Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company reported a revenue of 20.13 billion yuan and a net profit of 10.08 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 24.5% and 28.0% respectively. However, Q3 2024 saw a decline in revenue and net profit by 4.7% and 5.5% year-on-year [1]. - The performance of nurturing projects was strong, with notable achievements in various locations, while existing projects showed mixed results due to high base effects from the previous year and other external factors [1][2]. - The company anticipates a recovery in revenue for existing projects in Q4 2024, as the year-on-year comparison becomes more favorable [2]. Summary by Sections Financial Performance - In Q3 2024, the company's gross margin was 75.6%, down 2.1 percentage points year-on-year, primarily due to negative effects from revenue scale. The net profit margin for Q3 was 54.7%, a decrease of 0.5 percentage points year-on-year [2]. - The company expects to leverage its "performance + scenic area" advantage to enhance growth in existing projects and continue the upward trajectory of nurturing projects [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised downwards to 10.78 billion yuan, 12.63 billion yuan, and 14.14 billion yuan, representing reductions of 2.5%, 8.1%, and 8.3% respectively. The current stock price corresponds to an EPS of 0.41, 0.48, and 0.54 yuan for 2024-2026, with P/E ratios of 23, 20, and 17 times [3].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue slightly missed expectations, while profits met expectations. There is a recovery in core performances in October, with a focus on the recovery and progress of the travel agency industry in the long term [1][3] Financial Summary - Revenue for 2022 was 458 million, projected to increase to 1,926 million in 2023, and further to 2,423 million in 2024, reflecting a growth rate of 320.8% year-on-year [2] - Net profit attributable to the parent company was -48 million in 2022, expected to reach -110 million in 2023, and projected to turn positive at 1,053 million in 2024, indicating a significant recovery [2] - Earnings per share (EPS) is forecasted to be -0.02 in 2022, -0.04 in 2023, and is expected to rise to 0.40 in 2024 [2] - The return on equity (ROE) is projected to improve from -0.6% in 2022 to 13.2% in 2024 [2] Performance Insights - In the first three quarters of 2024, the company achieved revenue of 2 billion, a year-on-year increase of 24.46%, with a gross profit of 1.4 billion, up 25.18% [3] - The core performances in October showed a recovery to 80% of 2019 levels and 115% of 2023 levels, indicating a significant improvement compared to previous months [3] - The company is focusing on the recovery of the travel agency industry and the profitability of key projects in the future [3] Target Price - The target price has been adjusted to 11.52 yuan, reflecting a 9% increase from previous estimates [3][4]

宋城演艺发展股份有限公司 关于 2023 年限制性股票激励计划第二类限制性股票 归属结果暨股份上市的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：300144 证券简称：宋城演艺 公告编号：2024-054 重要内容提示： 1、本次归属日：2024 年 11 月 1 日； 2、本次归属股份的上市流通日：2024 年 11 月 1 日； 3、本次归属的第二类限制性股票数量为 2,196,400 股，归属人数 296 人； 4、本次归属的第二类限制性股票的来源为公司向激励对象定向发行本公司 A 股普通股股票； 5、本次归属的第二类限制性股票的授予价格为 6.26 元/股（调整后）； 6、本次归属的第二类限制性股票无其他限售安排。 宋城演艺发展股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日分别 召开第八届董事会第十八次会议和第八届监事会第十一次会议，审议通过《关于 2023 年限制性股票激励计划第二类限制性股票首次授予部分第一个归属期归属 条件成就的议案》，近日公司在中国证券登记结算有限责任公司深圳分公司办理 了第二类限制性股票归属 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 20.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 24.5%, with a net profit attributable to shareholders of 10.08 billion yuan, up 28.0% year-on-year [6] - In Q3 2024, the company achieved a revenue of 8.36 billion yuan, a decline of 4.7% year-on-year, and a net profit of 4.57 billion yuan, down 5.6% year-on-year [6] - The company has shown strong performance in its cultivation projects, particularly in Xi'an and Foshan, while mature projects have maintained good revenue despite facing challenges [7] Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 10.79 billion yuan, with a year-on-year growth of 1083.3% [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.41 yuan, 0.48 yuan, and 0.52 yuan respectively [8] - The company's gross profit margin for the first three quarters of 2024 was 71.9%, an increase of 0.4 percentage points year-on-year [6] Revenue and Profit Forecast - The company’s revenue is projected to grow from 19.26 billion yuan in 2023 to 23.99 billion yuan in 2024, reflecting a year-on-year increase of 24.6% [9] - The net profit is expected to rise significantly from a loss of 110 million yuan in 2023 to a profit of 1.08 billion yuan in 2024 [9] Cost and Expense Analysis - The selling, general, and administrative expenses have increased, with the selling expense ratio at 5.4%, management expense ratio at 5.0%, and R&D expense ratio at 1.3% for Q3 2024 [7] - The increase in selling expenses is attributed to higher advertising investments across various scenic spots [7] Market Position and Valuation - The company is considered one of the few listed firms in the industry with replicable expansion capabilities, with a target price range of 10.25 yuan to 12.30 yuan per share based on a PE ratio of 25-30 times for 2024 [8]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 9.83 and a sector rating of "Outperform" [1][3]. Core Insights - The company's Q3 performance showed a slight decline due to high base effects from previous year, with revenue of RMB 836 million, down 4.69% year-on-year, and net profit of RMB 457 million, down 5.54% year-on-year. However, new projects are expected to contribute positively to future performance, maintaining the "Buy" rating [3][4]. - The company achieved a total revenue of RMB 2.013 billion for the first three quarters of 2024, representing a year-on-year increase of 24.46%, and a net profit of RMB 1.008 billion, up 28.04% year-on-year [3][4]. - The company has seen strong performance from new projects, with significant audience turnout during the National Day holiday, where 13 scenic spots received 2.6 million visitors, a 59.7% increase year-on-year [3][4]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 836 million, down 4.69% year-on-year, while net profit was RMB 457 million, down 5.54% year-on-year. The first three quarters of 2024 saw revenue of RMB 2.013 billion, up 24.46%, and net profit of RMB 1.008 billion, up 28.04% [3][4]. - The company adjusted its EPS forecasts for 2024-2026 to RMB 0.44, 0.50, and 0.66, with corresponding P/E ratios of 22.4, 19.8, and 17.6 [4][3]. Project Performance - Existing projects showed mixed results, with some underperforming compared to last year, while new projects like the West Xi'an project and the Three Gorges project have performed exceptionally well, indicating strong growth potential [3][4]. - The company plans to focus on its core business and may consider divesting its stake in Huafang Group, which has a low impairment risk [3][4]. Market Position - The company has a total market capitalization of RMB 25.759 billion and a circulating share count of 2,351.39 million [2][3]. - The company is positioned well within the tourism and scenic area sector, with a strong recovery in visitor numbers and performance metrics [3][4].

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a company in the cultural tourism industry, specifically focusing on its third-quarter results and future projections. The company reported a revenue of 2.013 billion yuan for the first three quarters of 2024, a year-on-year increase of 24.46% [1]. The net profit reached 1.008 billion yuan, up 28.04% year-on-year [1]. Key Points and Arguments Financial Performance - The company achieved significant growth in both revenue and net profit in the third quarter, indicating strong operational performance [1]. - The company’s net profit accounted for over 50% of the total net profit of 21 listed cultural tourism companies in the A-share market for the first half of the year, highlighting its leading position in the industry [2]. Project Performance - Various projects showed differing performance levels: - The Xi'an project had over 580 performances during the summer, becoming a must-see for tourists [2]. - The Foshan project continued to attract a large audience, with a high visitor ratio and expanding revenue [2]. - The Guilin and Lijiang projects faced challenges, including increased competition and adverse weather conditions, but maintained stable revenue compared to the previous year [3][4]. Market Conditions and Competition - The Lijiang tourism market is experiencing increased regulatory scrutiny and consumer downgrade effects, leading to a decline in overall performance [3]. - The Guilin project, despite facing heavy rainfall, managed to maintain revenue levels similar to the previous year, indicating resilience [3]. Future Growth Expectations - The company remains optimistic about the future growth of its projects, particularly in regions with strong market potential [3]. - The company plans to enhance its competitive edge through continuous innovation in content and experience offerings [6][7]. Impact of Flower House - The Flower House project remains suspended, with no significant impact on the company’s overall performance anticipated, regardless of its future status [4][5]. - The company holds a 35.35% stake in Flower House, which is currently stable and showing signs of recovery [4]. Consumer Trends and Market Strategy - The company acknowledges a shift in consumer behavior towards more rational and value-driven spending in the cultural tourism sector [7]. - The focus is on enhancing the quality of experiences and offerings to meet rising consumer expectations [7]. Investment and Financial Strategy - The company is cautious about its cash flow and investment strategies, emphasizing the need for prudent financial management despite having substantial cash reserves [12]. - There are currently no plans for share buybacks, but the company is open to considering dividend policies in the future based on market conditions [12]. Project Expansion and Development - The company is actively exploring new project opportunities while ensuring the successful operation of existing ones [10]. - There is a focus on tailoring market strategies to specific regional demands and consumer preferences [16]. Additional Important Insights - The company is adapting to changing market dynamics, including the rise of small group tours and personalized travel experiences [11]. - The overall sentiment in the cultural tourism industry remains positive, with expectations for continued recovery and growth as consumer confidence returns [11]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's performance, market conditions, and strategic outlook.

Investment Rating - The report maintains a "Recommended" rating for Songcheng Performance (300144.SZ) with a target price of 9.83 CNY [3]. Core Views - The company reported a revenue of 2.013 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 24.26%, and a net profit attributable to shareholders of 1.008 billion CNY, up 28.04% year-on-year [1]. - The report highlights that the high base from the previous year has put pressure on Q3 2024 performance, with revenue of 836 million CNY, a year-on-year increase of 4.69%, and a net profit of 457 million CNY, down 5.54% year-on-year [1]. - The report emphasizes the successful visitor reception during the National Day holiday, with over 2.6 million visitors across 13 major scenic spots, a 159.7% increase compared to the previous year [1]. - The company is expected to benefit from the maturation of existing projects and the contribution of new projects, with a focus on three growth points: ongoing project preparations, growth potential of existing projects, and the new Zhuhai project targeting the leisure vacation market [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 71.87% and a net margin of 50.05%, with investment income turning positive at 30 million CNY compared to a loss of 28 million CNY in the same period last year [1]. - The report forecasts revenues of 2.385 billion CNY, 2.659 billion CNY, and 2.871 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.078 billion CNY, 1.242 billion CNY, and 1.379 billion CNY [2][4]. - The projected PE ratios for 2024, 2025, and 2026 are 24x, 21x, and 19x respectively, indicating a positive outlook for the company's earnings growth [2][4]. Operational Insights - The report notes that the increase in various expense ratios in Q3 2024 was offset by improved net profit growth due to the recovery in investment income [1]. - The company is expected to leverage its established brand influence and revenue growth potential from multiple projects still in preparation or awaiting opening [1]. - The report suggests that the core holiday activities and the rapid iteration of events will likely become a strong driver for future customer traffic growth [1].

社会服务 证 券 研 究 报 告 2024 年 10 月 25 日 宋城演艺 (300144) ——培育项目拉低客单，场次数高基数下保持增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 10.11 | | 一年内最高 / 最低（元） | 12.43/6.93 | | 市净率 | 3.5 | | 息率（分红/股价） | 0.99 | | 流通 A 股市值（百万元） | 23,773 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 3.07 | | 资产负债率 % | 1 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 宋城演艺（300144.SZ） 业绩符合预期，Q4 营销有望带动增长 事件：10 月 24 日，公司发布 2024 年三季报，2024 年前三季度实现营收 20.13 亿 元/同比+24.46%，归母净利润 10.08 亿元/同比+28.04%，扣非归母净利润 9.94 亿元/同比+28.05%。其中，2024Q3 实现营收 8.36 亿元/同比-4.69%，归母净利 润 4.57 亿元/同比-5.54%，扣非归母净利润 4.46 亿元/同比-7.10%。 Q3 营收微降。2024Q3，据宋城演艺官方订票程序，上海/杭州/三亚/张家界/丽江 / 桂 林 / 宜 春 / 长 沙 / 九 寨 / 西 安 / 郑 州 项 目 日 均 场 次 数 分 别 为 2.5/4.3/2.5/1.4/4.4/4.3/1.5/1.0/2.5/7.3/2.3 次，恢复至上年同期的 88.0%/69.2%/94.8%/64.9%/90.1%/97.5%/98.9%/97.8%/94.1%/162.4%/111 .3%，受前期高基数和当期天气因素影 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2024-053 宋城演艺发展股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 宋城演艺发展股份有限公司（以下简称"公司"）近日接到公司控股股东杭 州宋城集团控股有限公司（以下简称"宋城集团"或"控股股东"）通知，获悉 宋城集团将其所持有的公司部分股份办理了质押业务，具体事项如下： 1 | 黄巧燕 | 150,000 | 0.01% | 0 | 0 | 0.00% | 0.00% | 0 | 0.00% | 150,000 | 100.00% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | 1,071,124,880 | 40.88% | 99,000,000 224,000,000 20.91% | | | 8.55% | 0 | 0.00% | 350,000 | 0.04% | 注：（1）上表小数均保留两位，出现合计数与分项数值之和不一致的情况，系四舍五入原因 ...