中信建投证券股份有限公司关于江苏天目湖旅游股份有限公司 使用闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为江苏天目湖旅游股份有限公司（以下简称"天目湖"或"公司"）公开发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》和《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等相关法律法规的要求，对天目湖使用闲 置募集资金进行现金管理事项进行了审慎核查，具体核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏天目湖旅游股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]2697号）核准，公司向社会公开发 行可转换公司债券，共计募集资金人民币30,000.00万元，扣除发行费用后，募集 资金净额为人民币28,973.10万元，用于"南山小寨二期项目"、"御水温泉（一 期）装修改造项目"。上述募集资金到位情况经公证天业会计师事务所（特殊普 通合伙）验证，并于 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 18.53 yuan [10]. Core Viewpoints - The company's performance has significantly improved due to the recovery of visitor traffic and the impact of long-distance tourism. However, there is a need to monitor the recovery of surrounding tourism and the operational effects of new projects [10]. - The company has adjusted its profit forecast, maintaining a "Buy" rating. The pressure on visitor traffic is attributed to the diversion caused by long-distance tourism [10]. - The company achieved a revenue of 630 million yuan in 2023, reflecting a year-on-year growth of 70.9%, while the net profit attributable to the parent company reached 147 million yuan, a substantial increase of 623.9% [10][11]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 369 million yuan (-12.0% YoY) - 2023A: 630 million yuan (70.9% YoY) - 2024E: 687 million yuan (9.0% YoY) - 2025E: 809 million yuan (17.9% YoY) - 2026E: 856 million yuan (5.8% YoY) [10]. - **Net Profit Forecasts**: - 2022A: 20 million yuan (-60.6% YoY) - 2023A: 147 million yuan (623.9% YoY) - 2024E: 169 million yuan (15.1% YoY) - 2025E: 200 million yuan (18.3% YoY) - 2026E: 216 million yuan (8.1% YoY) [10]. - **Earnings Per Share (EPS)**: - 2023: 0.79 yuan - 2024: 0.91 yuan - 2025: 1.07 yuan - 2026: 1.16 yuan [10]. - **Return on Equity (ROE)**: - 2023: 10% - 2024: 10.8% - 2025: 11.7% - 2026: 11.4% [10]. Key Investment Points - The company is expected to benefit from the recovery of surrounding tourism and the operational effects of new projects, particularly the Pingqiao rafting project scheduled to launch mid-year [10]. - The company’s performance in Q1 2023 showed a slight decline, necessitating close attention to the recovery pace of surrounding tourism and the operational effects of new projects [10]. - The company’s revenue from core scenic areas and hotel operations increased by 2.8% and 118.2% respectively, indicating a strong recovery in demand [10].

Investment Rating - The report maintains a "Buy" rating for Tianmu Lake (603136 SH) with a target price of 18 53 yuan [6] Core Views - The company s performance is driven by the recovery of tourist traffic but faces pressure from long-distance travel diversion [6] - The report highlights the importance of monitoring the recovery of nearby tourism and the operational effectiveness of new projects such as the Pingqiao Rafting project [6] - The company s Q1 2024 performance showed a slight decline due to high base effects and long-distance travel diversion [6] - The company achieved revenue of 6 3 billion yuan in 2023 a 70 9% YoY increase with core scenic spots and hotel businesses contributing significantly [6] - The company s gross margin in 2023 was 54 3% lower than 2019 levels due to new hotel openings and product mix adjustments [6] - The company s cost control remains strong with sales management and financial expense ratios improving compared to 2019 [6] Financial Performance and Projections - Revenue for 2023 was 630 million yuan with a projected increase to 687 million yuan in 2024 and 809 million yuan in 2025 [6] - Net profit attributable to shareholders in 2023 was 147 million yuan with a projected increase to 169 million yuan in 2024 and 200 million yuan in 2025 [6] - The company s EPS is expected to grow from 0 79 yuan in 2023 to 1 16 yuan in 2026 [6] - The company s ROE is projected to increase from 10 1% in 2023 to 11 7% in 2025 [6] Key Projects and Future Outlook - The Pingqiao Rafting project is expected to start operations in mid-2024 with its performance being a key focus [6] - The completion of the Shanghai-Suzhou-Huzhou high-speed railway by the end of 2024 is expected to reduce travel time for key customer groups [6] - The Animal Kingdom project is anticipated to enrich Tianmu Lake s tourism resources and increase visitor numbers [6] Financial Ratios and Valuation - The company s P E ratio is projected to decrease from 23 in 2023 to 16 in 2026 [6] - The company s P B ratio is expected to decline from 3 in 2023 to 2 in 2026 [6] - The company s EV EBITDA ratio is forecasted to decrease from 10 in 2023 to 8 in 2026 [6]

证券代码：603136 证券简称：天目湖 公告编号：2024-019 江苏天目湖旅游股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： 会议召开时间： 2024 年 5 月 29 日(星期三)上午 9:00-10:00 会议召开地点：上海证券交易所路演中心（以下简称：上证路演中心）， 网址：https://roadshow.sseinfo.com/ 会议召开方式：上证路演中心网络文字互动问答形式 一、说明会类型 本次投资者说明会以网络文字互动问答形式召开，公司将针对 2023 年度以 及 2024 年第一季度的经营成果及财务指标情况的具体情况与投资者进行互动交 流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）召开时间： 2024 年 5 月 29 日 上午 9:00-10:00 （二）召开地点：上证路演中心 （三）召开方式：上证路演中心网络文字互动问答 会议问题征集：投资者可于 ...

证券代码：603136 证券简称：天目湖 公告编号：2024-018 江苏天目湖旅游股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 15 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 105,875,290 | | 3、出席会议的股东所持有表决权股份数占公司有表决 | 56.8322 | | 权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长李淑香女士主持。本次会议以现 场投票及网络投票相结合的方式进行表决，会议的召集、召开和表决方式符合《公 司法》、《上市公司股东大会规则》等法律、法规和其他规范性文件及《公司章程》 的有关规定，本次会议决议合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 9 人； ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于江苏天目湖旅游股份有限公司 2023 年年度股东大会的法律意见书 康达股会字【2024】第 1860 号 致：江苏天目湖旅游股份有限公司 北京市康达律师事务所（以下简称"本所"）接受江苏天目湖旅游股份有限公司（以 下简称"公司"、"天目湖"）的委托，指派律师参加公司 2023 年年度股东大会。本所 律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规 则》（以下简称"《规则》"）及《江苏天目湖旅游股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for Tianmu Lake (603136 SH) with a target PE of 18X 14X 12X for 2024-2026 [22][26][28] Core Views - Tianmu Lake achieved revenue of 630 million yuan in 2023 up 70 9% YoY and net profit of 147 million yuan up 623 9% YoY [22][24] - In Q1 2024 revenue declined 11 3% YoY to 107 million yuan and net profit dropped 42 8% YoY to 11 million yuan [5][22] - The company's net profit margin reached 26 7% in 2023 up 21 0 percentage points YoY but still 1 4 percentage points below 2019 levels [5] - The report expects the company to grow into a national leisure tourism leader with local state-owned enterprise support [22] Business Performance - In 2023 the company achieved record-high quarterly revenues of 163 million 192 million and 155 million yuan in Q2 Q3 and Q4 respectively [5] - The company's operating expense ratio was 20 13% in 2023 down 6 6 percentage points compared to 2019 demonstrating strong cost control [5] - The company's main business segments in 2023 showed mixed performance with scenic area revenue up 108 0% YoY while water park revenue declined 9 5% YoY [25] Industry and Company Outlook - The domestic tourism market is recovering with a shift from sightseeing to higher-value leisure tourism expected to continue in 2024 [6] - Tianmu Lake is well-positioned in the Yangtze River Delta region to benefit from the recovery of leisure tourism demand [6] - The company's "Animal Kingdom" and "Nanshan Village Phase II" projects were selected as key cultural and tourism projects in Jiangsu Province in 2023 [6] Financial Projections - The report forecasts net profits of 200 million 245 million and 283 million yuan for 2024-2026 respectively [22][26] - Revenue is expected to grow to 737 million 808 million and 918 million yuan in 2024-2026 [33] - The company's net profit margin is projected to increase from 23 3% in 2023 to 30 8% in 2026 [33]

江苏天目湖旅游股份有限公司 2023 年年度股东大会会议材料 二零二四年五月 目录 | 一、2023 | 年年度股东大会须知 | 3 | | | | --- | --- | --- | --- | --- | | 二、2023 | 年年度股东大会会议议程 | 5 | | | | 三、2023 | 年年度股东大会会议 | | | | | 议案一：关于变更募集资金投资项目实施主体并新增募集资金账户的议案 | | 7 | | | | 议案二：关于《2023 | 年年度报告及年报摘要》的议案 | 10 | | | | 议案三：关于《2023 | 年度董事会工作报告》的议案 | 11 | | | | 议案四：关于《2023 | 年度财务决算报告》的议案 | 18 | | | | 议案五：关于《2024 | 年度财务预算报告》的议案 | 25 | | | | 议案六：关于《2023 | 年度利润分配预案》的议案 | 27 | | | | 议案七：关于支付审计报酬及续聘审计机构的议案 | | 28 | | | | 议案八：关于 | 2024 | 年度申请银行授信、融资的议案 | | 29 | | 议案九：关于 | 2024 ...

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 rating of "Accumulate" for the company Tianmu Lake (603136) [1] - Previous rating was also "Accumulate" [1] Core Views - The report highlights the impact of improved transportation and the progress of new projects as key factors for future growth [1] - Despite a decline in visitor flow due to weather conditions in the first quarter, the opening of new projects is expected to provide support [1] - The target price has been adjusted to 25.15, reflecting a 5% decrease from the previous forecast of 26.48 [1] Financial Performance Summary - In 2023, the company achieved a revenue of 630 million, a 71% increase compared to the previous year [1] - Gross profit reached 343 million, up 156% year-on-year, with a gross margin of 54.34% [1] - Net profit attributable to shareholders was 147 million, representing a 624% increase [1] - The report forecasts an EPS of 0.90 for 2024, down 15% from previous estimates [1] Valuation Metrics - The report uses a valuation of 26x PE for the company, considering the potential for transportation improvements and new project expansions [1] - The adjusted target price of 25.15 suggests a potential upside based on current market conditions [1] Key Financial Indicators - The company’s operating profit margin improved significantly to 32.8% in 2023 from 3.7% in 2022 [1] - Return on equity (ROE) increased to 11.0% in 2023 from 1.7% in 2022 [1] - The report notes a significant increase in net profit margin, reaching 23.3% in 2023 [1]