天目湖（603136）：2025年半年度报告点评：盈利韧性彰显，项目高效推进

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 246 million yuan, a year-on-year decrease of 6.49%, while the net profit attributable to the parent company was 54.73 million yuan, an increase of 4.12% year-on-year [5][6] - The company is expected to remain one of the best-governed and most logically growing companies in the scenic area sector, with future projects focusing on incremental improvements and the launch of a significant animal kingdom project in Liyang [5][10] - The company is projected to achieve net profits attributable to the parent company of 132 million, 150 million, and 171 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27X, 23X, and 21X [5][10] Financial Performance - In Q2 2025, the company reported operating revenue of 141 million yuan, down 9.82% year-on-year, and a net profit of 40.89 million yuan, a decrease of 1.76% year-on-year [5][6] - The company’s gross profit margin improved by 1.37 percentage points to 53.55% in the first half of 2025, indicating operational resilience [10] - The overall expense ratio decreased by 0.16 percentage points to 19.52%, contributing to a net profit margin increase of 1.84 percentage points to 25.42% [10] Strategic Development - The company is effectively advancing both existing project upgrades and new project developments, with significant upgrades to core products and facilities in the existing projects [10] - The company has initiated a light asset operation model, which is expected to become a new profit growth point in the future [10] - The strategic focus for the next two years includes enhancing the functionality of the Liyang base and expanding into new regions with local state-owned enterprise support [10]