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 ...

[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） ...

Core Insights - The company reported a revenue of 7.751 billion yuan for 2024, a year-over-year decrease of 0.5%, and a net profit attributable to shareholders of 806 million yuan, an increase of 1.4% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.862 billion yuan, down 1% year-over-year, with a net profit of 83 million yuan, a decline of 25% year-over-year [1] Business Segment Performance - Hotel operations generated revenue of 5.067 billion yuan in 2024, down 5% year-over-year, with a gross margin of 18.7%, a decrease of 2.6 percentage points [1] - Hotel management revenue reached 2.168 billion yuan, an increase of 12% year-over-year, with a gross margin of 77.7%, up 1.6 percentage points [1] - Scenic area business revenue was stable at 516 million yuan, with a gross margin of 66.1%, down 2.6 percentage points year-over-year [1] Hotel Performance Metrics - The average RevPar for the company's hotels in Q4 2024 was 134 yuan, a decrease of 3.0% year-over-year, with an occupancy rate of 61.1%, down 1.5 percentage points [1] - The full-year RevPar for 2024 was 147 yuan, down 4.7% year-over-year, with an average daily rate (ADR) of 229 yuan, down 2.6% year-over-year, and an occupancy rate of 64.2%, down 1.4 percentage points [1] Expansion and Future Plans - In Q4 2024, the company opened 401 new stores, with a net increase of 253 stores, totaling 1,353 new stores for the year, a 13% increase year-over-year [2] - The company plans to open 1,500 new stores in 2025, focusing on increasing the proportion of standard management and mid-to-high-end hotels [2] - As of December 31, 2024, the company had a store reserve of 1,743, with 943 standard management hotels, an 11% year-over-year increase [2] Financial Forecast - The company forecasts revenues of 8 billion yuan, 8.2 billion yuan, and 8.5 billion yuan for 2025 to 2027, representing year-over-year growth of 3%, 3%, and 4% respectively [2] - Net profits are expected to be 910 million yuan, 1.01 billion yuan, and 1.11 billion yuan for the same period, with year-over-year growth of 13%, 11%, and 10% respectively [2]