天目湖（603136）：一季度净利润同比转增，2025年业绩目标积极

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to external market conditions and extreme weather, but it has set positive performance targets for 2025 [1][3]. - The company plans to distribute a cash dividend of 2.35 yuan per 10 shares, maintaining a dividend payout ratio of 60.65% [1][6]. - Despite the challenges in 2024, the company is focusing on cost optimization and has seen a narrowing revenue decline in Q1 2025, with a significant increase in net profit [2][11]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 536 million yuan, a decrease of 14.87% year-on-year, and a net profit of 105 million yuan, down 28.80% year-on-year [1][6]. - The Q4 2024 results showed revenue and net profit of 132 million yuan and 19 million yuan, respectively, reflecting declines of 15.18% and 28.64% year-on-year [1][6]. - For Q1 2025, the company reported revenue of 105 million yuan, a slight decline of 1.60% year-on-year, while net profit increased by 26.45% to 13.84 million yuan [2][11]. Business Segments - The main business segments faced revenue declines in 2024: scenic area revenue was 282 million yuan (-13.03%), hot spring revenue was 42 million yuan (-10.40%), hotel revenue was 159 million yuan (-23.10%), and water park revenue was 7 million yuan (-41.28%) [2][9]. - The overall net profit margin for the year was 19.52%, down 3.82 percentage points year-on-year [2][9]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue of 580 million yuan and net profit of 150 million yuan [3][14]. - New projects, including the management output of the Liyang Animal Kingdom, are expected to contribute positively to future earnings [3][14]. - The company is also advancing other projects, such as the Nanshan Xiaozhai Phase II and the Pingqiao Cultural Tourism Complex, to enhance its product matrix [3][14].