Songcheng Performance(300144) 新浪财经·2025-04-29 04:43Core 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].