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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 2.013 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 24.46%. The net profit attributable to shareholders reached 1.008 billion yuan, up 28.04% year-on-year [4]. - In Q3 2024, the company experienced a slight decline in revenue and net profit compared to the previous year, attributed to a decrease in performance from key projects and promotional activities that lowered average spending per customer [4][5]. - New projects, including the heavy asset project in Foshan and the light asset project in Yichang, have shown strong performance since their openings, contributing positively to overall visitor numbers during peak periods [5]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 76%, a decrease of 2 percentage points year-on-year. The sales and management expense ratios were 5.4% and 5.0%, respectively, both showing slight increases [4]. - The company’s total revenue is projected to reach 2.485 billion yuan in 2024, with a year-on-year growth rate of 29.0%. The net profit is expected to be 1.082 billion yuan, reflecting a growth rate of 28.0% [6][8]. - The report forecasts earnings per share of 0.41 yuan for 2024, with a price-to-earnings ratio of 24 times [6][8].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 2.013 billion yuan, a year-on-year increase of 24.46%, and a net profit of 1.008 billion yuan, up 28.04% year-on-year. However, Q3 revenue slightly decreased by 4.69% year-on-year to 836 million yuan, and net profit fell by 5.54% to 457 million yuan [1][2] - The company experienced a strong performance during the National Day holiday, with over 2.6 million visitors across its 13 scenic spots, a year-on-year increase of 59.7%. The marketing activities planned for Q4 are expected to drive further growth [2] - The company has been optimizing its management and marketing strategies, enhancing performance in existing projects while also launching new ones that have shown promising results [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 20.13 billion yuan, a year-on-year increase of 24.46%, and a net profit of 10.08 billion yuan, up 28.04%. In Q3 2024, revenue was 8.36 billion yuan, down 4.69% year-on-year, and net profit was 4.57 billion yuan, down 5.54% year-on-year [1] - The gross margin for Q3 2024 was 75.6%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased by 0.5 percentage points to 54.7% [1] Market Activity - The company’s marketing efforts during the National Day holiday were successful, with a significant increase in visitor numbers and performances. The upcoming Q4 marketing activities are expected to further enhance growth [2] - New projects, such as those in Guangdong and the Three Gorges, have shown strong performance, contributing positively to the overall results [2] Future Projections - Revenue projections for 2024-2026 are estimated at 23.4 billion yuan, 27.8 billion yuan, and 31.1 billion yuan, respectively, with net profits expected to be 10.7 billion yuan, 12.8 billion yuan, and 15.0 billion yuan [2]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a significant recovery in customer traffic and improved revenue and profit margins in Q3 2024, with total revenue of 2.013 billion yuan, a year-on-year increase of 24.46%, and a net profit of 1.008 billion yuan, up 28.04% year-on-year [4]. - The company’s unique business model combining "theme parks + cultural performances" is expected to drive future growth, with projected revenues of 2.386 billion yuan, 2.654 billion yuan, and 2.883 billion yuan for 2024, 2025, and 2026 respectively [4][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a net profit margin of 49.35%, an increase of 1.38 percentage points year-on-year [4]. - In Q3 2024, the company reported a revenue of 836 million yuan, a decline of 4.69% year-on-year, and a net profit of 457 million yuan, down 5.54% year-on-year [4]. - The gross profit margin improved to 71.87% for the first three quarters of 2024, although it decreased to 75.64% in Q3 compared to the previous year [4]. Project Developments - The company’s new projects, including the upgraded Sanya project and the successful launch of the Three Gorges project, are expected to enhance performance [4]. - During the National Day holiday, the company’s 13 major scenic spots attracted over 2.6 million visitors, marking a 159.7% increase compared to the previous year [4]. Future Projections - The report forecasts net profits of 1.063 billion yuan, 1.231 billion yuan, and 1.419 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25X, 22X, and 19X [4][6].

[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 ...

Investment 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]

证券代码：300144 证券简称：宋城演艺 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 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系 | □ 新闻发布会 | □ 路演活动 | | 活动类别 | □ 现场参观 | | | | ☑ 其他 （投资者交流会） | | | | | 中信证券、国信证券、中欧基金、南方基金、兴证全球、东吴证券、浙商证券、 | | | | 国盛证券、兴业证券、太平养老、泰康资产、建信养老、农银人寿、天风证券、 | | 参与单位名称及 人员姓名 | ...