Investment Rating - The report maintains an "Outperform" rating for Songcheng Performance Development Co Ltd (300144 SZ) [1][5] Core Views - H1 2024 revenue grew 59% YoY to 1 18 billion RMB while net profit attributable to parent company surged 82% to 550 million RMB meeting the midpoint of guidance [1][3] - Q1 2024 saw strong recovery with revenue up 138 7% and net profit up 317 3% YoY driven by normalized operating days and low base effect [1][3] - Q2 2024 revenue increased 22 1% and net profit grew 23 2% with new projects contributing significantly despite some pressure on existing projects [1][3] - New projects in Foshan and Xi'an both turned profitable in H1 2024 with Foshan contributing 50 million RMB and Xi'an 20 million RMB in net profit [1][4] - Traditional projects remained stable but showed divergence with Hangzhou up 36% while Lijiang declined 15% due to local tourism market adjustments [1][4] - Light-asset model contributed 140 million RMB in revenue up 70 million RMB YoY with the Three Gorges project expected to add 20+ million RMB in Q3 [1][4] - E-commerce commission fees doubled to 128 million RMB reflecting rapid growth in online channels [1][4] Financial Performance - 2024E revenue is projected at 2 421 billion RMB up 25 7% YoY with net profit forecast at 1 109 billion RMB a significant turnaround from 2023 [2][5] - EPS is expected to reach 0 42 RMB in 2024E up from -0 04 RMB in 2023 with ROE recovering to 13 8% [2][5] - EBIT margin is forecast to improve to 53 6% in 2024E from 51 0% in 2023 reflecting operational efficiency [2][5] - The company's cash position is strong with cash and equivalents projected to grow to 3 568 billion RMB by end of 2024E [7] Industry and Valuation - The tourism and scenic spot industry is recovering with Songcheng's performance outpacing peers [1][6] - The company trades at 18 1x 2024E PE and 2 5x PB which is attractive given its growth prospects [2][5] - Comparable companies in the sector such as Emei Shan A (000888 SZ) and Lijiang Co Ltd (002033 SZ) also carry "Outperform" ratings [6]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In the first half of 2024, the company achieved operating revenue of 1.177 billion yuan, a year-on-year increase of 59%, and a net profit attributable to the parent company of 550 million yuan, up 81.75% year-on-year. The company is expected to focus on its core performing arts business while optimizing existing projects and nurturing new ones for long-term growth [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 1.177 billion yuan, a 59% increase year-on-year, and a net profit of 550 million yuan, reflecting an 81.75% growth compared to the previous year [4][5]. - The company’s gross profit margin and net profit margin were 69.19% and 47.62%, respectively, with year-on-year increases of 5.24 and 6.9 percentage points [5]. Market and Industry Context - The domestic cultural tourism market showed steady improvement in H1 2024, with domestic travel reaching 2.725 billion trips, a 14.3% increase year-on-year, and total spending of 2.73 trillion yuan, up 19% year-on-year [4]. - New projects, such as the Guangdong Qian Guqing, have performed exceptionally well, with record-breaking daily performances and high visitor engagement [4]. Project Development - Existing projects are undergoing continuous upgrades, with notable enhancements in Shanghai and Xi'an, aimed at improving visitor experience and operational efficiency [4]. - The company is expected to complete potential impairment provisions for its flower house assets, allowing it to focus on its core business and optimize its project portfolio [5]. Profitability Forecast - The company forecasts net profits attributable to the parent company of 1.261 billion, 1.498 billion, and 1.610 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 16, 14, and 13 times [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][18]. Core Views - The performance of the Foshan project exceeded expectations, and core projects are showing stable recovery. The forecast for EPS from 2024 to 2026 is set at 0.42, 0.50, and 0.57 CNY respectively, with a target price of 10.53 CNY [4][6]. Financial Summary - For Q2 2024, the company achieved revenue of 618 million CNY, representing a year-on-year increase of 22.08%, and a gross profit of 430 million CNY, with a gross margin of 69.58% [4]. - The net profit attributable to shareholders was 299 million CNY, up 48.35% year-on-year, while the non-recurring net profit was 298 million CNY, an increase of 24.17% [4]. - The company expects significant revenue growth in 2024, with total revenue projected to reach 2.732 billion CNY, a 41.8% increase from 2023 [5][13]. Project Performance - The report highlights that the Hangzhou project generated revenue of 293 million CNY in H1 2024, a 29.42% increase, while the Sanya project saw revenue of 112 million CNY, up 6.45% [4]. - The newly added heavy asset projects, such as the Xi'an project, turned a profit of 27 million CNY compared to a loss of 10 million CNY in the same period last year [4]. Market Data - The current stock price is 7.52 CNY, with a 52-week price range of 7.44 to 13.06 CNY [6][7]. - The total market capitalization is approximately 19.706 billion CNY [7]. Financial Ratios - The report indicates a projected P/E ratio of 17.85 for 2024, decreasing to 13.14 by 2026 [5][13]. - The return on equity (ROE) is expected to improve significantly, reaching 10.0% in 2024 [5][13].

宋城演艺发展股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------|--------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | | □ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative outperformance of 5% to 15% compared to the market over the next 6 months [5][10] Core Views - The company's performance in 2024H1 met expectations, with revenue reaching 1.177 billion yuan (+59.00% YoY) and net profit attributable to shareholders of 550 million yuan (+81.75% YoY) [3] - Both established and new projects performed exceptionally well, with Hangzhou Songcheng's revenue growing 29.42% YoY to 293 million yuan and Guangdong Songcheng generating 126 million yuan in revenue since its opening [3] - Profit margins improved significantly, with gross margin reaching 69.19% (+5.24pcts YoY) and net margin increasing to 47.62% (+6.90pcts YoY) [3] - The company is expected to maintain strong growth, with projected net profits of 1.286 billion yuan, 1.570 billion yuan, and 1.796 billion yuan for 2024-2026 respectively [8] Financial Performance Summary - 2024H1 revenue: 1.177 billion yuan (+59.00% YoY) [3] - 2024H1 net profit: 550 million yuan (+81.75% YoY) [3] - Q2 2024 revenue: 618 million yuan (+22.07% YoY) [3] - Q2 2024 net profit: 299 million yuan (+23.17% YoY) [3] - Gross margin: 69.19% (+5.24pcts YoY) [3] - Net margin: 47.62% (+6.90pcts YoY) [3] Project Performance - Hangzhou Songcheng: 293 million yuan revenue (+29.42% YoY) [3] - Guangdong Songcheng: 126 million yuan revenue since opening, with average daily shows of 4.2 and visitor stay time exceeding 4 hours [3] - Three Gorges Songcheng: Officially opened on July 26, 2024, with 6 consecutive sold-out shows on opening day [3] Future Projections - 2024E revenue: 2.615 billion yuan (+35.74% YoY) [4] - 2025E revenue: 3.091 billion yuan (+18.20% YoY) [4] - 2026E revenue: 3.450 billion yuan (+11.62% YoY) [4] - 2024E net profit: 1.286 billion yuan (+1270.43% YoY) [4] - 2025E net profit: 1.570 billion yuan (+22.08% YoY) [4] - 2026E net profit: 1.796 billion yuan (+14.36% YoY) [4] Valuation Metrics - 2024E PE: 15.38x [4] - 2025E PE: 12.60x [4] - 2026E PE: 11.02x [4] - 2024E PB: 2.32x [4] - 2025E PB: 1.96x [4] - 2026E PB: 1.66x [4]

证券研究报告·公司点评报告·旅游及景区 宋城演艺（300144） 2024 半年报点评：业绩符合预告值，潜力项 目继续爬坡 2024 年 08 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|----------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 457.82 | 1,926.32 | 2,401.51 | 2,718.32 | 3,047.44 | | 同比（%） | (61.36) | 320.76 | 24.67 | 13.19 | 12.11 | | 归母净利润（百万元） | (47.75) | (109.91) | 1,049.35 | 1,308.85 | 1,500.88 | | 同比（%） | (115.15) | (130.20) | 1,054.72 | 24.73 ...

事件 2024 年 8 月 28 日公司披露 2024 半年报，1H24 实现营收 11.8 亿 元/+ 59.0%，归母净利润 5.50 亿元/+81.8%，扣非归母净利润 5.47 亿元/+85.2%。2Q23 实现营收 6.2 亿元/+22.1%，归母净利润 2.99 亿元/+23.2%，扣非归母净利润 2.98 亿元/+48.2%。 点评 园区表现有所分化，广东新项目已盈利。1H24 分业务看，现场演 艺收入 8.8 亿元/+49.7%、毛利率 59.1%/4.4%，旅游服务业收入 2.7 亿元/+102%、毛利率 98.7%/+0.2pct，其中现场演艺在同比基 数较低+新园区增量（上海、广东项目）推动下实现收入高增及毛 利率提升。具体项目表现存在分化，新项目广东爬坡迅速，重点园 区看：1）杭州宋城收入 2.93 亿元/+29.4%、恢复至 19 年 73.5%， 毛利率 60.5%/-0.3pct；2）三亚千古情收入 1.12 亿元/+6.5%、恢 复至 19 年 48.1%，毛利率 78.9%/-0.2pct，受三亚当地客流压力 影响较大；3）丽江千古情收入 1.25 亿元/-7.7%、恢复至 ...

宋城演艺发展股份有限公司 第八届监事会第十次会议决议公告 证券代码：300144 证券简称：宋城演艺 公告编号：2024-042 本公司及监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。 一、监事会会议召开情况 宋城演艺发展股份有限公司（以下简称"公司"）第八届监事会第十次会议 于 2024 年 8 月 28 日下午 14:30，在公司会议室以现场会议和通讯表决相结合的 方式召开，会议通知于 2024 年 8 月 16 日以电子邮件及专人送达的方式交公司全 体监事。本次会议由监事会主席祝华鹭女士主持，会议应到监事 3 人，实到监事 3 人。本次会议召开符合《公司法》和《公司章程》的相关规定，合法有效。 二、监事会会议审议情况 （一）审议通过了《关于<2024 年半年度报告>及其摘要的议案》 经审核，监事会认为： 1 1、第八届监事会第十次会议决议。 特此公告。 宋城演艺发展股份有限公司监事会 2024 年 8 月 29 日 1、公司 2024 年半年度报告的编制和审议程序符合法律法规、《公司章程》 以及公司内部管理制度的有关规定。 2、公司 2024 年半年度报告的内容与格式 ...

宋城演艺发展股份有限公司 编制单位：宋城演艺发展股份有限公司 单位：人民币万元 非经营性资金占用及其他关联资金往来情况汇总表 | | | 占用方与上 | 上市公司核 | 2024 年期 | 2024 年半年 | 2024 年半年 | 2024 年半年 | 年半 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资 金占用 | 资金占用方名称 | 市公司的关 | 算的会计科 | 初占用资 | 度占用累计 | 度资金 | 度偿还累计 | 年度期末 占用资金 | 占用形成原因 | 占用性质 | | | | 联关系 | 目 | 金余额 | 发生金额 | 占用的 利息 | 发生金额 | 余额 | | | | 控股股东、实 | | | | | | | | | | | | 际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、 | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,177,395,107.34, representing a 59.00% increase compared to ¥740,523,324.20 in the same period last year[12]. - Net profit attributable to shareholders for the first half of 2024 was ¥550,361,706.25, an increase of 81.75% from ¥302,805,533.73 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥547,220,422.92, up 85.22% from ¥295,443,826.86 in the same period last year[12]. - The net cash flow from operating activities was ¥695,409,110.90, reflecting a 28.28% increase compared to ¥542,084,569.28 in the previous year[12]. - Basic earnings per share for the first half of 2024 were ¥0.2103, an increase of 81.61% from ¥0.1158 in the same period last year[12]. - Total assets at the end of the reporting period were ¥9,284,552,461.14, a 2.42% increase from ¥9,065,382,180.46 at the end of the previous year[12]. - Net assets attributable to shareholders at the end of the reporting period were ¥7,568,792,323.48, up 4.37% from ¥7,252,140,320.42 at the end of the previous year[12]. - The company's weighted average return on equity was 7.30%, an increase of 3.33% compared to 3.97% in the previous year[12]. Investment and Expansion - The company has opened 9 self-operated "Qian Gu Qing" scenic areas, including locations in Hangzhou, Sanya, and Lijiang, enhancing its market presence[20]. - The company has launched its fourth light asset output project, the "Three Gorges Qian Gu Qing" scenic area, which officially opened on July 26, 2024[20]. - The company is strategically expanding its operations in key tourist destinations, reinforcing its competitive advantage in the market[25]. - The newly opened Guangdong Qianguqing Scenic Area has been performing exceptionally well, with an average of 4.2 shows per day and an average visitor stay of over 4 hours[32]. - The Xi'an Qianguqing Scenic Area has set new records for performance sessions and visitor numbers, with tickets selling out rapidly[31]. - The company has expanded its operational capacity by opening a second theater in Xi'an, allowing for over 15 performances in a single day during peak times[35]. - The company has made progress in its governance structure and management systems to ensure long-term stability[68]. Marketing and Audience Engagement - The company’s unique "theme park + cultural performance" model addresses traditional challenges in the industry, enhancing profitability and audience engagement[23]. - The company has established a strong brand presence, leading in project quantity, theater and seat numbers, and audience attendance[24]. - The company continues to integrate technology into its offerings, creating immersive experiences that combine cultural elements with advanced stage technology[28][34]. - The company has strategically expanded its marketing efforts both online and offline, leveraging social media platforms and organizing themed events to boost customer engagement[36]. - The company launched new immersive performances such as "Wind and Love" and upgraded existing shows like "Shanghai Qianguqing," enhancing audience engagement and experience[33][34]. Financial Management and Costs - Operating costs increased by 35.89% to ¥362,804,314.17 from ¥266,992,474.06, primarily due to the increase in the number of operating days at various scenic spots and the opening of new projects[39]. - Sales expenses surged by 165.12% to ¥52,963,263.15, attributed to increased advertising investments across scenic areas[39]. - Research and development investment rose by 86.67% to ¥16,778,440.31, indicating a commitment to innovation and new product development[39]. - The company is focused on enhancing its operational efficiency and cost control through a comprehensive industry chain approach, ensuring sustainable growth[30]. Risk Management - The report includes a risk warning section for investors to be aware of potential investment risks[2]. - The company is facing risks from macroeconomic fluctuations, which may impact consumer demand and operational performance[56]. - The company is actively enhancing its product appeal through technological advancements and expanding its target audience to mitigate economic risks[56]. Corporate Governance and Compliance - The company has not faced any administrative penalties related to environmental issues during the reporting period[67]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[70]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[71]. - The company has not engaged in any non-compliance external guarantees during the reporting period[73]. - The company has not disclosed any new employee stock ownership plans during the reporting period[65]. Shareholder Information - The company reported a 45.91% investor participation rate in the 2023 Annual General Meeting held on May 21, 2024[61]. - The company did not distribute cash dividends or bonus shares for the half-year period[62]. - The company has granted a total of 5.4 million shares of the first category of restricted stock under the 2023 restricted stock incentive plan, with 1.27 million shares planned for up to 365 incentive targets[63]. Future Outlook - The company provided guidance for the second half of 2024, expecting revenue to grow by an additional 10% compared to the first half[134]. - New product launches are anticipated to contribute an estimated 300 million RMB in additional revenue by Q4 2024[134]. - Market expansion plans include entering two new regions, projected to increase market share by 5% by the end of 2024[134]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 500 million RMB allocated for potential deals[134]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring transparency and accuracy in financial reporting[126]. - The financial statements are prepared based on the going concern assumption, with no significant doubts about the company's ability to continue operations[125]. - The company recognizes revenue when customers obtain control of goods or services, confirming income upon receipt of payment or transfer of ownership[183]. - The company recognizes government subsidies as deferred income and accounts for them over the useful life of the related assets[187].