事件描述 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。 风险提示 分业务看，各业务条线营收均受外部环境影响下滑，水世界受极端天气影响更大。2024年公司景区业 务/水世界业务/温泉业务/酒店业务/旅行社业务营业收入分别同比下降 13.03%/41.28%/10.4%/23.1%/4.54%，营业收入同比下降，主要系外部环境变化以及系暑期（7 月-8 月） 江浙沪地区持续高温、极端天气频发影响公司业务开展所致，由于天目湖水世界开放时间主要在6 月下 旬至9 月初，因此水世界业务受暑期极端天气影响更大，营收下滑幅度更深。受到收入下降影响，各业 务条线毛利率均下滑，其中水世界毛利率同比转负，各业务分别同比减少0.81/50.38/1.42/8.49/0.58pct。 盈利能力方面，2024 年同比承压，2025Q1 毛利率带动净利率回升。在营收下降影响下，20 ...

Core Insights - The company reported its 2024 annual results and Q1 2025 results, with performance in line with expectations [1] - Revenue for 2024 was 536 million, a decrease of 14.87% year-on-year, while net profit attributable to shareholders was 105 million, down 28.8% due to extreme weather and external market conditions [1] - In Q1 2025, total revenue was 105 million, a decline of 1.6% year-on-year, but net profit attributable to shareholders increased by 26.45% to 14 million [1] Financial Performance - The company's sales and management expense ratios for 2024 were 8.41% and 14.68%, respectively, with year-on-year changes of +0.83 and +0.99 percentage points [1] - For Q1 2025, the sales and management expense ratios were 5.67% and 17.15%, with year-on-year changes of +0.86 and +0.15 percentage points [1] Core Business Stability - The core scenic area business remained robust, with Tianmu Lake's main attractions generating revenues of 148 million and 135 million, down 17.47% and 7.58% year-on-year, respectively [1] - Gross profit margins for these attractions were 69.72% and 71.22%, indicating strong profitability [1] - The company effectively mitigated seasonal revenue fluctuations by developing secondary consumption scenarios and complementary seasonal products [1] Growth Initiatives - Scenic area renovations and new projects are driving organic growth, with ongoing projects like Nanshan Xiaozhai Phase II and Night Park enhancing visitor experience and brand appeal [2] - The company is expanding its hotel business through new constructions and renovations, improving reception capacity and service quality [2] - The opening of the Hushu Lake High-speed Railway at the end of 2024 will reduce travel time from Shanghai to Liyang to about one hour, potentially boosting visitor traffic [2] Shareholder Returns - The company implemented a profit distribution plan for 2023, distributing 5.36 yuan per 10 shares (including tax), totaling 100 million yuan [2] - The board approved a profit distribution proposal for 2024, planning to distribute 2.35 yuan per 10 shares (including tax), expected to total 63 million yuan [2] - The cash dividend policy aligns with company regulations, ensuring the protection of minority shareholders' rights [2] Investment Outlook - The company is focused on a "one-stop tourism" development model, with unique and competitive products [3] - Following the opening of the Hushu Lake High-speed Railway, there is significant marketing flexibility [3] - Upcoming projects include the planning and construction of Nanshan Xiaozhai Phase II, the planning of Pingqiao characteristic leisure tourism area, and the third phase of Yushui Hot Spring [3] - Profit forecasts for 2025 and 2026 have been revised down to 134 million and 153 million, respectively, with a new forecast for 2027 at 170 million [3]