Summary of Conference Call Industry Involved - The document discusses the tourism industry and its integration with service consumption and cultural activities [1] Core Points and Arguments - The document emphasizes the importance of promoting high-quality development in service consumption, particularly highlighting tourism as a significant sector [1] - It mentions the need to advance the integration of commerce, tourism, culture, and sports [1] Other Important but Possibly Overlooked Content - The focus on the synergy between different sectors indicates potential investment opportunities in companies that can effectively combine these elements [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to achieve a revenue of 1.1 to 1.25 billion yuan in H1 2024, representing a year-on-year growth of 48.54% to 68.80%. The net profit attributable to the parent company is projected to be between 480 to 620 million yuan, with a year-on-year increase of 58.52% to 104.75% [2][4]. - The report highlights the company's focus on its core performing arts business, with existing projects showing stable recovery and new projects gradually maturing, which is expected to create new growth momentum in the medium to long term [5][6]. Summary by Sections Revenue and Profit Forecast - For H1 2024, the company anticipates revenue between 1.1 billion to 1.25 billion yuan, with a net profit of 480 to 620 million yuan. For Q2 2024, revenue is expected to be between 540 to 690 million yuan, with net profit ranging from 230 to 370 million yuan [2][4]. Industry Context - The cultural tourism market is showing steady improvement, with travel numbers surpassing 2019 levels during major holidays. However, per capita spending is still recovering [4]. - Existing projects are performing steadily, while new projects, such as the Guangdong Qianguqing project, have gained popularity and achieved profitability in Q1 2024 [4]. Future Outlook - The company is expected to enhance its capacity during peak seasons and continue to develop new projects, which will contribute to revenue growth. The ongoing projects in Xitang and Zhuhai are anticipated to further support long-term development [4][5].

[Table_Title] 宋城演艺（300144.SZ） 24Q2 业绩符合预期，佛山项目表现亮眼 [Table_Summary] 核心观点： 事件：公司披露半年度业绩预告，预计上半年实现收入 11-12.5 亿元， 同增 48.5%-68.8%，实现归母净利润 4.8-6.2 亿元，同增 58.5%- 104.8%，实现扣非归母净利润 4.77-6.17 亿元，同增 61.5%-108.9%。 经测算，单 Q2 实现收入 5.4-6.9 亿元，同比增速 6.8%-36.4%，实现 归母净利润 2.3-3.7 亿元，同比增速-6%至 52%；扣非归母净利润 2.3- 3.7 亿元，同比增速-5%至 53%。若取业绩预告中值，Q2 收入同比增 速约 21.6%，归母净利润同比增速约 23.0%，扣非归母净利润同比增 速约 24.2%，收入利润增速匹配，基本符合预期，我们判断三峡轻资 产项目一次性收入对上半年业绩有所提振。 从近期千古情场次安排上看，据宋城演艺公众号，Q2 全国 12 大千古 情合计演出 2610+场，是 2023 年同期的 136%。若剔除广东千古情演 出场次，合计演出 2240+场，是 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 10.53 yuan, reflecting a 19% decrease from the previous forecast of 12.80 yuan [5][3]. Core Insights - The company's performance for the first half of 2024 is expected to meet market expectations, with a focus on the operational data recovery during the summer peak season [3]. - The report highlights a significant revenue increase for the first half of 2024, projecting revenue between 1.1 billion to 1.25 billion yuan, representing a year-on-year growth of 48.54% to 68.80%, with a median estimate of 1.175 billion yuan [3]. - The net profit attributable to the parent company is forecasted to be between 480 million to 620 million yuan, indicating a year-on-year increase of 58.52% to 104.75%, with a median of 550 million yuan [3]. - The report notes that the company's earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted downwards to 0.42 yuan (-11%), 0.50 yuan (-7%), and 0.57 yuan (-5%) respectively, due to the impact of new market dynamics on traditional travel agencies [3]. Financial Summary - The company achieved a total revenue of 458 million yuan in 2022, with a projected revenue of 1.926 billion yuan for 2023, and expected revenues of 2.732 billion yuan, 3.040 billion yuan, and 3.250 billion yuan for 2024, 2025, and 2026 respectively [4][8]. - The net profit attributable to the parent company is projected to recover significantly from a loss of 110 million yuan in 2023 to a profit of 1.104 billion yuan in 2024, 1.323 billion yuan in 2025, and 1.499 billion yuan in 2026 [4][8]. - The report indicates a significant improvement in the company's operating cash flow, expected to reach 1.626 billion yuan in 2024, up from 1.419 billion yuan in 2023 [8]. Market Performance - The company's stock price has fluctuated between 7.57 yuan and 13.41 yuan over the past 52 weeks, with a current price of 7.72 yuan [6]. - The total market capitalization is reported at 20.23 billion yuan, with a total share capital of 2.62 billion shares [6][9].

宋城演艺(300144) 24H1 业绩符合预期，期待新项目扩张 术城演艺中报预告点评报告 授贫实点 D D 宋城演艺 H1 會主教入 11 亿元~12.5 亿元，同比增长 48.54%~68.80%；归寻净利 润盈利 4.8 亿元–6.2 亿元，同比增长 58.52%–104.75%；标非净利润盈利 4.772 亿 元~6.172 亿元，同比增长 61.52%~108.91%。 公司 Q2 密封枕入 5.4~6.9 亿元，同比增长 6.72%~36.36%；公司 Q2 归寻净利润 2.28~3.68 亿元，同比增速-5.79%~52.07%；标非净利润 2.272~3.672 亿元，同比 增选-5.33%-53%. 口 20.4%，同比 2019 辛增长 57.6%； 轻贪产场次数 354 场，同比 2023 辛增长 13.5%，同比 2019 年减少 1.4%。共中奇安、佛山表现出色，奇安场次数 348 场，同比 2023 年增加 150.4%； 佛山场水妾 344 场 . 2024 牛上半牛，丈化淋淋す菊坐休柔栽出幾丈的好的态势。公司在这一时期新 D 增加了广东千古情深区并开始连营，同时现有项目的连营天 ...

证券所究报告 宋城浓艺 (300144 CH) 业绩将合预期, 关注新项目成长与嫁化 牟 养 研究公告,点评 2024 年７月 24 日 | 中国内地京点 1H24 经营复苏枝优，收入城将合预期，利润城上队超预期 宋域涂艺７月 23 日晚发布业绩预告, 1H24 预计实现营收 11.0-12.5 亿(yoy +48.5%-68.8%），归寻净利预计 4.8-6.2 亿（yoy+58.5%-104.8%），对应归 寺净利率 43.6%-49.6% (yoy+2.8pct-8.7pct)，标非净利预计 4.8-6.2 亿 (yoy+61.5%-108.9%)。妆入符合柔们前瞻预期，归苹净利上限值超预期 ( 妆入：11.0-12.5 亿：归芽净利：4.8-5.5 亿)、彰显龙头较强经营增长动 能。展望 2H，公司有重项目积极优化、释放产能，三块千古桥等增查项目 有序落地，含益著期旺季，有望进一步增厚营收和利润规模。我们预计公司 24-26 年 EPS 为 0.47/0.56/0.64 元，可比公司 24 年 Wind 一致预期 PE 均 值为 16 倍，考虑录区+滨艺的模式具有较强可复制性，成熟时期高利润率 高 R ...

阿 2024 年 07 月 24 日 顾向君 H70420@capitalcom.tw 目标价(元) 9 公司基本信息 | --- | --- | |---------------------|--------| | 产业别 | | | A 股价(2024/7/23) | | | 深证成指(2024/1/31) | | | 股价 12 个月高/低 | | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | 股价/账面净值 | | | | 一个月 | | 股价涨跌(%) | | | --- | |------------| | 近期评等 | | 出刊日期 | | 2024-02-01 | | 2023-10-26 | | 2023-08-28 | | 2023-05-05 | 前日收盘 8.89 10.76 12.04 13.73 评等 买进 买进 买进 买进 产品组合 | --- | --- | |-------------------|--------| | 文化艺术业-现场演 | 86.5 ...

事件 24 年 7 月 23 日公司公告 1H24 预告,预计营收 11~12.50 亿元 /+48.54%~68.80%,归母净利润 4.80~6.20 亿元/+58.5%~104.8%, 扣非归母净利 4.77~6.17 亿元/+61.52%~108.91%。单 2Q24 预计营 收 5.4~6.9 亿 元 /+6.8%~36.4% ,归母净利 2.3~3.7 亿 元 /- 5.8%~+51.9%,扣非归母净利 2.3~3.7 亿元/-5.0%~53.3%。 点评 Q2 淡季各园区恢复度有所分化,桂林、西安、佛山等表现相对亮 眼。根据我们对宋城演艺官方小程序演出场次跟踪数据,2Q24 成 熟园区杭州/三亚/丽江/桂林千古情日均演出场次 分 别 为 4.4/2.6/2.6/2.6 场 , 同 比 23 年同期 分 别 +1.5%/-8.2%/- 19.5%/+6.7%, 较 19 年同期恢复度分别为 77.7%/74.8%/85.7%/80.5%,其中杭州、桂林千古情同比取得正增 长,三亚千古情则受三亚本身客流承压影响出现较明显下滑。新园 区看,2Q24 西安/上海/佛山千古情 日均演 出场 次 分 别 为 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2024-040 宋城演艺发展股份有限公司 2024 年半年度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间 2024年1月1日至2024年6月30日。 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： 扭亏为盈 同向上升 同向下降 | --- | --- | --- | |----------------|-------------------------------------|-------------------------| | 项目 | 本报告期 | 上年同期 | | | 110,000 万元 –125,000 万元 | | | 营业收入 | 比上年同期增长： 48.54%–68.80% | 74,052.33 万元 | | 归属于上市公司 | 盈利： 48,000 万元 –62,000 万元 | | | 股东的净利润 | 比上年同期增长： 58.52%–104.75% | 盈利： 30,280.55 万元 | | 扣除非经常性损 | 盈利： ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 宋城演艺 原文 20240702_ 2024年07月04日00:47 发言人 00:09 感谢大家参加本次会议，会议即将开始tostart，pleaseremainontheline. 发言人 00:27 感谢大家参加本次会议，会议即将开始，pleaseremainontheline. 发言人 00:46 大家好，欢迎参加新政策服2024年中期策略会，宋城演艺公司交流。目前所以全国仍均处于 经营状态，现在开始播报声明，声明播报完毕以后，主持人可直接发言，谢谢你。市场有风险 投资需谨慎。 发言人 01:07 各位同志，大家下午好，我是今天事务的理员宋超。今天也是我们这个中级策略会专场的交流。 然后今天也非常荣幸邀请到了宋城的总理赵总，还有李总这边来做一个线上的分享交流感谢大 家最近也刚刚进入暑期，也非常关注这个公司包括二季度以及暑期的一些经营方面的一些规划。 ...