected to release the potential of its new projects post-pandemic, with significant developments such as the Pingqiao Drift project and the upcoming opening of the Hushu Lake High-Speed Railway, which will shorten travel times for key customer groups [3][17].

Investment Rating - The report assigns a "Reduce" rating, indicating that the company's stock price is expected to decline by more than 10% relative to the benchmark index over the next 6-12 months [5]. Core Views - The tourism market is rapidly recovering, and the company has capitalized on this opportunity, achieving record high performance in 2023 with revenue of RMB 630 million, a year-on-year increase of 70.9%, and a net profit of RMB 147 million, a year-on-year increase of 623.9% [15]. - The company's performance in Q1 2024 was impacted by climate conditions, leading to a revenue of RMB 107 million, a year-on-year decrease of 11.33%, and a net profit of RMB 11 million, a year-on-year decrease of 42.82% [15][17]. - The company plans to enhance its dividend payout ratio, proposing a cash dividend of RMB 0.536 per share, totaling RMB 100 million, with a dividend payout ratio of 67.93% [15]. Financial Summary - Revenue projections for the company are as follows: RMB 630 million in 2023, RMB 737 million in 2024E, RMB 844 million in 2025E, and RMB 924 million in 2026E, with growth rates of 70.9%, 16.9%, 14.5%, and 9.6% respectively [2]. - The company's EBITDA is projected to be RMB 324 million in 2023, RMB 379 million in 2024E, RMB 458 million in 2025E, and RMB 518 million in 2026E [2]. - The diluted earnings per share (EPS) are expected to be RMB 0.79 in 2023, RMB 0.93 in 2024E, RMB 1.16 in 2025E, and RMB 1.33 in 2026E [2]. Business Segments Performance - In 2023, the revenue breakdown by business segments is as follows: scenic area RMB 325 million (+108.0%), hotel RMB 207 million (+45.2%), and travel agency RMB 9 million (+25.7%) [15]. - The gross profit margins for the scenic area, hotel, and travel agency segments showed significant recovery, with respective year-on-year increases of 25.1%, 11.4%, and 2.7 percentage points [15]. Future Outlook - The company is optimistic about future growth driven by new project developments, including the establishment of a rafting project and the completion of the second phase of the Nanshan Xiaozhai project [15][17]. - Despite the short-term challenges due to climate impacts, the long-term outlook remains positive, supported by state-owned capital driving external expansion [15].

Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Views - In 2023, the company achieved operating revenue of 630 million yuan, a year-on-year increase of 70.90%, and a net profit attributable to shareholders of 147 million yuan, a significant increase of 623.90% [2][3]. - The company effectively capitalized on the recovery of domestic consumption and tourism markets, implementing marketing strategies and leveraging its one-stop tourism model, resulting in notable operational management success [2][4]. - The first quarter of 2024 saw a decline in revenue to 107 million yuan, down 11.33% year-on-year, and a net profit of 10.95 million yuan, down 42.82% year-on-year [2]. Summary by Sections Financial Performance - The company reported a significant recovery in 2023, with a gross margin for the scenic area business reaching 71.25%, an increase of 25.06 percentage points from 2022 [4]. - Revenue from the scenic area, water world, hot springs, hotels, and travel agency businesses were 325 million, 1.3 million, 4.7 million, 207 million, and 900 thousand yuan respectively, with year-on-year growth rates of 107.95%, -9.50%, 47.71%, 45.24%, and 25.71% [4]. Profit Distribution - The company announced a profit distribution plan for 2023, proposing a cash dividend of 5.36 yuan per 10 shares (tax included) and a capital reserve conversion of 4.5 shares for every 10 shares held [2]. Future Earnings Forecast - The company is expected to achieve net profits of 169 million, 201 million, and 237 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.91, 1.08, and 1.27 yuan, and PE ratios of 21, 18, and 15 times [5].

Investment Rating - The report assigns a **Buy** rating to Tianmu Lake (603136 SH) based on its strong recovery in revenue and profitability, supported by the hotel business and new project developments [12] Core Viewpoints - **Revenue and Profit Recovery**: In 2023, the company achieved revenue of 630 million yuan, a 25 2% increase compared to 2019, with net profit attributable to the parent company reaching 147 million yuan, an 18 8% increase compared to 2019 [12] - **Hotel Business Contribution**: The hotel segment contributed significantly to revenue growth, with a 45% increase in 2023 compared to 2022, generating 207 million yuan in revenue [12] - **Scenic Area Performance**: The scenic area business showed recovery, with revenue from Shanshui Garden and Nanshan Bamboo Sea reaching 179 million yuan and 146 million yuan respectively, up 8 7% and 7 5% compared to 2019 [12] - **New Projects and State-owned Capital Support**: The company is advancing new projects such as the drift project and Nanshan Xiaozhai Phase II, with state-owned capital (Liyang Chengfa) becoming the largest shareholder, providing financial and resource support [12] Financial Performance Summary - **Revenue Growth**: Revenue is expected to grow from 630 million yuan in 2023 to 873 million yuan in 2026, with a CAGR of 8 9% [2] - **Net Profit Growth**: Net profit attributable to the parent company is projected to increase from 147 million yuan in 2023 to 237 million yuan in 2026, with a CAGR of 13 4% [2] - **Gross Margin Improvement**: Gross margin improved significantly from 36 2% in 2022 to 54 3% in 2023, and is expected to reach 58 6% by 2026 [2] - **ROE Improvement**: ROE increased from 1 7% in 2022 to 11 0% in 2023, and is forecasted to stabilize around 12% from 2024 to 2026 [2] Valuation Metrics - **P/E Ratio**: The P/E ratio is expected to decline from 24 24x in 2023 to 15 01x in 2026, reflecting improved profitability [2] - **P/B Ratio**: The P/B ratio is projected to decrease from 2 67x in 2023 to 1 82x in 2026, indicating a more attractive valuation [2] Key Projects and Strategic Initiatives - **Drift Project**: Expected to open in the summer of 2024, targeting the summer tourism market [12] - **Nanshan Xiaozhai Phase II and Animal Kingdom Projects**: These projects aim to enrich the company's tourism product portfolio [12] - **Transportation Improvements**: The Shanghai-Suzhou-Huzhou railway, expected to open by the end of 2024, will enhance accessibility for tourists from Shanghai, bringing Tianmu Lake within a one-hour travel radius [12] Industry and Market Position - **Tourism Recovery**: The company benefits from the recovery of the tourism industry, particularly in the Yangtze River Delta region, with strong operational capabilities and a competitive edge in the leisure tourism market [12] - **State-owned Capital Advantage**: The involvement of state-owned capital provides financial stability and resource access, supporting the company's long-term growth [12]

Investment Rating - Buy-A rating with a 6-month target price of 22.02 yuan [5][10] Core Views - The company's performance in 2023 showed significant recovery, with revenue reaching 6.30 billion yuan, up 70.90% YoY, and net profit attributable to shareholders reaching 1.47 billion yuan, up 623.90% YoY [2] - High-margin projects, such as scenic spots and hot spring businesses, drove the recovery, with scenic spot revenue increasing by 107.95% YoY and hot spring revenue increasing by 47.71% YoY [3] - The company's 2024 Q1 performance showed a decline in revenue and net profit, with revenue at 1.07 billion yuan, down 11.33% YoY, and net profit at 0.11 billion yuan, down 42.82% YoY [1] - The company is expected to continue benefiting from the recovery of the tourism market, with high-margin businesses driving future growth [10] Financial Performance 2023 Full Year - Revenue: 6.30 billion yuan, +70.90% YoY, recovering to 125.25% of 2019 levels [2] - Net profit attributable to shareholders: 1.47 billion yuan, +623.90% YoY, recovering to 118.55% of 2019 levels [2] - Operating cash flow: 3.16 billion yuan, +177.36% YoY [2] 2024 Q1 - Revenue: 1.07 billion yuan, -11.33% YoY, recovering to 120.22% of 2019 levels [1] - Net profit attributable to shareholders: 0.11 billion yuan, -42.82% YoY, recovering to 73.33% of 2019 levels [1] - Operating cash flow: 0.19 billion yuan, -57.63% YoY [1] Business Segment Performance - Scenic spot business: Revenue of 3.25 billion yuan, +107.95% YoY, with a gross margin of 71.25%, up 25.06 percentage points YoY [3] - Hot spring business: Revenue of 0.47 billion yuan, +47.71% YoY, with a gross margin of 48.41%, up 11.42 percentage points YoY [3] - Hotel business: Revenue of 2.07 billion yuan, +45.24% YoY, with a gross margin of 29.88%, up 5.05 percentage points YoY [3] - Water World business: Revenue of 0.13 billion yuan, -9.50% YoY, with a gross margin of 6.98%, down 8.65 percentage points YoY [3] Cost and Profitability - 2023: Gross margin of 54.34%, up 18.10 percentage points YoY, and net margin of 26.72%, up 20.98 percentage points YoY [4] - 2024 Q1: Gross margin of 38.17%, down 4.25 percentage points YoY, and net margin of 13.01%, down 5.05 percentage points YoY [4] Future Outlook - The company is expected to achieve revenue growth of 22.2%, 8.7%, and 8.7% in 2024, 2025, and 2026, respectively, with net profit growth of 39.5%, 14.2%, and 16.7% [10] - High-margin businesses are expected to drive future growth, with the company focusing on innovation and market expansion [10]

[Table_Title] 23 年业绩如期复苏，但 1Q24 业绩受天 气及项目投入增长而承压 核心观点： 公司点评●旅游及景区 [Table_Header] 2024 年 04 月 28 日 [Table_StockCode] 天目湖(603136) [Table_InvestRank] 推荐 (维持) [Table_Summary] 事件：2023 年公 司实现营收 6.3 亿 元/同 比+71%； 归母 净 利 1.5 亿 元/同 比 +624%，扣非净利 1.4 亿元/同比+1024%。1Q24 公司实现营收 1.1 亿元/同比11%，归母净利 0.1 亿元/同比-43%，扣非净利 0.1 亿元/同比-45%。 ⚫ 2023 年内部项目表现有所分化 2023 年受益于国内消费及旅 游市场快速复苏，公 司疫情期 间新增项目开始贡 献增量，整体营收规 模同比增长 70%，且较 2019 年增长 26%。分产品看，公 司山水园、南山竹 海两大核 心景区项目各实现营收 1.8 亿、1.5 亿元，同比增 107%、109%，但水世界项目受天气因素影响，同比 22 年下降 10%；酒店业 务方面，受益于酒店项目 ...

增持：预期未来 6 个月个股涨跌幅相对基准介于 5%与 15%之间； 中性：预期未来 6 个月个股涨跌幅相对基准介于-5%与 5%之间； 减持：预期未来 6 个月个股涨跌幅相对基准介于-15%与-5%之间； 卖出：预期未来 6 个月个股涨跌幅相对基准在-15%以下。 行业投资评级： 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相 对评级体系，表示投资的相对比重建议。投资者买入或者卖出证券的决定应当充分考虑自身 特定状况，如具体投资目的、财务状况以及特定需求等，并完整理解和使用本报告内容，不 应视本报告为做出投资决策的唯一因素。 东吴证券研究所 苏州工业园区星阳街 5 号 证券研究报告·公司点评报告·旅游及景区 ◼ 股息率达 2.6%，同时每股以公积金转增 0.45 股。公司拟每股派发现金 红利 0.536 元，合计派发 1 亿元（含税），占 2023 年归母净利润 68%。 同时拟向全体股东每股以公积金转增 0.45 股，转增后，公司总股本从 1.9 增至 2.7 亿股。 ◼ 客流带动核心业务毛利率大幅修复。分产品来看，2023 年山水园/南山 竹海/水世界/温泉/酒店/旅行社分 ...

江苏天目湖旅游股份有限公司 未来三年（2024-2026 年）股东分红回报规划 为了建立健全公司科学、持续、稳定的分红决策和监督机制，积极回报投资 者，引导投资者树立长期投资和理性投资理念，根据中国证券监督管理委员会《关 于进一步落实上市公司现金分红有关事项的通知》、《上市公司监管指引第 3 号——上市公司现金分红》（2023 年修订）、《关于修改〈上市公司章程指引〉 的决定》、《上市公司自律监管指引第 1 号——规范运作》等有关法律、法规、 规范性文件及《公司章程》的规定，结合公司实际情况，公司制定了《未来三年 （2024-2026 年）分红回报规划》（以下简称"本规划"），具体内容如下： 一、制定股东分红回报规划考虑的因素 公司着眼于长远和可持续发展，在综合分析企业经营发展实际、股东要求和 意愿、社会资金成本、外部融资环境等因素的基础上，充分考虑公司目前及未来 盈利规模、现金流量状况、发展所处阶段、项目投资资金需求、本次发行融资、 银行信贷及债权融资环境等情况，建立对投资者持续、稳定、科学的回报机制， 保持利润分配政策的连续性和稳定性。 二、制定股东分红回报规划的原则 本规划的制定应在符合相关法律法规、《 ...

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江苏天目湖旅游股份有限公司 独立董事 2023 年度述职报告（张燕） 各位股东、股东代表： 作为公司独立董事，根据《公司法》、《证券法》、《上市公司独立董事规则》等法律、 法规以及《江苏天目湖旅游股份有限公司章程》和《江苏天目湖旅游股份有限公司独立董事 制度》等规定和要求，本人在 2023 年度工作中诚信、勤勉、尽责、忠实及独立地履行职责， 积极出席相关会议，认真审议董事会及董事会专门委员会的各项议案，对公司相关重大事项 发表独立客观的意见，切实维护了公司和股东的利益，充分发挥了独立董事作用。现将本人 2023 年履行职责情况简要汇报如下： 一、独立董事的基本情况 1.独立董事变动情况 报告期内，因公司控制权发生变更等实际情况，公司提前进行了董事会换届选举工作， 选举产生了第六届董事会三名独立董事，并完成了第六届董事会战略、提名、审计和薪酬与 考核四个专门委员会的换届工作。目前，公司第六届董事会独立董事分别为张燕女士、刘照 慧先生、吕博文先生（公司第五届董事会独立董事分别为杨军先生、伏磊先生、张燕女士）。 2.个人工作履历 作为公司 2023 年度的独立董事，本人及本人直系亲属、主要社会关系均未在公司及其附 ...