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]

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 ...