投资建议：我们认为花房事件结束后，公司重新振作主业，受益文旅景气度，整体座位数不断扩容，上 座率有望持续提升。佛山、上海等新项目开业贡献成长，轻资产项目持续推进，扩张加速；团客加速复 苏，散客提振盈利。我们预计公司2025-2027 年实现营业收入27.39/30.79/33.32 亿元，同比 +13.30%/+12.41%/+8.23%，实现归母净利润11.86/13.46/14.66 亿元，同比+13.07%/+13.52%/+8.91%，对 应PE21X/19X/17X，维持"买入"评级。 风险因素 消费复苏不及预期风险，竞争加剧风险，自然灾害风险。 主营项目有所分化，新项目表现亮眼。分业务来看，2024 年杭州宋城旅游区/丽江宋城旅游区/电子商务 手续费/广东千古情景区/桂林宋城旅游区分别收入5.95/2.85/2.74/2.50/2.00 亿元，同 比-3.76%/-10.13%/+56.56%/-/-7.12%。广东千古情表现亮眼，开业首年即盈利，核心演出《广东千古 情》演出 1,386 场，单日最高 10 场，带动城市人气指数直线飙升。《西安千古情》开启双剧院模式， 两大剧院同时容纳近 6,00 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with 2024 revenue projected at 24.17 billion yuan, a year-on-year increase of 25% [8] - The company has turned profitable with a net profit of 1.05 billion yuan in 2024, compared to a loss in 2023, marking a substantial recovery [8] - New projects are expected to contribute positively to profit growth, with notable revenue from new projects in Xi'an, Shanghai, and Guangdong [8] - The company signed a light asset project in Qingdao, which is anticipated to enhance revenue streams [8] - The report highlights the company's unique positioning in the tourism and performance industry, combining theme parks and cultural performances [8] Financial Summary - Total revenue is forecasted to grow from 24.17 billion yuan in 2024 to 31.51 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [1] - The net profit is expected to increase from 1.05 billion yuan in 2024 to 1.42 billion yuan in 2027, reflecting a strong growth trajectory [1] - Earnings per share (EPS) is projected to rise from 0.40 yuan in 2024 to 0.54 yuan in 2027 [1] - The company's price-to-earnings (P/E) ratio is expected to decrease from 24.61 in 2024 to 18.16 in 2027, indicating improving valuation metrics [1]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company reported a revenue of RMB 2.417 billion in 2024, representing a year-on-year growth of 25.49%, and a net profit attributable to shareholders of RMB 1.049 billion, marking a turnaround from a loss [3][8] - The growth in 2024 was primarily due to a low base from the previous year, with existing projects under pressure, necessitating ongoing attention to optimization [3][8] - New projects are ramping up quickly and showing excellent performance, with stable progress in light-asset contracts, indicating promising growth potential [3][5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.417 billion, up 25.49% year-on-year, and a net profit of RMB 1.049 billion, recovering from a loss [8] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 525 million, with a payout ratio of 50% [8] Project Performance - Existing projects showed mixed results, with most under pressure; however, new projects are performing well, such as the Guangdong Foshan project, which became profitable in its first year [8] - The company has signed a cooperation agreement for the "Silk Road Eternal Love" project, with expected service fees of RMB 50 million, set to open in July 2026 [8] Earnings Forecast - The company expects EPS of RMB 0.45, 0.50, and 0.55 for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21.3, 19.3, and 17.5 [5][7] - Revenue projections for 2025 are estimated at RMB 2.686 billion, with a growth rate of 11.1% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showing steady expansion with a focus on new project development and marketing efforts [1][5] - The company achieved a revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and a net profit of 1.049 billion yuan, marking a turnaround from losses [5] - New projects, particularly in Guangdong and Xi'an, have shown strong performance, contributing significantly to revenue growth and market presence [5] Financial Summary - Revenue projections for 2025-2027 are 2.739 billion yuan, 3.079 billion yuan, and 3.332 billion yuan, representing year-on-year growth rates of 13.30%, 12.41%, and 8.23% respectively [5][6] - Net profit estimates for the same period are 1.186 billion yuan, 1.346 billion yuan, and 1.466 billion yuan, with growth rates of 13.07%, 13.52%, and 8.91% respectively [5][6] - The company reported a gross margin of 46.39% in Q4 2024, an increase of 6.82 percentage points year-on-year [5]

Core 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].

Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating an expected stock performance that will exceed the market index by 5%-15% over the next six months [3][9]. Core Insights - The company achieved significant growth in 2024, with total revenue reaching 2.417 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 1.049 billion yuan, marking a remarkable year-on-year growth of 1,054.18% [7]. - New projects have shown impressive performance, with the Foshan project achieving profitability in its first year and the Three Gorges project generating over 1 billion yuan in revenue within 100 days of opening [7]. - The impact of the Huafang Group on profits has been largely eliminated, with the company's long-term equity investment balance stabilizing and the potential for further impairment provisions being minimal [7]. Financial Performance Summary - For 2024, the company reported total revenue of 2,417 million yuan and a net profit of 1,049 million yuan. The earnings per share (EPS) for 2025 and 2026 are projected to be 0.44 yuan and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.77 and 18.37 [8][7]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 525 million yuan, which represents 50.01% of the net profit for 2024, doubling the dividend amount from the previous year [7].

Core Insights - The company achieved a revenue of 241,727.01 million yuan, representing a growth of 25.49% compared to the previous year, and a net profit of 104,875.65 million yuan, marking an increase of 1,054.18% and a turnaround from loss to profit [10] - The company focuses on the live performance and tourism service sectors, with no significant changes in its main business during the reporting period [4][10] - The company has adopted a unique business model combining theme parks and cultural performances, leveraging its brands "Songcheng" and "Qian Guqing" to provide comprehensive cultural tourism products [5][10] Business Overview - The company operates live performance businesses and tourism services, with a focus on creating immersive cultural experiences [4][10] - The live performance segment includes various established projects such as the Hangzhou Songcheng Tourist Area and multiple Qian Guqing scenic areas across China [5] - The tourism service segment encompasses light asset output and online ticket sales, with several projects already operational [7] Financial Performance - The company reported a net cash flow from operating activities of 144,537.90 million yuan, an increase of 1.87% year-on-year [10] - The significant increase in net profit indicates a successful turnaround and effective management strategies [10] Strategic Initiatives - The company aims to enhance cultural tourism consumption through innovative projects and marketing strategies, focusing on new content and improved customer experiences [10][12] - The company is committed to building cultural landmarks and integrating technology with culture to drive growth [10][12] - The marketing strategy emphasizes a comprehensive approach to penetrate various consumer segments and enhance brand value [12] Brand Development - The company has been recognized as one of the top 30 cultural enterprises in China for the twelfth consecutive year, highlighting its strong brand presence [12] - The brand "Songcheng Qian Guqing" has been acknowledged for its social and economic benefits in the performance market [12]

Financial Performance - In 2024, the company achieved an operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49% [1] - The net profit attributable to shareholders reached 1.049 billion yuan, a staggering year-on-year growth of 1,054.18% [1] - Excluding the impact of Huafang Group, the net profit was 1.039 billion yuan, with a year-on-year increase of 25.24% [1] - Operating cash inflow was 1.445 billion yuan, indicating strong revenue quality [1] - Total assets at the end of 2024 were 9.796 billion yuan, with a net asset attributable to shareholders of 8.112 billion yuan and a debt-to-asset ratio of 14.13% [1] Dividend Policy - The proposed dividend for 2024 is 2 yuan per share, totaling 525 million yuan, which accounts for 50.01% of the net profit [1] Project Performance - The Foshan project became profitable in its opening year, exceeding expectations [2][3] - The Xi'an project saw a revenue increase of 178% and turned a profit, with significant growth in visitor numbers [3] - The Shanghai project reopened additional spaces and introduced new interactive experiences, leading to a significant reduction in losses in 2024 [4] Market Trends - The Chinese cultural tourism industry is undergoing a historic strategic upgrade, with the goal of building a "tourism powerhouse" [2] - The company is adapting to market changes, focusing on product upgrades, visitor experience, and marketing strategies to ensure sustained growth [2] Challenges and Strategies - Older projects are facing market maturity, with some experiencing slight revenue declines, while others like Guilin and Jiuzhai are maintaining growth [5][6] - The company is enhancing its marketing strategies and product offerings to adapt to changing consumer behaviors and market conditions [8][12] - The company is also focusing on optimizing its operations in Sanya, which is recovering slowly due to market competition [6] Consumer Behavior - There is a noticeable shift towards a more diversified consumer base, with increasing demand for personalized and experiential offerings [12] - The company is observing a trend of rising online ticket sales, with a 35% year-on-year increase in e-commerce revenue [9] Future Outlook - The company plans to implement targeted marketing strategies and expand its project portfolio, balancing both light and heavy asset investments [15] - The focus will remain on enhancing the core performing arts business while exploring new project opportunities [15]

宋城演艺发展股份有限公司 2024 年度独立董事述职报告 作为宋城演艺发展股份有限公司（以下简称"公司"或"宋城演艺"）第八 届董事会独立董事，本人在任职期间严格按照《中华人民共和国公司法》（以下 简称《公司法》）《上市公司独立董事管理办法》《深圳证券交易所创业板股票 上市规则》等法律法规以及《公司章程》《独立董事工作制度》等规定，忠实、 勤勉履行独立董事职务，积极出席公司相关会议，仔细审议各项议案，对公司经 营发展提供专业、客观的意见建议，独立公正，充分发挥独立董事的作用，保护 投资者合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 （一）工作履历、专业背景以及兼职情况 杨轶清，1970 年出生，硕士研究生学历。2021 年 5 月起任宋城演艺独立董 事，兼任浙江美力科技股份有限公司董事、香飘飘食品股份有限公司独立董事。 曾任浙江日报报业集团子报部门负责人、宋城集团董事长助理兼战略发展总监、 华立集团执行董事。现任浙江工商大学浙商研究院副院长、浙商博物馆馆长、浙 江省浙商研究会执行会长、浙商总会学术研究中心秘书长、世界浙商大会组委会 办公室成员、浙江省工商联执委等职务。 （二）不存 ...

宋城演艺发展股份有限公司 2024 年度独立董事述职报告 作为宋城演艺发展股份有限公司（以下简称"公司"或"宋城演艺"）第八 届董事会独立董事，本人在任职期间严格按照《中华人民共和国公司法》（以下 简称《公司法》）《上市公司独立董事管理办法》《深圳证券交易所创业板股票 上市规则》等法律法规以及《公司章程》《独立董事工作制度》等规定，忠实、 勤勉履行独立董事职务，积极出席公司相关会议，仔细审议各项议案，对公司经 营发展提供专业、客观的意见建议，独立公正，充分发挥独立董事的作用，保护 投资者合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 （一）工作履历、专业背景以及兼职情况 宋夏云，1969 年出生，硕士研究生学历，中国共产党党员，会计学教授， 博士生导师，博士后合作导师。自 2022 年 7 月起任公司独立董事，兼任宁波金 田铜业（集团）股份有限公司独立董事、苏州近岸蛋白质科技股份有限公司独立 董事。1991 年 7 月至 2007 年 2 月，在南昌大学经济管理学院工作；2007 年 3 月至 2013 年 8 月，在宁波大学商学院工作，担任审计发展研究中心副主任、现 代会计研究所 ...