Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a company in the cultural tourism industry, specifically focusing on its third-quarter results and future projections. The company reported a revenue of 2.013 billion yuan for the first three quarters of 2024, a year-on-year increase of 24.46% [1]. The net profit reached 1.008 billion yuan, up 28.04% year-on-year [1]. Key Points and Arguments Financial Performance - The company achieved significant growth in both revenue and net profit in the third quarter, indicating strong operational performance [1]. - The company’s net profit accounted for over 50% of the total net profit of 21 listed cultural tourism companies in the A-share market for the first half of the year, highlighting its leading position in the industry [2]. Project Performance - Various projects showed differing performance levels: - The Xi'an project had over 580 performances during the summer, becoming a must-see for tourists [2]. - The Foshan project continued to attract a large audience, with a high visitor ratio and expanding revenue [2]. - The Guilin and Lijiang projects faced challenges, including increased competition and adverse weather conditions, but maintained stable revenue compared to the previous year [3][4]. Market Conditions and Competition - The Lijiang tourism market is experiencing increased regulatory scrutiny and consumer downgrade effects, leading to a decline in overall performance [3]. - The Guilin project, despite facing heavy rainfall, managed to maintain revenue levels similar to the previous year, indicating resilience [3]. Future Growth Expectations - The company remains optimistic about the future growth of its projects, particularly in regions with strong market potential [3]. - The company plans to enhance its competitive edge through continuous innovation in content and experience offerings [6][7]. Impact of Flower House - The Flower House project remains suspended, with no significant impact on the company’s overall performance anticipated, regardless of its future status [4][5]. - The company holds a 35.35% stake in Flower House, which is currently stable and showing signs of recovery [4]. Consumer Trends and Market Strategy - The company acknowledges a shift in consumer behavior towards more rational and value-driven spending in the cultural tourism sector [7]. - The focus is on enhancing the quality of experiences and offerings to meet rising consumer expectations [7]. Investment and Financial Strategy - The company is cautious about its cash flow and investment strategies, emphasizing the need for prudent financial management despite having substantial cash reserves [12]. - There are currently no plans for share buybacks, but the company is open to considering dividend policies in the future based on market conditions [12]. Project Expansion and Development - The company is actively exploring new project opportunities while ensuring the successful operation of existing ones [10]. - There is a focus on tailoring market strategies to specific regional demands and consumer preferences [16]. Additional Important Insights - The company is adapting to changing market dynamics, including the rise of small group tours and personalized travel experiences [11]. - The overall sentiment in the cultural tourism industry remains positive, with expectations for continued recovery and growth as consumer confidence returns [11]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's performance, market conditions, and strategic outlook.

Investment Rating - The report maintains a "Recommended" rating for Songcheng Performance (300144.SZ) with a target price of 9.83 CNY [3]. Core Views - The company reported a revenue of 2.013 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 24.26%, and a net profit attributable to shareholders of 1.008 billion CNY, up 28.04% year-on-year [1]. - The report highlights that the high base from the previous year has put pressure on Q3 2024 performance, with revenue of 836 million CNY, a year-on-year increase of 4.69%, and a net profit of 457 million CNY, down 5.54% year-on-year [1]. - The report emphasizes the successful visitor reception during the National Day holiday, with over 2.6 million visitors across 13 major scenic spots, a 159.7% increase compared to the previous year [1]. - The company is expected to benefit from the maturation of existing projects and the contribution of new projects, with a focus on three growth points: ongoing project preparations, growth potential of existing projects, and the new Zhuhai project targeting the leisure vacation market [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 71.87% and a net margin of 50.05%, with investment income turning positive at 30 million CNY compared to a loss of 28 million CNY in the same period last year [1]. - The report forecasts revenues of 2.385 billion CNY, 2.659 billion CNY, and 2.871 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.078 billion CNY, 1.242 billion CNY, and 1.379 billion CNY [2][4]. - The projected PE ratios for 2024, 2025, and 2026 are 24x, 21x, and 19x respectively, indicating a positive outlook for the company's earnings growth [2][4]. Operational Insights - The report notes that the increase in various expense ratios in Q3 2024 was offset by improved net profit growth due to the recovery in investment income [1]. - The company is expected to leverage its established brand influence and revenue growth potential from multiple projects still in preparation or awaiting opening [1]. - The report suggests that the core holiday activities and the rapid iteration of events will likely become a strong driver for future customer traffic growth [1].

社会服务 证 券 研 究 报 告 2024 年 10 月 25 日 宋城演艺 (300144) ——培育项目拉低客单，场次数高基数下保持增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 10.11 | | 一年内最高 / 最低（元） | 12.43/6.93 | | 市净率 | 3.5 | | 息率（分红/股价） | 0.99 | | 流通 A 股市值（百万元） | 23,773 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 3.07 | | 资产负债率 % | 1 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 宋城演艺（300144.SZ） 业绩符合预期，Q4 营销有望带动增长 事件：10 月 24 日，公司发布 2024 年三季报，2024 年前三季度实现营收 20.13 亿 元/同比+24.46%，归母净利润 10.08 亿元/同比+28.04%，扣非归母净利润 9.94 亿元/同比+28.05%。其中，2024Q3 实现营收 8.36 亿元/同比-4.69%，归母净利 润 4.57 亿元/同比-5.54%，扣非归母净利润 4.46 亿元/同比-7.10%。 Q3 营收微降。2024Q3，据宋城演艺官方订票程序，上海/杭州/三亚/张家界/丽江 / 桂 林 / 宜 春 / 长 沙 / 九 寨 / 西 安 / 郑 州 项 目 日 均 场 次 数 分 别 为 2.5/4.3/2.5/1.4/4.4/4.3/1.5/1.0/2.5/7.3/2.3 次，恢复至上年同期的 88.0%/69.2%/94.8%/64.9%/90.1%/97.5%/98.9%/97.8%/94.1%/162.4%/111 .3%，受前期高基数和当期天气因素影 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2024-053 宋城演艺发展股份有限公司 关于控股股东部分股份质押的公告 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。 宋城演艺发展股份有限公司（以下简称"公司"）近日接到公司控股股东杭 州宋城集团控股有限公司（以下简称"宋城集团"或"控股股东"）通知，获悉 宋城集团将其所持有的公司部分股份办理了质押业务，具体事项如下： 1 | 黄巧燕 | 150,000 | 0.01% | 0 | 0 | 0.00% | 0.00% | 0 | 0.00% | 150,000 | 100.00% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | 1,071,124,880 | 40.88% | 99,000,000 224,000,000 20.91% | | | 8.55% | 0 | 0.00% | 350,000 | 0.04% | 注：（1）上表小数均保留两位，出现合计数与分项数值之和不一致的情况，系四舍五入原因 ...

[Table_Main] 证券研究报告 | 公司点评 宋城演艺(300144.SZ) 2024 年 10 月 25 日 买入（维持） 所属行业：社会服务/ 当前价格(元)：10.11 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -46% -34% -23% -11% 0% 11% 23% 34% 2023-10 2024-02 2024-06 宋城演艺 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 34.80 | 34.26 | 31.13 | | 相对涨幅 (%) | 17.59 | 16.18 | 16.19 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《宋城演艺（300144.SZ）：Q3 客流 恢复提速，看好新项目后续孵化》， 2023.10.26 宋城演艺（300144.SZ）：Q3 营收利 ...

[Table_RightTitle] 数据来源：携宁科技云估值,万联证券研究所 证券研究报告|社会服务 [Table_Title] 业绩表现稳健，新项目持续爬坡 [Table_StockName] ——宋城演艺（300144）2024 年三季报点评报告 [Table_ReportDate] 2024 年 10 月 25 日 [Table_Summary] 报告关键要素: 10 月 24 日，公司发布 2024 年三季报。2024Q1-Q3，公司实现营收 20.13 亿元（同比+24.46%），归母净利润 10.08 亿元（同比+28.04%），扣非归 母净利润 9.94 亿元（同比+28.05%）。Q3 单季，公司实现营收 8.36 亿 元（同比-4.69%），归母净利润 4.57 亿元（同比-5.54%），扣非归母净 利润 4.46 亿元（同比-7.10%），业绩基本符合预期。 投资要点: 新项目表现出色，业绩稳健增长。7 月 26 日，公司新项目三峡千古情 开业，主题歌舞表演《三峡千古情》一天连演 6 场，带动宜昌、宜都城 市人气指数提升。节假日民众出游热情高涨，公司受益于旅游市场活力 复苏。今年国庆黄金 ...

来源：公司年报、国金证券研究所 宋城演艺 (300144) 事件 2024 年 10 月 24 日公司披露 2024 三季报，Q1-3 实现营收 20.13 亿元/+ 24.46%，归母净利润 10.08 亿元/+28.04%，扣非归母净利 润 9.94 亿元/+28.05%。3Q23 实现营收 8.36 亿元/-4.69%，归母净 利润 4.57 亿元/-5.54%，扣非归母净利润 4.46 亿元/-7.10%。 点评 同比高基数下经营表现相对稳健。根据我们对宋城演艺官方小程 序数据统计，Q3 主要重资产千古情项目日均演出场次，杭州 4.8 场/-23%、三亚 2.5 场/-4%、丽江 4.4 场/-9%、桂林 4.3 场/-2%、 张家界 1.4 场/-31%、九寨沟 2.4 场/-6%、西安 7.4 场/+67%、上 海 2.5 场/-16%，23 年暑期国内游高基数情况下各个项目演出场次 存在不同程度下滑，除 23 年爆发式恢复下基数较高以外还受出境 游、国内其他目的地旅游分流及部分景区极端天气影响，其中西安 受益 2 号剧院新开放及所在地旅游热度高，桂林、三亚、九寨沟等 下滑幅度相对小；新重资产项目 ...

宋城演艺（300144.SZ） 优于大市 三季度业绩平稳略降，持续推进渠道迭代与内容优化 2024 年第三季度公司收入-4.7%，归母净利润-5.5%，与我们前瞻基本一致。 2024Q3 公司收入 8.4 亿元/-4.7%，归母净利润 4.6 亿元/-5.5%，扣非净利润 4.5 亿元/-7.1%，符合我们业绩前瞻。Q3 千古情总场次增长 11%，估算单场 对应收入-17%，预计系客单价较高的存量项目场次回落，新项目场次占比提 升但价格仍处爬坡期，以及整体消费环境综合影响。2024Q1-3 公司收入 20.1 亿元/+24.5%，归母净利润 10.1 亿元/+28.0%，扣非净利润 9.9 亿元/+28.1%。 主业经营：三季度培育项目贡献核心增量，成熟项目高基数下同比承压。自 营项目方面，根据官方公众号，三季度宋城旗下自营项目总场次增长约 11%。 其中培育项目贡献重要增量，西安、佛山项目上半年已实现盈利，三季度继 续表现亮眼，西安项目同比增长 67%，暑期西安项目双剧院并行单日演出场 次创新高；佛山项目演出环比持续提升。五大成熟项目场次同比下降约 12%， 预计系去年暑期旅游需求集中释放，高基数下挑战较大 ...

证券研究报告·公司点评报告·旅游及景区 宋城演艺（300144） 2024 三季报点评：Q3 业绩符合预期，关注假 期政策变化 2024 年 10 月 24 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 | 1,308.95 | 1,500.98 | | 同比（ % ） | (115.15) | (130.20) | 1,054.72 ...