Tianmu Lake (603136): Performance Growth Exceeds Expectations, Small Attractions Needs Great Expectations

Tianmu Lake (成都桑拿网603136): Performance Growth Exceeds Expectations, “Small Attractions” Needs Great Expectations

The company released a 19-year performance report, and the company achieved revenue 5 in 19 years.

03 ppm / + 2.

81%, net profit attributable to mother 1.

24 ppm / + 19.

92%, net of non-attributed net profit1.

2.2 billion / + 29.


In the fourth quarter alone, the company achieved revenue1.

16 ppm / -4.

86%, net profit attributable to mother 0.

$ 88.8 billion / +2.

61%, net of non-attributed net profit is 0.

$ 88.9 billion / +184.

41%, outstanding operating performance.

  The core point of view performance is better than market expectations.

The company’s overall attractions revenue growth has basically maintained a steady growth rate, but its net profit has achieved rapid growth. We believe that its core driving force is mainly the optimization of product structure and the increase in profit margins under cost control.

In terms of the first three quarters of results, the company’s gross profit margin increased by 1.

99pct, the total cost of three fees decreased by 9.

85pct, a slight improvement is expected in the fourth quarter.

Behind the company’s continued optimization of profitability is the company’s continuous improvement in route arrangements, product mix and internal management.

The company hires a new president, and the refined division of labor and professional manager model escorts subsequent efficiency improvements and scale development.

The company announced the appointment of a new president. The company will train more than ten years of professional managers in the company. It is expected that it will be mainly responsible for the company’s existing operations and daily management of the company. In the future, the chairman will focus more on the company’s long-term development and other long-term development work after he no longer holds the post.

The company’s internal management has achieved further refinement of labor division and professional managerialization, which is expected to escort future efficiency improvements and scale development.

In 20 years, it is expected to enter the intensive landing period of the second phase of the hot spring and the extension extension project, which will open up greater flexibility for the company’s growth.

The opening of Royal Water Phase II has been slightly delayed. After the completion of the higher-end Hot Spring Phase II project, it will gradually advance to gradually address the needs of high-end customer groups and increase customer unit prices. As a result, it will also link high-end consumer groups with other attractions of the company through product mix and other methods.Drive the double promotion of unit price and passenger flow.

At the same time, the company’s excellent prospects and operating capabilities, relying on non-core resources such as reservoirs to create high-quality scenic spots, to a certain extent, have replaced traditional scenic spots with scarce resources. Extension projects are also actively being promoted, which is expected to open the company’s growth flexibility.

  Financial Forecasting and Investment Recommendations As a result of refining the depreciation of new projects and the pace of construction in progress, we adjusted the company’s EPS for 19-21 to 1.



52 yuan (1 before adjustment).



49), using a comparable company law to give an estimated premium of 10% over 20 years, corresponding to PE at 27 times PE, with a target price of 34.

56 yuan, maintain BUY rating.

  Risks suggest that ticket prices will drop, passenger traffic will grow less than expected, projects under construction will fall short of expectations, natural disasters at attractions, etc.