天目湖：2024年中报点评：24Q2利润略微下滑，多元素线上宣传持续提升景区知名度

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]