Songcheng Performance(300144) 东吴证券·2024-10-24 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported Q3 2024 results that met expectations, with revenue for Q1-Q3 reaching 2.013 billion yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 1.008 billion yuan, up 28% year-on-year [2] - Q3 revenue and net profit showed a year-on-year decline of 5% and 6% respectively, attributed to high base effects from the previous year and declines in projects in Hangzhou and Lijiang [2] - The gross profit margin for Q3 was 75.6%, down 2.1 percentage points year-on-year, while the net profit margin was 54.7%, slightly down by 0.5 percentage points year-on-year, indicating stable profitability [2] - The company is expected to benefit from holiday travel demand, with significant visitor numbers during the National Day holiday, indicating strong performance in core projects [2] - The company is positioned as a leading player in China's tourism and performance industry, with a unique "theme park + cultural performance" model, and is expected to recover profitability quickly as the industry rebounds [2] Financial Forecasts and Valuation - The company forecasts net profits attributable to shareholders of 1.049 billion yuan, 1.309 billion yuan, and 1.501 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25, 20, and 18 times [2] - Revenue projections for 2024, 2025, and 2026 are 2.402 billion yuan, 2.718 billion yuan, and 3.047 billion yuan respectively, with year-on-year growth rates of 24.67%, 13.19%, and 12.11% [2][10]