天目湖(603136)：25Q1盈利明显改善 新老项目升级筹建积极推进

Core Viewpoint - The company is experiencing a narrowing revenue decline and improved profit performance in Q1 2025, with a focus on ongoing project developments and management output to enhance future revenue streams [1][3][4] Financial Performance - In 2024, the company achieved revenue of 536 million yuan, a year-on-year decline of 14.87%, with a net profit attributable to shareholders of 105 million yuan, down 28.8% [1] - For Q1 2025, revenue was 105 million yuan, a slight decline of 1.6% year-on-year, while net profit attributable to shareholders increased by 26.45% to 13.84 million yuan [1] - The gross profit margin for 2024 was 52.4%, down 1.9 percentage points, with declines in gross margins across various business segments [2] Project Development - The company is actively advancing the Nanshan Xiaozhai Phase II and Pingqiao cultural tourism complex projects, along with upgrades to existing projects [3] - A successful bid for the Liyang Tianmuhu Animal Kingdom cultural tourism complex project is expected to generate service fee income of 44.38 million yuan from 2025 to 2027 [3] Profit Forecast and Valuation - The company anticipates a revenue of 580 million yuan and a profit of 149 million yuan for the full year of 2025 [4] - The net profit forecasts for 2025-2027 are 130 million yuan, 150 million yuan, and 170 million yuan, representing year-on-year growth of 26%, 12%, and 17% respectively [4]