Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 405 million yuan for Q1-Q3 2024, a year-on-year decrease of 15%, and a net profit attributable to shareholders of 85 million yuan, down 29% year-on-year [2] - Q3 revenue was 141 million yuan, a decline of 26% year-on-year, with a net profit of 33 million yuan, down 43% year-on-year, primarily due to continuous rainy weather affecting normal operations [2] - The company is actively advancing the second phase of the Nanshan Xiaozhai project and has entered a new stage of government-enterprise cooperation by managing the Pingqiao Shiba Park [2] - The opening of the Hushu Lake High-speed Railway is expected to reduce travel time from Shanghai to Liyang, potentially boosting visitor numbers [2] - The company is recognized as a pioneer in the one-stop tourism model in China, with unique resource endowments and excellent project development capabilities [2] Financial Forecasts and Valuation - The company’s revenue forecast for 2024-2026 is adjusted to 1.3 billion yuan, 1.5 billion yuan, and 1.8 billion yuan respectively, with corresponding P/E ratios of 23, 20, and 18 times [2] - The projected net profit attributable to shareholders for 2024 is 134 million yuan, down from a previous estimate of 147 million yuan [2] - The gross profit margin for Q3 was 54.1%, a decrease of 5.7 percentage points year-on-year, and the net profit margin was 23.3%, down 6.8 percentage points year-on-year [2][7]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 400 million and a net profit attributable to shareholders of 85 million for the first three quarters, reflecting a year-on-year decline of 14.8% and 28.8% respectively. In Q3 alone, revenue was 140 million, down 26.4% year-on-year, with a net profit of 33 million, down 43.0% year-on-year [1]. - The decline in Q3 revenue is attributed to both internal and external factors, including a focus on high-end customer segments, which have been impacted by outbound tourism and macroeconomic pressures, as well as extreme weather conditions and high base effects from the previous year [1]. - Despite the revenue decline, operational efficiency improved, with a decrease in expense ratios offsetting the revenue drop, leading to an increase in profit margins. The gross margin for Q3 was 54.1%, down 5.7 percentage points year-on-year, while the net profit margin was 27.3%, down 7.4 percentage points year-on-year [1]. - The company is currently in a transitional phase but has positive mid-term growth prospects, particularly with the expected boost in customer flow following the opening of the Hu-Su-Lake high-speed railway in late 2024 and ongoing development of new tourism projects [1]. - The company is projected to achieve net profits of 120 million, 130 million, and 160 million for the years 2024 to 2026, with corresponding price-to-earnings ratios of 27X, 25X, and 19X [1][2]. Financial Forecast Summary - The company’s projected financial metrics for 2023A to 2026E include: - Revenue: 629.89 million in 2023, expected to decline to 589.29 million in 2024, then gradually increase to 698.00 million by 2026 [2]. - Net Profit: 147 million in 2023, projected to decrease to 116.09 million in 2024, with a recovery to 164.75 million by 2026 [2]. - Earnings Per Share (EPS): Expected to be 0.54 in 2023, decreasing to 0.43 in 2024, and then increasing to 0.61 by 2026 [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10][13] Core Views - The company faced significant pressure in Q3 2024, with revenue declining by 26.5% year-on-year to 141 million yuan, and net profit dropping by 42.96% to 33 million yuan [2][5][7] - The overall revenue for the first three quarters of 2024 was 404 million yuan, down 14.77% year-on-year, with net profit decreasing by 28.84% [2][5][7] - Factors such as extreme weather, consumer environment, and outbound tourism diversion negatively impacted the company's performance during the peak summer season [2][7][9] - Despite the challenges, the company is progressing with reserve projects and expects improvements in regional transportation to boost future customer flow [2][9] Financial Forecasts and Metrics - Revenue projections for 2024E are set at 533 million yuan, with a forecasted decline of 15.4% compared to 2023 [1][10] - Net profit for 2024E is estimated at 103 million yuan, reflecting a decrease of 29.9% from the previous year [1][10] - The company’s earnings per share (EPS) for 2024E is adjusted to 0.55 yuan, down from previous estimates [10][11] - Key financial ratios include a projected PE ratio of 21.0 for 2024E and a PB ratio of 1.54 [1][10] Business Development and Strategic Outlook - The company is focusing on developing a one-stop leisure tourism destination, with ongoing projects expected to enhance its market position [2][9][10] - Anticipated improvements in transportation, such as the expected opening of the Hu-Su-Lake high-speed railway, are expected to facilitate customer growth [2][9] - The company is also collaborating with local authorities to develop new projects, which are expected to contribute positively to its long-term growth [2][9]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company reported a revenue of 405 million yuan for the first three quarters of 2024, a year-on-year decrease of 14.77%, with a net profit attributable to shareholders of 85.42 million yuan, down 28.84% year-on-year. The decline in revenue and profit is attributed to extreme weather conditions affecting summer visitor numbers [5][6]. - The company is focusing on developing a one-stop tourism and educational base, capitalizing on the shift in consumer preferences towards leisure travel. It is actively advancing annual projects and planning light asset outputs to expand growth opportunities [6]. - The company is preparing for the construction of the second phase of the Nanshan Xiaozhai project and is collaborating with local authorities on the development of the Pingqiao Shiba area. The opening of the Hushu Lake High-speed Railway is expected to enhance visitor traffic [6][7]. Financial Summary - For 2024, the company expects total revenue of 570 million yuan, a decrease of 9.5% year-on-year, with net profit projected at 135 million yuan, down 8.4% year-on-year. The earnings per share are estimated to be 0.50 yuan [7][9]. - The gross margin is expected to be 53.5% in 2024, with a gradual increase to 56.0% by 2026. The return on equity (ROE) is projected to improve from 6.5% in 2024 to 11.5% in 2026 [7][9].

Financial Performance - The company's operating revenue for Q3 2024 was ¥141,236,319.48, a decrease of 26.35% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥32,861,989.57, down 42.96% year-on-year[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥32,291,118.51, a decrease of 41.38% compared to the previous year[2]. - The net cash flow from operating activities for Q3 2024 was ¥68,254,461.56, down 42.17% year-on-year[2]. - Basic earnings per share for Q3 2024 were ¥0.13, a decrease of 38.10% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was 2.34%, a decrease of 2.16 percentage points year-on-year[3]. - The net profit attributable to shareholders for the year-to-date period was ¥85,424,503.25, down 28.84% year-on-year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 404,649,241.93, a decrease of 14.74% compared to CNY 474,796,023.10 in the same period of 2023[12]. - Net profit for the first three quarters of 2024 was CNY 100,657,056.24, a decline of 28.00% compared to CNY 139,688,567.46 in the same period of 2023[14]. - Earnings per share for the first three quarters of 2024 were CNY 0.32, down from CNY 0.44 in the same period of 2023[15]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥1,784,630,418.01, an increase of 2.55% compared to the end of the previous year[3]. - Total current assets as of September 30, 2024, amount to 685,127,459.81 CNY, an increase from 596,995,654.60 CNY as of December 31, 2023, representing a growth of approximately 14.7%[10]. - Total assets as of September 30, 2024, are 1,784,630,418.01 CNY, compared to 1,740,232,880.56 CNY at the end of 2023, showing a slight increase of about 2.5%[11]. - Total liabilities increased to 256,828,336.42 CNY from 202,867,441.32 CNY, marking an increase of approximately 26.5%[11]. - Total liabilities increased to CNY 337,565,587.03 in Q3 2024, compared to CNY 291,846,322.92 in Q3 2023, reflecting a growth of 15.66%[12]. - Total equity attributable to shareholders was CNY 1,319,963,578.09, slightly down from CNY 1,332,520,857.74 in the previous year[12]. Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥124,424,356.65, a decrease of 47.3% compared to ¥235,694,259.92 in Q3 2023[17]. - Total cash inflow from financing activities was ¥285,000,000.00, significantly higher than ¥70,000,000.00 in the same period last year[18]. - The net cash flow from financing activities was -¥9,639,023.78, an improvement from -¥40,074,836.09 in Q3 2023[18]. - The total cash and cash equivalents at the end of Q3 2024 reached ¥608,204,851.19, up from ¥487,902,174.60 at the end of Q3 2023, representing a 24.7% increase[18]. - Cash outflow for operating activities totaled ¥332,072,252.03, compared to ¥301,387,704.97 in Q3 2023, indicating a 10.2% increase[17]. - Cash paid for taxes was ¥71,339,036.39, a significant increase from ¥23,904,254.17 in Q3 2023, reflecting a 198.5% rise[17]. - Cash inflow from investment activities was ¥536,883.90, compared to ¥146,100.75 in the same quarter last year, marking a 267.5% increase[17]. - Cash outflow for investment activities was ¥57,614,151.06, down from ¥74,661,749.77 in Q3 2023, showing a 22.9% decrease[17]. Operational Challenges - The company experienced a significant decline in performance due to extreme weather conditions affecting operations during the summer months[6]. - Basic earnings per share for the reporting period is -38.10 CNY, primarily due to a decrease in operating income leading to a reduced net profit[7]. - The company reported a tax expense of CNY 32,277,135.87 for the first three quarters of 2024, down from CNY 49,670,838.67 in the same period of 2023[14]. - Other comprehensive income after tax for the first three quarters of 2024 was CNY 1,871,953.38, compared to a loss of CNY 702,533.28 in the same period of 2023[15]. Shareholder Information - The company has no significant changes in the top ten shareholders or their shareholding status during the reporting period[9]. - There are no significant related party transactions or agreements among the top shareholders, ensuring independent governance[8]. - The company continues to focus on market expansion and new product development strategies, although specific details were not disclosed in the report[8].

会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 11 日(星期一)至 11 月 15 日(星期五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 yw@tmhtour.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏天目湖旅游股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果及财务状况等，公司计划于 2024 年 11 月 18 日上午 09:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：603136 证券简称：天目湖 公告编号：2024-038 江苏天目湖旅游股份有限公司 关于召开 2024 年第三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 11 月 18 日(星期一)上午 9:00-1 ...

分析师登记编码：S0130522070001 公司点评报告 · 社会服务行业 *压，关注中期储备项目落地进展 -公司信息更新 核心观点 ● 事件:1H24公司实现营收 2.63亿元/同比-7%;归母净利 0.53 亿/同比-16%; 扣非净利 0.51 亿元,同比-14%。其中,Q2公司实现营收 1.57亿元/同比-4%, 归母净利 0.42亿元/同比-4%,扣非净利 0.41亿元/同比-2%。 ● 公司酒店业务受消费力影响显著,导致1H24 经营承压。分业务看,1H24 公司景区业务实现营收 1.5 亿/同比-5.2%,营收降幅基本与行业平均接近。但 酒店营收上半年出现显著下滑,实现营收 0.75亿/同比-20%,我们认为主要与 公司酒店产品定位偏中高端,同时受华东地区消费力承压+中高端客流被海外 旅游分流影响下。 ● 成本费用刚性,1H24盈利能力回落。1H24公司毛利率 52.2%/同比-1.5pct, 主要因景区、酒店以折搓固定成本为主,客流、客单价下降导致固定成本摊薄 效应减弱。期间费用率亦因固定费用占比较高而提升,1H24公司销售费用率 6.5%/同比+0.5pct,管理费用率 14.8%/同比+ ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - In the first half of 2024, the company reported a revenue of 263 million yuan, a year-on-year decrease of 7.07%, and a net profit attributable to shareholders of 53 million yuan, down 14.52% year-on-year [2] - The company is focusing on a diversified development strategy to enhance its tourism offerings and brand recognition through various online promotional activities [2] - Short-term investment focus includes the company's strategic location in the Yangtze River Delta, the expansion of its hotel matrix, and the potential revenue increase from new projects like the rafting initiative [2] Financial Performance Summary - For 2024H1, the company's gross margin was 52.18%, down 9.80% year-on-year, and the net profit margin was 23.58%, down 8.80% year-on-year [2] - The company’s revenue from scenic area operations was 146 million yuan, down 5.19% year-on-year, while hotel revenue was 77 million yuan, down 17.07% year-on-year [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 152 million, 170 million, and 177 million yuan respectively, with corresponding P/E ratios of 18, 16, and 15 [3][5]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥263,412,922.45, a decrease of 6.93% compared to ¥283,034,061.68 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥52,562,513.68, down 15.81% from ¥62,432,885.01 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥50,781,593.90, a decrease of 14.34% compared to ¥59,284,999.59 in the same period last year[15]. - The net cash flow from operating activities was ¥56,169,895.09, down 52.27% from ¥117,671,253.80 in the previous year[15]. - The net assets attributable to shareholders of the listed company at the end of the reporting period were ¥1,286,195,257.22, a decrease of 3.48% from ¥1,332,520,857.74 at the end of the previous year[15]. - Total assets at the end of the reporting period were ¥1,802,330,468.64, an increase of 3.57% from ¥1,740,232,880.56 at the end of the previous year[15]. - Basic earnings per share decreased by 17.39% to CNY 0.19 compared to the same period last year[16]. - Diluted earnings per share also decreased by 17.39% to CNY 0.19 compared to the same period last year[16]. - Weighted average return on equity fell by 1.25 percentage points to 3.87% compared to the same period last year[16]. Tourism Industry Trends - The tourism industry is experiencing a shift from sightseeing to leisure travel, with increased demand for cultural and experiential tourism[17]. - The inbound tourism market has seen a significant increase, with overall orders for domestic inbound tourism growing over three times year-on-year[17]. - The company is actively exploring night tourism projects to enhance visitor experiences and capitalize on the night economy[17]. - The company has established a sustainable tourism operating model, focusing on repeat customers and high visitor engagement[17]. - The company has developed a comprehensive tourism service model, covering various sectors including scenic spots, hot springs, theme parks, and hotels[17]. Operational Strategies - The company is leveraging big data for intelligent management and is integrating various industries to enhance operational efficiency[17]. - The company has developed a diverse range of tourism products, including a camping base with various tent options and activities tailored to niche markets[19]. - The company has launched personalized family-oriented travel products, including summer and winter camps, to meet evolving market demands[19]. - The company emphasizes a one-stop tourism model, integrating product diversity, market segmentation, and comprehensive service systems[20]. - The company aims to extend visitor stays and diversify its market reach, moving beyond day trips to multi-day leisure destinations[20]. Financial Management and Investments - The company has invested significantly in brand promotion and media strategies to enhance the "Tianmu Lake" brand recognition[22]. - The company achieved a total revenue of 263.41 million yuan in the first half of 2024, reflecting a focus on enhancing operational performance and brand recognition in the tourism sector[26]. - The company is actively expanding its market presence, with a strategic focus on deepening cooperation with government entities to enhance resource mobilization and brand promotion[26]. - The company has implemented a quality management system based on customer satisfaction, aiming to continuously improve service quality and operational efficiency[24]. - The company has established a performance management system that integrates key performance indicators (KPIs) across all levels to drive strategic objectives[24]. Corporate Governance and Compliance - The company has committed that during the tenure of its directors and senior management, they will not transfer more than 25% of their total shares held each year, and they will not transfer any shares within six months after leaving their positions[49]. - The company guarantees that it will not lend funds to shareholders and related parties in any form, ensuring compliance with relevant regulations[49]. - The company has made a commitment to avoid any business activities that may compete with its own operations, both domestically and internationally[51]. - The company has pledged to strictly adhere to national and local laws regarding the management of water resources and scenic areas when developing tourism rights[51]. - The company has stated that it will not engage in any unfair transactions that could harm its interests or those of its shareholders[53]. Shareholder Relations - The annual shareholders' meeting was held on May 17, 2024, where various proposals were approved[40]. - The company has proposed a profit distribution plan for the fiscal year 2023, but no distribution or capital increase is planned[43]. - The company distributed dividends totaling ¥99,853,736.28 during the first half of 2024[89]. - The company has a plan for shareholder returns over the next three years (2024-2026)[41]. - The total number of common shareholders as of the end of the reporting period is 17,783[69]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, including the use of clean energy and electric vehicles[47]. - The company has established a management system for forest resources, focusing on conservation and biodiversity[46]. - The company is committed to sustainable development, avoiding harmful ecological practices in its operations[44]. - The company is actively participating in rural revitalization efforts, including organizing free and discounted tourism activities to boost local economies[48]. - The company has implemented a tax reduction policy for small and micro enterprises, allowing a 50% reduction in various taxes until December 31, 2024[145]. Financial Position and Assets - The company's cash and cash equivalents increased to approximately ¥622.72 million as of June 30, 2024, up from ¥555.93 million at the end of 2023, representing a growth of 11.93%[73]. - Total assets increased to ¥1,802,330,468.64, up from ¥1,740,232,880.56, representing a growth of approximately 3.4%[74]. - The company's total liabilities increased to ¥394,724,585.57 from ¥291,846,322.92, reflecting a rise of approximately 35.3%[75]. - The company reported a significant reduction in employee compensation payable, decreasing to ¥7,874,219.58 from ¥24,745,346.22, a decline of about 68.2%[74]. - The company’s total equity attributable to the parent company increased by 102,343,500.00 RMB during the reporting period[92]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, indicating no significant issues affecting the company's ability to continue operations for at least 12 months[98]. - The company’s accounting policies comply with the requirements of the Enterprise Accounting Standards, ensuring accurate reflection of financial status and results[99]. - The company recognizes control over an investee when it has power, variable returns, and the ability to affect returns[107]. - Revenue is recognized when the customer obtains control of the related goods or services, with the transaction price allocated to the performance obligations[134]. - The company assesses whether contracts are leases at the start date, recognizing right-of-use assets and lease liabilities for leases other than short-term and low-value asset leases[141].

证券代码：603136 证券简称：天目湖 公告编号：2024-036 江苏天目湖旅游股份有限公司 （一）扣除发行费用后的实际募集资金金额、资金到账时间 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可转换公司债 券的批复》（证监许可〔2019〕2697 号）文核准，公司向社会公开发行可转换公司债券 3,000,000 张，每张面值为人民币 100.00 元，按面值发行。本次募集资金发行总额为人民币 300,000,000.00 元，扣除发行费用人民币 10,269,000.00 元后，实际募集资金净额为 289,731,000.00 元，用于"南山小寨二期项目"、"御水温泉（一期）装修改造项目"。 该募集资金已于 2020 年 3 月 5 日全部到位，公证天业会计师事务所（特殊普通合伙）对 募集资金到位情况进行了验证，并出具了《验证报告》（苏公 W〔2020〕B015 号）。公司已 对募集资金进行了专户存储。 （二）以前年度已使用金额、本年度使用金额及当前余额 截至 2024 年 6 月 30 日，本公司实际使用募集资金投入募投项目 20,445,793.47 元，其 中报告期内投入 441 ...