天目湖：暑期旺季经营承压，储备项目稳步推进

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10][13] Core Views - The company faced significant pressure in Q3 2024, with revenue declining by 26.5% year-on-year to 141 million yuan, and net profit dropping by 42.96% to 33 million yuan [2][5][7] - The overall revenue for the first three quarters of 2024 was 404 million yuan, down 14.77% year-on-year, with net profit decreasing by 28.84% [2][5][7] - Factors such as extreme weather, consumer environment, and outbound tourism diversion negatively impacted the company's performance during the peak summer season [2][7][9] - Despite the challenges, the company is progressing with reserve projects and expects improvements in regional transportation to boost future customer flow [2][9] Financial Forecasts and Metrics - Revenue projections for 2024E are set at 533 million yuan, with a forecasted decline of 15.4% compared to 2023 [1][10] - Net profit for 2024E is estimated at 103 million yuan, reflecting a decrease of 29.9% from the previous year [1][10] - The company’s earnings per share (EPS) for 2024E is adjusted to 0.55 yuan, down from previous estimates [10][11] - Key financial ratios include a projected PE ratio of 21.0 for 2024E and a PB ratio of 1.54 [1][10] Business Development and Strategic Outlook - The company is focusing on developing a one-stop leisure tourism destination, with ongoing projects expected to enhance its market position [2][9][10] - Anticipated improvements in transportation, such as the expected opening of the Hu-Su-Lake high-speed railway, are expected to facilitate customer growth [2][9] - The company is also collaborating with local authorities to develop new projects, which are expected to contribute positively to its long-term growth [2][9]