天目湖（603136）：2024年报及2025一季报点评：Q1归母净利同增26%，关注新项目进展

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a Q1 net profit attributable to shareholders of 0.14 billion yuan, representing a year-on-year increase of 26% [8] - The company is actively promoting new projects, including the second phase of Nanshan Xiaozhai and the Pingqiao cultural tourism complex [8] - The opening of the Hushu Lake high-speed railway is expected to boost customer traffic, reducing travel time from Shanghai to Liyang [8] - The company is recognized as a pioneer in the one-stop tourism model in China, with strong project development and operational capabilities [8] Financial Summary - For 2024, the company achieved total revenue of 5.36 billion yuan, a year-on-year decrease of 15%, and a net profit of 1.05 billion yuan, a year-on-year increase of 29% [8] - The company's revenue and net profit forecasts for 2025-2027 are adjusted to 1.5 billion, 1.6 billion, and 1.8 billion yuan respectively, with corresponding P/E ratios of 23, 21, and 19 [8] - The company’s total assets are projected to grow from 1,782 million yuan in 2024 to 2,338 million yuan by 2027 [9] - The company’s operating cash flow is expected to increase from 192 million yuan in 2024 to 326 million yuan in 2027 [9]