天目湖：公司半年报点评：2Q24利润同比下滑4%，严控成本提升运营效率

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]