转自：北京日报客户端 "五一"假期即将到来，密云区古北水镇景区将上新一系列文旅活动，邀市民游客赏景打卡，享受美 妙"微度假"。活动将从4月30日持续至5月5日。 "今年'五一'，我们的活动将围绕古今情缘、盛世繁华、机器时代、醉游千年、星空长城五大主题展 开，主打沉浸式。"古北水镇品牌传播中心负责人肖佳坤介绍。 "晚间亮灯后，摄影爱好者可以选择精酿时光小院，这里能拍出层次感极强的夜景照——远处是圆通 塔，中景是错落有致的仿古建筑，近景是银笺桥，出片率100%。"肖佳坤说。 今年"五一"，古北水镇将迎来大客流。交通方面，景区在现有的3647个车位之外，还增设了1400个临时 车位，所有管理人员也将24小时在岗。 "五一"期间，停车场开通了24小时值班电话，同时也已准备好各项应急物资，以帮助游客处理车辆搭 电、充气、换胎等各项基础救援工作。 超级巡游是最具特色的"沉浸式"活动之一。从南天门出发，由演员饰演的李白、西施以及众多身着华服 的"古人"组成巡游队伍，一路抵达日月岛广场。"李白"还会和游客互动对诗，对诗成功便能当场"领 奖"。 5月1日至5月5日期间，待夜幕降临，400架无人机与80架孔明灯将在空中"起舞"， ...

公司报告 | 年报点评报告 天目湖（603136） 证券研究报告 25Q1 利润增长 26%，全年业绩增长展望积极 公司发布 2024 年报及 2025 年一季报： 2024 年营收 5.4 亿元、同比下滑 14.9%，归母净利润 1.0 亿元、同比下滑 28.8%，扣非归母净利润 1.0 亿元、同比下滑 27.8%。2024 年受外部市场环 境影响，业绩有所下滑。 24Q4 营收 1.3 亿元、同比下滑 15.2%，归母净利润 0.2 亿元、同比下滑 28.6%， 扣非归母净利润 0.2 亿元、同比下滑 29.6%。 25Q1 营收 1.0 亿元、同比下滑 1.6%，归母净利润 0.1 亿元、同比增长 26.45%， 扣非归母净利润 0.1 亿元、同比增长 34.5%。成本管控得当利润增速转正。 2024 年分红方案：拟每股派发现金红利 0.235 元（含税），分红率 60.7%。 分业务：2024 年各业务均承压 2024 年，景区业务收入 2.8 亿元、同比下滑 13.0%（其中，山水园收入 1.5 亿元、同比下滑 17.5%，南山竹海收入 1.3 亿元、同比下滑 7.6%），酒店业 务收入 1.6 亿 ...

Group 1 - The article highlights the appeal of spring as a season that encourages people to take a break from work and explore nature, particularly in places like Guizhou [1][3] - Young travelers are seeking unique experiences in Guizhou's villages, engaging in local traditions and activities rather than typical tourist attractions [3][4] - The transformation of previously isolated villages, such as Huawu Village, into popular travel destinations showcases the region's natural beauty and cultural richness [4][6] Group 2 - Huawu Village, once cut off from modern amenities, has become a camping hotspot due to its stunning landscapes and local hospitality [6][9] - Visitors can participate in hands-on cultural experiences, such as wax dyeing and traditional embroidery, which enhance their understanding of the local heritage [9][11] - The article emphasizes the unique cultural identity of the Tuntou people in Anshun, who maintain distinct traditions and languages, contributing to the region's diverse cultural tapestry [13][16] Group 3 - The Tuntou culture is characterized by a blend of military history and agricultural practices, with a focus on trade and community [16][19] - The article describes the architectural features of Tuntou villages, which include defensive structures and intricate designs that reflect their historical significance [19][21] - Cultural performances, such as local theater, play a vital role in preserving the history and values of the Tuntou people, providing entertainment and a sense of community [21][23] Group 4 - The article suggests that visitors can experience authentic Tuntou culture in places like Benzhai, which retains traditional architectural styles and community values [21][25] - The region's hospitality is highlighted through local accommodations that offer immersive experiences, allowing guests to engage with the culture and environment [25][28] - The vibrant cultural scene in places like Zhaoxing Dong Village showcases the integration of traditional music and dance, creating a lively atmosphere for both locals and tourists [28][31] Group 5 - The article concludes by emphasizing the unique charm of Guizhou, where diverse cultures and natural beauty coexist, offering endless opportunities for exploration and discovery [31][34] - The region's culinary diversity and local ingredients reflect the rich cultural heritage, making it a destination for food enthusiasts [34]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company reported a revenue of RMB 2.417 billion in 2024, representing a year-on-year growth of 25.49%, and a net profit attributable to shareholders of RMB 1.049 billion, marking a turnaround from a loss [3][8] - The growth in 2024 was primarily due to a low base from the previous year, with existing projects under pressure, necessitating ongoing attention to optimization [3][8] - New projects are ramping up quickly and showing excellent performance, with stable progress in light-asset contracts, indicating promising growth potential [3][5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.417 billion, up 25.49% year-on-year, and a net profit of RMB 1.049 billion, recovering from a loss [8] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 525 million, with a payout ratio of 50% [8] Project Performance - Existing projects showed mixed results, with most under pressure; however, new projects are performing well, such as the Guangdong Foshan project, which became profitable in its first year [8] - The company has signed a cooperation agreement for the "Silk Road Eternal Love" project, with expected service fees of RMB 50 million, set to open in July 2026 [8] Earnings Forecast - The company expects EPS of RMB 0.45, 0.50, and 0.55 for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21.3, 19.3, and 17.5 [5][7] - Revenue projections for 2025 are estimated at RMB 2.686 billion, with a growth rate of 11.1% [7]

证券研究报告·公司点评报告·旅游及景区 西域旅游（300859） 2024 年报及 2025 一季报点评：利润端承压， 关注资源整合进展 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 305.26 | 303.71 | 350.61 | 394.36 | 435.67 | | 同比（%） | 198.46 | (0.51) | 15.44 | 12.48 | 10.47 | | 归母净利润（百万元） | 105.58 | 86.51 | 104.30 | 125.53 | 145.66 | | 同比（%） | 1,235.17 | (18.06) | 20.56 | 20.36 | 16.03 | | EPS-最新摊薄（元/股） | 0.68 | 0.56 | 0.67 | 0.81 | 0.94 | | P/E（现价&最新摊薄） | 56.71 | 69.21 | 57.41 | 47.70 | 41.11 ...

[Table_Summary] 2025Q1，公司实现营业收入 1.05 亿元，同比下降 1.6%，实现扣非归母净利润 0.13 亿元，同 比增长 34.46%。远期来看，公司仍为景区板块中组织治理最优、成长逻辑最顺公司。 新项目 维度，未来三年溧阳"根据地"将以"零星增量完善功能+动物王国重磅项目落地"为主线，同 时异地扩张上有望取得突破，在地方国资扶持下成长为全国性休闲旅游龙头。预计 2025-2027 年公司归母净利润分别为 1.26/1.44/1.61 亿元，对应 PE 分别为 26X/23X/20X，维持"买入" 评级。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨天目湖（603136.SH） [Table_Title] 2024 年年报暨 2025 年一季报点评：新老项目 稳步推进，2025 年业绩韧性复苏 报告要点 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天目湖（603136.SH） ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - In 2024, the company achieved operating revenue of 1.931 billion, a year-on-year increase of 0.09%, and a net profit attributable to the parent company of 317 million, a year-on-year decrease of 18.95%. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to stable revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024, along with improved weather conditions, is anticipated to further increase visitor traffic to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][6]. - Projected net profits for 2025-2027 are estimated at 377 million, 415 million, and 449 million, respectively, with corresponding price-to-earnings ratios of 23, 21, and 19 [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 519 million, a year-on-year increase of 4.93%, and a net profit of 45 million, marking a return to profitability [6]. - The total number of visitors to the scenic area reached 4.9224 million, a year-on-year increase of 7.6%, while the cable car service transported 9.8149 million visitors, up 3.25% year-on-year [12]. - The decline in profit despite increased visitor numbers was attributed to a decrease in ticket prices, adverse weather conditions, and increased depreciation from new investments [12]. Cost and Profitability - Operating costs increased by 4.98% year-on-year, outpacing revenue growth, primarily due to new investment projects still in the cultivation phase, leading to a gross margin of 51.78%, down 2.24 percentage points [12]. - The company's net profit margin decreased by 6.03 percentage points to 17.61% due to rising costs and increased expense ratios [12]. Business Segments - Revenue from the scenic area business declined by 9.22%, while hotel and cable car businesses saw increases of 2.55% and 1.02%, respectively. The decline in scenic area revenue was mainly due to lower ticket prices [12]. - The company is undertaking several renovation and investment projects, including a 150 million upgrade to the Huangshan International Hotel and a joint venture to develop a cultural performance project [12]. Future Outlook - The company is expected to benefit from multiple favorable factors, including improved transportation and hotel renovations, leading to steady revenue growth. Visitor traffic is projected to increase with the opening of the Chi-Huang high-speed railway [2][12].

社会服务 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 603136.SH 买入 原评级：买入 市场价格:人民币 12.39 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.6 1.5 7.9 (37.0) 相对上证综指 6.6 3.7 6.6 (44.9) (27%) (19%) (11%) (3%) 4% 12% Apr-24 May-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 天目湖 上证综指 | 发行股数 (百万) | 270.13 | | --- | --- | | 流通股 (百万) | 270.13 | | 总市值 (人民币 百万) | 3,346.87 | | 3 个月日均交易额 (人民币 百万) | 86.08 | | 主要股东持股比例（%） | | | 溧阳市城市建设发展集团有限公司 | 26.86 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 《天目湖》2024 ...

Summary of Changbai Mountain Conference Call Company Overview - The conference call discusses the performance and outlook of Changbai Mountain, a tourist destination in China, focusing on its financial results and operational strategies for 2025. Key Points Financial Performance - In Q1 2025, Changbai Mountain reported a profit decrease of approximately 6 million yuan, attributed to rising wages, increased operational costs (such as expanded snow production and higher electricity costs due to new electric vehicles), and increased expenses related to travel agency revenue growth [2][4] - Revenue for Q1 2025 was 129 million yuan, a year-on-year increase of 0.73%, while costs and expenses rose by 9% [3][4] - Despite a 2.6% increase in visitor numbers, revenue growth was below 1%, primarily due to increased closure days of the Tianchi scenic spot and the timing of the Spring Festival [5] Visitor Trends and Projections - The company plans to host approximately 4 million visitors in 2025, representing a year-on-year growth of 17%-20%, with significant increases expected during the summer and winter seasons [8] - The opening of the Shenyang-Baicheng high-speed railway is anticipated to significantly boost visitor numbers in Q4 2025, changing the visitor demographic and promoting short-distance travel [8][10] Weather Impact - Adverse weather conditions in April 2025, including heavy snowfall, led to frequent closures of the Tianchi scenic spot, resulting in a 20% year-on-year decline in visitor numbers for that month [7][6] - The company expects the May Day holiday to be fully booked, but overall visitor numbers will depend on weather conditions [7] Infrastructure Developments - Significant infrastructure improvements are underway, including the expansion of the 331 National Road and the opening of new highways, which will enhance accessibility to the Changbai Mountain area [11][12] - The company is also investing in new facilities, such as the second phase of the hot spring project, expected to open before the summer or winter season of 2026 [18] Marketing and International Tourism - The inbound tourism market is primarily driven by South Korean visitors, with plans to promote Changbai Mountain in South Korea, Japan, and Southeast Asia [13][14] - The company aims to develop hiking routes and outdoor activities to cater to the preferences of South Korean tourists [15] Domestic Tourism Shifts - There has been a notable shift in domestic tourist demographics, with a decrease in visitors from Northeast China and an increase from North, East, and South China, particularly from Guangdong province [17] Future Investments and Projects - The company is focusing on core business areas such as transportation and hotel services, with ongoing projects under review by the stock exchange [18] - The transportation segment is expected to see a rebound in average spending per customer, while hotel occupancy rates and average room prices are projected to improve during the summer season [19][20] Ice and Snow Projects - Current revenue from ice and snow projects is limited, with plans to enhance offerings and potentially develop a comprehensive ice and snow tourism experience similar to "Snow Town" [21] - The company is exploring opportunities to manage additional scenic spots and hotels to increase visitor flow and standardize service quality [22] Goals and Performance Metrics - The target for visitor numbers in 2025 is set at 4 million, with internal goals exceeding those set by the State-owned Assets Supervision and Administration Commission [23] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the financial performance, visitor trends, infrastructure developments, and future growth plans for Changbai Mountain.

①中信证券：中长期维度，三大高确定性趋势仍是选择重心；②财通证券：市场情绪逐步企稳，配置 上"以我为主、以内为主"；③长城证券：建议关注红利板块，重视经济周期下大类资产的价格规律。 ①中信证券：5月有三条线存在机会 中信证券表示，对于5月，有三条线存在机会：（1）新技术和产业题材；（2）海外科技映射链修复。 该方向主要受益于前期超跌，以及估值和业绩匹配度较高，建议关注海外算力链挂钩的光模块、PCB、 服务器等；（3）服务业扩内需，包括文旅产业链上的酒店、景区、OTA，以及医疗服务领域的眼科、 齿科、中医等。 ②财通证券：市场情绪逐步企稳，配置上"以我为主、以内为主" 财通证券表示，继汇金等国资增持ETF后市场情绪逐步企稳，3月下旬+4月以来金融/消费表现居前，月 度较全A有明显超额。从最新一季报来看，全A业绩修复，内需相关的食饮景气延续、消费龙头公司表 现更优。配置上"以我为主、以内为主"，重视内需支撑+政策预期的大金融地产链、消费、央企重组三 大权重方向，有业绩支撑+胜率催化+补涨动力+赔率性价比，仍是当前阻力较小方向： （1）大金融地产链：券商受益股市向上与央国企合并，股份行受益地产改善+补涨，地产后周期 ...