天目湖：天气因素影响Q3业绩，期待后续新项目、新高铁提振客流

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's Q3 performance was significantly impacted by weather conditions, with a revenue decline of 26.35% year-on-year, leading to a total revenue of 1.41 billion yuan for Q3 2024 [2][3]. - Despite the challenges, the company is optimistic about future growth driven by new projects and the anticipated opening of the Hu-Su-Hu high-speed railway, which is expected to enhance visitor traffic [3]. - The company is positioned as a comprehensive tourism service provider in China, with a diverse portfolio including scenic spots, hot springs, theme parks, hotels, and travel agencies [3]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 4.05 billion yuan, down 14.77% year-on-year, and a net profit of 0.85 billion yuan, up 28.84% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 5.73 billion yuan, 6.36 billion yuan, and 6.78 billion yuan, respectively, with corresponding net profits of 1.13 billion yuan, 1.43 billion yuan, and 1.68 billion yuan [3][5]. - The current price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are projected to be 28x, 22x, and 19x, respectively [3].