证券代码：300144 证券简称：宋城演艺 公告编号：2024-047 宋城演艺发展股份有限公司 关于 2023 年限制性股票激励计划第二类限制性股票首次授 予部分第一个归属期归属条件成就的公告 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。 重要内容提示： 1、本次第二类限制性股票拟归属数量：2,196,400 股。 2、本次第二类限制性股票归属股票来源：公司向激励对象定向发行本公司 A 股普通股股票。 宋城演艺发展股份有限公司（以下简称"公司"）2023 年限制性股票激励计 划（以下简称"本次激励计划"）规定的第二类限制性股票首次授予部分第一个 归属期归属条件已经成就，根据公司 2023 年第一次临时股东大会的授权，公司 于 2024 年 10 月 14 日分别召开第八届董事会第十八次会议和第八届监事会第十 一次会议，审议通过《关于 2023 年限制性股票激励计划第二类限制性股票首次 授予部分第一个归属期归属条件成就的议案》，现将有关事项公告如下： 一、本次激励计划实施情况概要 （一）本次激励计划简介 2023 年 9 月 19 日，公司召开 2023 年第一次 ...

宋城演艺发展股份有限公司 2023 年限制性股票激励计划 调整第二类限制性股票授予价格、 上海君澜律师事务所 关于 作废部分限制性股票及 首次授予部分第一个归属期归属条件成就 之 法律意见书 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记 载、误导性陈述或者重大遗漏，并承担相应法律责任。 二〇二四年十月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于宋城演艺发展股份有限公司 2023 年限制性股票激励计划 调整第二类限制性股票授予价格、作废部分限制性股票及 首次授予部分第一个归属期归属条件成就之 法律意见书 致：宋城演艺发展股份有限公司 上海君澜律师事务所（以下简称"本所"）接受宋城演艺发展股份有限公 司（以下简称"公司"或"宋城演艺"）的委托，根据《上市公司股权激励管 ...

[Table_MainInfo] 公司研究/旅游服务业/景点与休闲设施 证券研究报告 宋城演艺（300144）公司半年报点评 2024 年 09 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | 7.25 | | 52 周股价波动（元） | 7.11-13.07 | | 总股本 / 流通 A 股（百万股） | 2620/2351 | | 总市值 / 流通市值（百万元） | 18998/17048 | | 相关研究 | | | [Table_ReportInfo] 《 23 年收入增长 321% | ，新项目提供新增量》 | | 2024.05.10 | | | 《 3Q23 收入超 19 | 年同期，场次修复亮眼》 | | 2023.10.30 | | 市场表现 [Table_QuoteInfo] | ...

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][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]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.177 billion yuan for H1 2024, representing a year-on-year increase of 58%, and a net profit attributable to shareholders of 550 million yuan, up 82% year-on-year [3] - Q2 performance was in line with expectations, with revenue of 620 million yuan, a 22% increase year-on-year, and a net profit of 300 million yuan, up 23% year-on-year [3] - The main projects showed varied performance, with significant revenue contributions from Hangzhou, Sanya, Lijiang, and Guangdong, achieving revenues of 290 million, 110 million, 130 million, and 130 million yuan respectively [3] - Potential projects continue to show growth, with high occupancy rates during the summer season and ongoing improvements in profitability expected [3] - 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 [3] Financial Summary - Total revenue forecast for 2024 is 2.401 billion yuan, with a year-on-year growth of 24.67% [2] - Net profit attributable to shareholders is projected to be 1.049 billion yuan in 2024, with a significant increase of 1,054.72% compared to the previous year [2] - The company’s P/E ratio is estimated to be 18.85 for 2024, decreasing to 13.18 by 2026 [2] - The company’s total assets are expected to reach 10.038 billion yuan by 2024, with total liabilities of 1.419 billion yuan [10]

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 ...