Songcheng Performance(300144) 每日经济新闻·2025-04-26 08:24Core 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].