Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant results from its light asset strategy, with projects in Guangdong and Xi'an performing exceptionally well [1] - The company reported a total revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and achieved a net profit of 1.049 billion yuan, marking a return to profitability [7] - The company has adjusted its management fees for light asset projects from 20% to 8% of annual operating income to enhance brand competitiveness [7] - The company has signed a major project, "Silk Road Eternal Love," which integrates various cultural elements and aims to promote a more interconnected economic landscape [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.594 billion yuan, with a year-on-year growth rate of 7.3% [6] - The net profit for 2025 is forecasted to be 1.195 billion yuan, reflecting a year-on-year increase of 13.9% [6] - The earnings per share (EPS) for 2025 is projected to be 0.46 yuan, with a price-to-earnings (PE) ratio of 20 [6] - The company’s return on equity (ROE) is expected to be 13.6% in 2025 [6] Performance Highlights - During the 2025 Spring Festival, the company held 550 performances of "Eternal Love" across 12 major locations, achieving a peak daily revenue of over 40 million yuan [7] - The "Three Gorges Eternal Love" project generated over 100 million yuan in revenue over 100 days, significantly boosting local tourism [7] - The company’s stock price has fluctuated between 6.93 yuan and 12.43 yuan over the past year, with a closing price of 9.34 yuan on the report date [2]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In 2024, the company achieved operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 1.049 billion yuan, turning from loss to profit. For Q1 2025, the company reported operating revenue of 561 million yuan, a slight increase of 0.26%, while the net profit attributable to shareholders was 246 million yuan, a decrease of 2.18% [2][6]. - The company is focusing on its core performing arts business, streamlining operations. Upgrades to existing projects are enhancing reception capacity and economic efficiency, while new projects are gradually maturing and generating new contracts, establishing a foundation for stable long-term growth. The projected net profits for 2025-2027 are 1.215 billion, 1.363 billion, and 1.477 billion yuan, with corresponding P/E ratios of 21, 18, and 17 times [2][6]. Summary by Sections Financial Performance - In 2024, the company's cultural and artistic business revenue from live performances and tourism services grew by 17.5% and 76.79% respectively, driven by the success of the Xi'an and Guangdong "Eternal Love" performances. The Xi'an venue achieved a record of 17 shows per day, while the Guangdong venue opened on February 10 and quickly became profitable [12]. - The company's net profit margin turned positive at 44.47% in 2024, compared to a negative margin in 2023 due to impairment losses. The gross margin increased by 1.26 percentage points to 67.61%, although operating expense ratios also rose [12]. Project Development - The company is actively upgrading existing projects and signing new ones. In 2024, it continued to enhance projects like Hangzhou Paradise and Sanya "Eternal Love". A new light-asset project, "Silk Road Eternal Love", is expected to open in July 2026, contributing to the company's growth [12]. Earnings Forecast - The company is expected to see net profits of 1.215 billion, 1.363 billion, and 1.477 billion yuan for 2025, 2026, and 2027 respectively, with P/E ratios of 21, 18, and 17 times. The focus on the performing arts sector and the successful execution of new projects are key drivers for this growth [2][12].

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 2.417 billion yuan, a year-on-year increase of 25.5%, and a net profit of 1.049 billion yuan, marking a return to profitability [1]. Financial Performance - In Q1 2025, the company achieved revenue of 561 million yuan, a slight increase of 0.3% year-on-year, with a net profit of 246 million yuan, down 2.2% year-on-year [1]. - The gross profit margin for 2024 was 67.6%, up 1.3 percentage points year-on-year, while the gross profit margin for Q1 2025 was 68.1%, down 0.7 percentage points year-on-year [2]. - The company maintained a high cash dividend payout ratio of 50.01% in 2024 [3]. Project Performance - New projects showed strong performance, with the Foshan project achieving profitability in its opening year, exceeding expectations [1]. - The Xi'an project experienced high demand, with a 178% year-on-year revenue increase, leading to significant profitability [1]. - Existing projects faced mixed results due to increased competition and local regulations, with revenue declines in Hangzhou, Sanya, and Lijiang, while Guilin and Jiuzhai projects saw revenue growth of 7.94% and 8.36% respectively [1]. Strategic Focus - The company plans to continue focusing on its core business of live performances, aiming to expand customer coverage and enhance visitor conversion rates [3]. - A new light-asset project in Qingdao is set to open in July 2026, indicating ongoing expansion efforts [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.14 billion yuan and 1.325 billion yuan, respectively, reflecting a downward revision of 9.7% and 6.3% [3]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.51 yuan, and 0.55 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 19, and 17 times [3].

宋城演艺发布2024 年及1Q25 业绩， 2024 年实现营收24.17 亿/yoy+25.49%，归母净利10.49 亿/同比扭 亏；若不考虑持有花房集团公司的长期股权投资形成的投资收益及减值损失，24 年实现净利润10.39 亿/同口径yoy+25.24%，业绩表现符合预告（营收23-25 亿；归母净利润：9.3-12亿）。1Q25 实现营收 5.61 亿/yoy+0.26%，归母净利2.46 亿/yoy-2.18%，整体稳健。展望后续，公司部分存量项目经营受旅游 消费习惯变化、行业竞争等影响阶段性承压；佛山、西安等新项目表现突出，轻资产布局提速，成为增 厚公司业绩新引擎。公司24 年拟现金分红总额5.25 亿/yoy+100.2%，分红率50.01%，股东回报持续优 化，叠加股权激励有望释放核心团队动能，公司长期发展信心得以彰显。维持"买入"评级。 新项目表现靓丽，存量景区经营阶段性承压 考虑文旅消费习惯变迁，25-26 年存量项目经营或仍有所承压，我们下调25-26 年EPS 15/12%至 0.44/0.51 元，新引入27 年EPS0.55 元。参考可比公司25 年Wind 一致预期PE 均值2 ...

投资要点 签约青岛轻资产项目：2024 年电子商务手续费/设计策划费收入为2.73/1.85 亿元，yoy+56.6%/118.6%。 2025 年1 月，公司签约青岛轻资产项目，一揽子费用总计2.6 亿元，已于Q1 确认5000 万元管理费收 入。 推进成熟项目优化，扩大新项目份额：公司将加强精细化运营，迭代升级内容，发挥经营弹性。对成熟 项目，持续拓展业务边界，扩大客群覆盖，深挖市场空间；对新项目，扩大品牌营销，抢占市场份额， 激活增长潜力。 盈利预测与投资评级：公司作为中国旅游演艺龙头公司，以"主题公园+文化演艺"模式定位独特形成优 秀项目模型，运营迭代保持领先，存量项目盈利能力稳健，新项目快速爬坡。调整2025/2026 年及新增 2027年盈利预测，2025-2027 年归母净利润分别为11.4/13.2/14.2 亿元（2025/2026 年前值为13.1/15.0 亿 元），对应PE 估值为23/20/18 倍，维持"增持"评级。 风险提示：在建项目建设进度不及预期，新项目业绩爬坡不及预期，行业竞争加剧等。 事件：2025 年4 月24 日，宋城演艺发布2024 年年报和2025 年一季报。20 ...

投资建议：我们认为花房事件结束后，公司重新振作主业，受益文旅景气度，整体座位数不断扩容，上 座率有望持续提升。佛山、上海等新项目开业贡献成长，轻资产项目持续推进，扩张加速；团客加速复 苏，散客提振盈利。我们预计公司2025-2027 年实现营业收入27.39/30.79/33.32 亿元，同比 +13.30%/+12.41%/+8.23%，实现归母净利润11.86/13.46/14.66 亿元，同比+13.07%/+13.52%/+8.91%，对 应PE21X/19X/17X，维持"买入"评级。 风险因素 消费复苏不及预期风险，竞争加剧风险，自然灾害风险。 主营项目有所分化，新项目表现亮眼。分业务来看，2024 年杭州宋城旅游区/丽江宋城旅游区/电子商务 手续费/广东千古情景区/桂林宋城旅游区分别收入5.95/2.85/2.74/2.50/2.00 亿元，同 比-3.76%/-10.13%/+56.56%/-/-7.12%。广东千古情表现亮眼，开业首年即盈利，核心演出《广东千古 情》演出 1,386 场，单日最高 10 场，带动城市人气指数直线飙升。《西安千古情》开启双剧院模式， 两大剧院同时容纳近 6,00 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with 2024 revenue projected at 24.17 billion yuan, a year-on-year increase of 25% [8] - The company has turned profitable with a net profit of 1.05 billion yuan in 2024, compared to a loss in 2023, marking a substantial recovery [8] - New projects are expected to contribute positively to profit growth, with notable revenue from new projects in Xi'an, Shanghai, and Guangdong [8] - The company signed a light asset project in Qingdao, which is anticipated to enhance revenue streams [8] - The report highlights the company's unique positioning in the tourism and performance industry, combining theme parks and cultural performances [8] Financial Summary - Total revenue is forecasted to grow from 24.17 billion yuan in 2024 to 31.51 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [1] - The net profit is expected to increase from 1.05 billion yuan in 2024 to 1.42 billion yuan in 2027, reflecting a strong growth trajectory [1] - Earnings per share (EPS) is projected to rise from 0.40 yuan in 2024 to 0.54 yuan in 2027 [1] - The company's price-to-earnings (P/E) ratio is expected to decrease from 24.61 in 2024 to 18.16 in 2027, indicating improving valuation metrics [1]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company reported a revenue of RMB 2.417 billion in 2024, representing a year-on-year growth of 25.49%, and a net profit attributable to shareholders of RMB 1.049 billion, marking a turnaround from a loss [3][8] - The growth in 2024 was primarily due to a low base from the previous year, with existing projects under pressure, necessitating ongoing attention to optimization [3][8] - New projects are ramping up quickly and showing excellent performance, with stable progress in light-asset contracts, indicating promising growth potential [3][5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.417 billion, up 25.49% year-on-year, and a net profit of RMB 1.049 billion, recovering from a loss [8] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 525 million, with a payout ratio of 50% [8] Project Performance - Existing projects showed mixed results, with most under pressure; however, new projects are performing well, such as the Guangdong Foshan project, which became profitable in its first year [8] - The company has signed a cooperation agreement for the "Silk Road Eternal Love" project, with expected service fees of RMB 50 million, set to open in July 2026 [8] Earnings Forecast - The company expects EPS of RMB 0.45, 0.50, and 0.55 for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21.3, 19.3, and 17.5 [5][7] - Revenue projections for 2025 are estimated at RMB 2.686 billion, with a growth rate of 11.1% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showing steady expansion with a focus on new project development and marketing efforts [1][5] - The company achieved a revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and a net profit of 1.049 billion yuan, marking a turnaround from losses [5] - New projects, particularly in Guangdong and Xi'an, have shown strong performance, contributing significantly to revenue growth and market presence [5] Financial Summary - Revenue projections for 2025-2027 are 2.739 billion yuan, 3.079 billion yuan, and 3.332 billion yuan, representing year-on-year growth rates of 13.30%, 12.41%, and 8.23% respectively [5][6] - Net profit estimates for the same period are 1.186 billion yuan, 1.346 billion yuan, and 1.466 billion yuan, with growth rates of 13.07%, 13.52%, and 8.91% respectively [5][6] - The company reported a gross margin of 46.39% in Q4 2024, an increase of 6.82 percentage points year-on-year [5]

Core Viewpoint - Songcheng Performance reported a revenue growth of over 20% and a turnaround in net profit for 2024, yet market confidence remains low as the figures have not returned to pre-pandemic levels [1][2]. Financial Performance - In 2024, Songcheng Performance achieved a revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit of 1.049 billion yuan, up 1054.18% [2]. - Adjusted net profit, excluding the impact from Huafang Group, was 1.039 billion yuan, reflecting a growth of 25.24% [2]. - The company faced a net loss of 110 million yuan in 2023 primarily due to nearly 900 million yuan in impairment provisions for Huafang Group [2]. Business Model and Revenue Sources - The company's business model combines "theme parks + cultural performances," leveraging its brands "Songcheng" and "Qian Guqing" to offer comprehensive cultural tourism products [2]. - Revenue from tourism services, including light asset output and online ticket sales, exceeded 460 million yuan in 2024, marking an increase of nearly 80% year-on-year [3]. - Live performances generated nearly 2 billion yuan in revenue with a gross margin of approximately 61% [3]. Project Performance - The newly opened Guangdong Qian Guqing scenic area performed exceptionally well, generating 256 million yuan in its first year with 1,386 performances [3]. - However, older projects like Hangzhou, Sanya, and Lijiang saw revenue declines compared to 2023 and 2019 levels, indicating challenges in maintaining profitability [4][5]. Market Challenges - The Hangzhou project, once a cash cow, saw revenue drop from over 900 million yuan in 2019 to 640 million yuan in 2024, a decrease of 30.62% [5]. - Sanya's revenue halved to less than 200 million yuan, while Zhangjiajie's revenue fell by over 40% [4][5]. - The company acknowledged challenges in the market, including increased competition and changing consumer preferences, which have led to revenue declines in several projects [6]. Competitive Advantage - The company's core competitiveness lies in its ability to integrate local culture into performances, creating a unique and replicable product that appeals to a broad audience [7]. - There is optimism regarding the long-term development potential of the company, as many regions seek partnerships with it [7].