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； ...

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 ...

上 市 公 司 社会服务 2024 年 04 月 28 日 天目湖 (603136) ——一季度业绩短期承压，期待新项目落地表现 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 19.13 | | 一年内最高 / 最低（元） | 28.93/14 | | | | | 市净率 | 2.7 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 3564 | | 上证指数/深证成指 | 3088.64/9463.91 | | --- | --- | |---------------------------------------------------------|------------------------| | | | | 基础数据 : | 年 03 月 31 日 | | | | | 每股净资产（元） | 7.21 15.77 | | 资 ...

[Table_MainInfo] 公司研究/旅游服务业/景点与休闲设施 证券研究报告 天目湖（603136）公司年报点评 2024 年 05 月 08 日 [Table_QuoteInfo] 23 年收入增长 71%，"一站式"旅游恢复强劲 2023 年景区业务蓬勃发展，复合产品优势显著。①景区业务收入 3.25 亿元 （+107.95%），毛利率 71.25%（+25.06pct）。②温泉业务收入 0.47 亿元 （+47.71%），毛利率 48.41%（+11.42pct）。③酒店业务收入 2.07 亿元 （+45.24%），毛利率 29.88%（+5.05pct）。④水世界业务收入 0.13 亿元 （-9.50%），毛利率 6.98%（-8.65pct）。⑤旅行社业务收入 0.91 亿元（+25.71%）， 毛利率 7.20%（+2.70pct）。公司多元化产品协同发展，恢复快，市场竞争力强。 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|------------------|------ ...

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[Table_Contacts] [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|--------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 369 | 630 | 721 | 805 | 882 | | 增长率（ % ） | -12.0% | 70.9% | 14.5% | 11.7% | 9.6% | | EBITDA （百万元） | 126 | 325 | 355 | 405 | 453 | | 归母净利润（百万元） | 20 | 147 | 179 | 213 | 245 | | 增长率（ % ） | -60.6% | 623.9% | 21.9% | 19.1% | 14.7% | | EPS （元 / 股） | 0.11 | 0.79 | 0.96 | 1.15 ...

24Q1 业绩承压，关注新项目落地及高铁通车 受益于疫后旅游市场高景气，23年景区及酒店板块实现明显复苏。2023年，公 司山水园、南山竹海景区分别实现营收 1.8 亿元、1.5 亿元，同比 2019 年分别 增长 8.7%、7.5%；公司疫情期间布局的酒店陆续爬坡，实现营收 2.1亿元，同 比增长 45.2%。温泉、水世界、旅行社业务分别实现营收 4718.8万元、1271.2 万元、906.6 万元，分别恢复至2019 年同期的 89.1%、80.4%、71.3%。 漂流项目即将落地，预计年底开通的沪苏湖高铁有望使天目湖进入上海"一小 时生活圈"。公司旗下漂流项目预计在今年暑期落地，增加公司盈利点，并且公 司南山小寨二期项目及动物王国项目也在有序推进中。沪苏湖高铁计划于 2024 年底开通运营，届时上海到溧阳高铁交通时间将由 2 小时缩短至 1 小时左右， 天目湖对上海客群的吸引力提升。 风险提示：客流恢复不及预期、行业竞争加剧、门票价格管控、项目建设进度 不及预期等风险。 投资要点 西南证券研究发展中心 数据来源：聚源数据 [Table_Report] 1. 天目湖（603136）：长三角优质休闲游目 ...

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].

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