Tianmu Lake Tourism Co.,Ltd.(603136) 东吴证券·2025-04-21 05:23Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 536.21 million yuan in 2024, a year-on-year decrease of 14.87%, while the net profit attributable to the parent company was 104.66 million yuan, a year-on-year decrease of 28.80% [8] - In Q1 2025, the company reported a net profit attributable to the parent company of 0.14 billion yuan, representing a year-on-year increase of 26% [8] - The opening of the Hu-Su Lake high-speed railway is expected to boost customer traffic, and the company is actively advancing new projects [8] Financial Performance Summary - Total revenue for 2023 was 629.89 million yuan, with a projected revenue of 584.18 million yuan for 2025, reflecting an 8.95% year-on-year growth [1] - The net profit attributable to the parent company is forecasted to be 145.20 million yuan in 2025, a 38.73% increase compared to 2024 [1] - The earnings per share (EPS) is expected to be 0.54 yuan in 2025, with a price-to-earnings (P/E) ratio of 22.79 [1] Business Segment Performance - The revenue from various business segments in 2024 showed declines: scenic area (-13%), water world (-41%), hot springs (-10%), hotels (-23%), and travel agencies (-5%) [8] - The gross profit margins for these segments were 70.4% for scenic areas, -43.4% for water world, 47.0% for hot springs, 21.4% for hotels, and 6.6% for travel agencies [8] Future Outlook - The company is expected to see a recovery in profitability as the tourism industry fully recovers, with new projects set to launch [8] - The projected net profits for 2025, 2026, and 2027 are 1.5 billion yuan, 1.6 billion yuan, and 1.8 billion yuan respectively, with corresponding P/E ratios of 23, 21, and 19 [8]