天目湖公司深度研究：时在中春，阳和方起

Investment Rating - The investment rating for the company is "Buy" and it is maintained [18]. Core Views - The company has positioned itself as a comprehensive tourism service provider in the Yangtze River Delta, leveraging its one-stop tourism model to attract visitors and enhance performance across multiple business segments [18][19]. - The recovery of the tourism market, particularly in the Yangtze River Delta, is expected to boost the company's performance, with a significant increase in domestic tourist numbers and spending [19][92]. - The company benefits from state-owned enterprise support, which enhances its market competitiveness and facilitates resource integration [20][35]. Summary by Sections Company Overview - Jiangsu Tianmuhu Tourism Co., Ltd. has evolved from operating two small boats to becoming a comprehensive tourism service provider with multiple national-level attractions and hotels [18][53]. - The company has established a destination cluster effect, focusing on two to three-day leisure travel [18][53]. Market Recovery and Trends - The domestic tourism market has shown signs of recovery, with visitor numbers and revenue returning to pre-pandemic levels, particularly during holiday periods [19][92]. - The shift in consumer preferences from sightseeing to high-value leisure travel is evident, with the Yangtze River Delta emerging as a mature leisure travel destination [19][92]. Strategic Development - The company has adopted a one-stop tourism strategy, enhancing product offerings and integrating various services to improve customer experience [20][85]. - The entry of state-owned enterprises as major shareholders has led to increased government support and promotional activities for the Tianmuhu brand [20][35]. Financial Performance and Forecast - For 2023, the company is projected to achieve a net profit of 1.50 billion, 2.01 billion, and 2.31 billion for the years 2023, 2024, and 2025 respectively, with corresponding price-to-earnings ratios of 22X, 16X, and 14X [35]. - The company reported a significant increase in revenue and net profit for the first three quarters of 2023, with revenue reaching 4.75 billion, a year-on-year increase of 95.52% [106].