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].

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 ...

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 263 million yuan for the first half of 2024, a decrease of 6.9% year-on-year, with a net profit attributable to the parent company of 53 million yuan, down 15.8% year-on-year [4] - The gross margin for the first half of 2024 was 52.2%, a decrease of 1.5 percentage points year-on-year [4] - The company is actively expanding its tourism product offerings and has several projects underway, including the Nanshan Xiaozhai Phase II project and the Yushui Hot Spring Phase III project [4] - The completion of the Hu-Su-Lake high-speed railway is expected to boost visitor traffic to the company's attractions [4] Financial Summary - The company’s revenue for 2024 is projected to be 648 million yuan, with a year-on-year growth of 2.9%, and net profit is expected to be 153 million yuan, reflecting a growth of 4.2% [5][6] - The earnings per share (EPS) for 2024 is estimated at 0.57 yuan, with a projected price-to-earnings (P/E) ratio of 20-25 times, leading to a fair value range of 11.40-14.25 yuan per share [5][6] - The company’s gross margin is expected to stabilize around 53.0% in 2024, with a net profit margin of approximately 23.6% [9][10] Business Segmentation - The revenue from the scenic area business was 151 million yuan, down 12.8% year-on-year, but the gross margin improved by 3.2 percentage points to 61.7% [4] - The hot spring business generated 23 million yuan in revenue, a decrease of 2.4%, with a gross margin increase of 3.4 percentage points to 26.2% [4] - The hotel business saw a revenue decline of 19.6% to 75 million yuan, with a gross margin decrease of 5.7 percentage points to 30.6% [4] - The travel agency business reported a revenue of 87 million yuan, down 14.0%, with a gross margin of only 0.1% [4]

献未来成长动能 [Table_Contacts] [Table_Page] 跟踪研究|旅游及景区 证券研究报告 [Table_Title] 天目湖（603136.SH） 24Q2 业绩同比微降，按计划推进年度项目 [Table_Summary] 核心观点： 事件：公司披露 2024 年中报，24H1 实现营收 2.63 亿元，同比降低 6.93%，实现归母净利润 0.53 亿元，同比降低 15.81%，实现扣非归母 净利润 0.51 亿元，同比增长 14.34%。经测算，24Q2 单季度实现营收 1.57 亿元，同比降低 3.68%，实现归母净利润 0.42 亿元，同比下降 3.87%，实现扣非归母净利润 0.41 亿元，同比下降 2.23%。 从费用端看，公司 24H1 实现毛利率 52.18%，同比降低 1.5pp，24Q2 实现毛利率 40.38%，同比下降 3.34pp。公司 24Q2 费用率 19.63%， 同比增长 1.7pp，其中，销售/管理/财务费用率分别为 7.42%/13.34%/- 1.13%，同比分别增长 1.36pp、增长 0.75pp、降低 0.41pp。综合来看， 24H1 归母 ...

上 市 公 司 证 券 研 究 报 告 社会服务 2024 年 08 月 31 日 天目湖 (603136) ——酒店业务有所承压，新项目稳步推进 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 9.94 | | 一年内最高/最低（元） | 24.16/9.11 | | 市净率 | 2.1 | | 息率（分红 / 股价） | 5.39 | | 流通 A 股市值（百万元） | 2,685 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 4.76 | | 资产负债率 % | 21.90 | | 总股本/流通 A 股（百万） | 270/2 ...

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+ ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨天目湖（603136.SH） [Table_Title] 2024 年半年度报告点评：利润同比承压，期待 暑期旺季提升业绩 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 上半年，公司实现营业收入 2.63 亿元，同比 -6.93% ；实现归母净利润 5256.25 万元，同 | | | 比 -15.81% ；实现扣非归母净利润 5078.16 万元，同比 -14.34% 。远期来看，公司仍为景区板块 中组织治理最优、成长逻辑最顺公司。 新项目维度，未来三年溧阳"根据地"将以"零星增量 | | | 完善功能 + 动物王国重磅项目落地"为主线，同时 ...

公 司 研 究 社 会 服 务 天目湖 沪深300 [Table_Reportdate] 2024年09月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn | --- | --- | |-----------------------------|------------| | [ 数据日期 Table_cominfo] | 2024/08/30 | | 收盘价 | 9.94 | | 总股本 ( 万股 ) | 27,013 | | 流通 A 股 /B 股 ( 万股 ) | 27,013/0 | | 资产负债率 (%) | 21.90% | | 市净率 ( 倍 ) | 1.91 | | 净资产收益率 ( 加权 ) | 3.87 | | 12 个月内最高 / 最低价 | 24.16/9.11 | [Table_QuotePic] -51% -42% -34% -25% -16% -8% 1% 9% 23-09 23-12 24-03 24-06 [相关研究 Table_Rep ...

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]