天目湖（603136）：Q1收入微降、利润高增，关注储备项目进展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Insights - The company experienced a revenue decline of 15% in 2024, with total revenue of 536 million yuan and a net profit decrease of 29% to 105 million yuan. However, Q1 2025 showed signs of recovery with a slight revenue drop of 1.6% and a net profit increase of 26% to 13.84 million yuan [1][2]. - The company is actively pursuing growth projects, including the Nanshan Xiaozhai Phase II and the Pingqiao Cultural Tourism Complex, which are expected to enhance its market position and contribute to future earnings [3]. - The company is strategically located in the core area of the Yangtze River Delta, making it a rare private leisure tourism asset with high growth potential as the demand for leisure travel increases [3]. Financial Summary - In 2024, the company reported total revenue of 536 million yuan, a decrease of 14.87% from the previous year. The net profit attributable to the parent company was 105 million yuan, down 28.8% [5]. - The projected net profits for 2025, 2026, and 2027 are 140 million yuan, 164 million yuan, and 183 million yuan, respectively, indicating a recovery trend [5]. - The company plans to distribute a cash dividend of 2.35 yuan per 10 shares, with a dividend payout ratio of 60.65% for 2024 [1].