天目湖（603136）：成本改善助力盈利回升，关注储备项目

Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to experience revenue growth from 536.20 million in 2024 to 698.00 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.00% [8] - The net profit attributable to the parent company is expected to increase from 104.66 million in 2024 to 180.91 million in 2027, indicating a strong growth trajectory [8] - The EBITDA is forecasted to rise from 257.55 million in 2024 to 464.40 million in 2027, showcasing improved operational efficiency [8] Financial Summary - Income Statement: - Revenue is expected to grow from 536.20 million in 2024 to 698.00 million in 2027, with a projected net profit increase from 120.91 million to 201.01 million over the same period [8] - The gross margin is anticipated to improve from 52.42% in 2024 to 57.02% in 2027 [8] - Balance Sheet: - Total assets are projected to grow from 1781.65 million in 2024 to 2395.60 million in 2027, indicating a solid asset base [7] - The company’s total liabilities are expected to remain stable, with a slight increase from 314.22 million in 2024 to 385.54 million in 2027 [7] - Cash Flow Statement: - Operating cash flow is forecasted to increase significantly from 192.05 million in 2024 to 471.71 million in 2027, reflecting strong cash generation capabilities [7] - The net cash increase is expected to rise from 79.29 million in 2024 to 214.29 million in 2027, indicating improved liquidity [7]