[Table_StockInfo] 买入 2024年 05月 02日 （维持） 证券研究报告•2023年年报及2024年一季报点评 当前价： 10.86元 宋城演艺（300144） 社会服务 目标价： 13.44元（6个月） 业绩稳健增长，新项目爬坡值得期待 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报及 2024年一季报。2023年，实现营业收入 19.3 [分Ta析bl师e_：Au杜th向or阳] 亿元，同比增长320.8%；由于公司参股的联营企业花房集团有限公司经营情况 执业证号：S1250520030002 不及预期，公司计提长期股权投资减值准备8.6亿元，导致公司归母净利润为-1.1 电话：021-68416017 亿元，若不考虑该事项的影响，公司归母净利润应为8.3亿元，同比实现扭亏为 邮箱：duxy@swsc.com.cn 盈。由于 2023Q1 公司旗下各个项目还属于疫后逐步复园的准备中，故营收端 及利润端增长显著，2024Q1，实现营业收入 5.6亿元，同比增长 138.7%；实 [相Tab对le指_Q数u表ot现eP ic] 现归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to recover, and profitability is expected to further improve. Revenue from live performances reached 1.667 billion yuan in 2023, a year-on-year increase of 315.63%, recovering to 89% of 2019 levels [1][3] - The tourism service sector achieved revenue of 259 million yuan, a year-on-year increase of 357.05%, indicating strong recovery in mature projects and promising growth in new projects [1][3] Financial Performance Summary - In 2023, the company reported revenue of 1.926 billion yuan, a year-on-year increase of 320.76%. However, the net profit attributable to shareholders was a loss of 110 million yuan, a decline of 130.20% year-on-year. Excluding long-term equity investment gains and impairment losses, the net profit would have been 829 million yuan [1][4] - For Q1 2024, revenue was 560 million yuan, a year-on-year increase of 138.70%, with a net profit of 252 million yuan, reflecting a year-on-year growth of 317.33% [1] - The gross profit margins for live performances and tourism services in 2023 were 61.56% and 97.07%, respectively, showing significant improvement compared to 2022 [1] Earnings Forecast - The company is expected to achieve net profits of 1.206 billion yuan, 1.385 billion yuan, and 1.563 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios (PE) are projected to be 23.6x, 20.5x, and 18.2x [3][4]

2024年5月7日 公司研究 演艺主业持续复苏，获得无保留审计意见 ——宋城演艺（300144.SZ）2023 年年报与 24 年一季报点评 要点 买入（维持） 事件：公司发布23年年报与24年一季报，23年实现营收/归母净利润/扣非归 当 前价：10.86元 母净利润分别为19.26/-1.10/-0.88亿元，分别同比+320.8%/增亏/减亏。若剔 除持有花房集团的长期股权投资形成的投资收益以及减值损失，23年归母净利 作者 润为8.29亿元，同比扭亏。24Q1营收/归母净利润/扣非归母净利润分别为 分析师：陈彦彤 5.60/2.52/2.49亿元，分别同比+138.7%/+317.3%/+349.1%。 执业证书编号：S0930518070002 演艺主业复苏，新项目逐渐释放业绩：受益于行业复苏，公司演艺主业逐渐回暖。 021-52523689 23年公司现场演艺营收为16.7亿元，恢复至19年的89.1%；其中，杭州/三亚 chenyt@ebscn.com 分析师：汪航宇 /丽江/桂林/张家界千古情景区的营收分别恢复至19年的71.3% /48.9%/96.6% 执业证书编号：S0930523070 ...

[Table_Page] 年报点评|旅游及景区 证券研究报告 [宋Table_城Title] 演艺（300144.SZ） [公Tab司le_I评nves级t] 买入 当前价格 10.86元 年报消除保留意见，24Q1 业绩表现亮眼 合理价值 12.14元 前次评级 买入 [核Tabl心e_Su观mm点ary] ： 报告日期 2024-05-05  事件：公司发布2023年年报及2024年一季报，2023年公司营收19.26 [相Tab对le_P市icQ场uote表] 现 亿元，同比增长320.76%；归母净利润-1.1亿元，扣非归母净利润-8831 万元，主要受到花房集团投资减值损失8.6亿元拖累。24Q1单季度实 2% 现营收 5.6 亿元，同比增长 138.7%；归母净利润 2.52 亿元，同比增 -6%05/23 07/23 09/23 10/23 12/23 02/24 04/24 长317.33%；扣非归母净利润2.49亿元，同比增长349.07%，主要系 -15% -23% 24Q1公司各景区均正常营业而23年同期部分景区未能开园。 -32%  分业务：各项目营收23年均实现大幅回升，杭州宋城 ...

景区 宋城演艺（300144.SZ） 增持-A(维持) 新项目增速亮眼，花房计提减值损失 2024年5月5日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年财务报告，期内公司实现营收19.26亿元/+320.76%， 为2019年同期73.76%；归母净亏损1.1亿元/-130.2%，扣非归母净亏损0.88 亿元/+6.16%，EPS-0.04元，拟向全体股东每10股派发现金红利1元（含税）。 若不考虑花房长期股权投资形成的减值损失，公司归母净利润8.29亿元（较 上年同期扭亏为盈，同比增加 9.59 亿元），经营活动现金流 14.19 亿元 /+327.4%。2023Q4实现营收3.09亿元/+343.02%，归母净亏损8.97亿元（较 上年同期亏损增加7.74亿元），扣非归母净亏损8.64亿元（较上年同期亏损 市场数据：2024年4月30日 增加7.43亿元）。 收盘价（元）： 10.86 事件点评 年内最高/最低（元）： 14.55/8.22  成熟景区继续贡献主要营收，新项目增长明显。杭州/三亚/丽江项目分 流通A股/总股本（亿股）： 22.72/26.20 别 实 现 营 ...

社会服务 | 证券研究报告 — 调整盈利预测 2024年4月30日 300144.SZ 宋城演艺 买入 演艺主业经营回暖，财报保留意见消除 原评级：买入 市场价格:人民币 10.36 公司发布2023年年报及2024年一季报。23年公司实现营收19.26 亿元，同 比+320.76%；归母净利润-1.10亿元，同比-130.20%。24Q1公司实现营收5.60 板块评级:强于大市 亿元，同比+138.70%；归母净利润 2.52 亿元，同比+317.33%。当前花房减 值事项落地，公司主业经营回暖，看好成熟项目的逐步恢复和新项目的快速 股价表现 爬坡，维持买入评级。 支撑评级的要点 0% (7%)  花房减值落地，主业经营回暖。23 年公司实现营收 19.26 亿元，同比 (14%) +320.76%；归母净利润-1.10 亿元，同比-130.20%。剔除持有花房集团的 长期股权投资形成的投资收益以及减值损失后，净利润为8.29 亿元。中 (21%) 喜会计师事务所对公司2023年年报出具了无保留意见的审计报告。 (28%) (36%)  各景区恢复程度分化，桂林、张家界表现亮眼。23年杭州/丽江/三亚/ ...

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The company reported a revenue of 1.926 billion yuan in 2023, a year-on-year increase of 320.8%. However, the net profit attributable to the parent company was -110 million yuan, a decrease of 130.2% year-on-year. Excluding the impact of long-term equity investment impairment losses, the net profit would have been 828 million yuan [1]. - In Q4 2023, the company achieved a revenue of 309 million yuan, a year-on-year increase of 343.0%, but reported a net loss of 897 million yuan. In Q1 2024, the revenue was 560 million yuan, a year-on-year increase of 138.7%, with a net profit of 252 million yuan, a year-on-year increase of 317.3% [1][2]. - The company is focusing on its core business after impairment losses and has seen a recovery in its performance due to the opening of new attractions [1][2]. Summary by Sections Financial Performance - In 2023, the company’s revenue was 1.926 billion yuan, with a year-on-year growth of 320.8%. The net profit attributable to the parent company was -110 million yuan, down 130.2% year-on-year. The adjusted net profit, excluding impairments, would have been 828 million yuan [1][3]. - For Q1 2024, the company reported a revenue of 560 million yuan, reflecting a 138.7% increase year-on-year, and a net profit of 252 million yuan, up 317.3% year-on-year [2][3]. Project Performance - The company’s projects in Hangzhou, Sanya, Lijiang, and Guilin have shown recovery in performance, with revenue recovery rates of 71%, 49%, 97%, and 118% respectively compared to 2019 [1]. - The company has successfully increased the number of performances in its mature projects, with record-breaking performance counts in various locations [1]. Future Outlook - The company is expected to focus on its core performing arts business, which should alleviate previous stock price pressures. The removal of the qualified opinion from the 2022 report is anticipated to attract new investment [1][2]. - The company has plans for expansion and upgrading of its projects, which is expected to enhance its growth potential and market share [1][2].

宋城演艺（300144.SZ）2023年年报及2024年一季报点评 23 年上海项目表现亮眼，关注 24 年五一及暑期经营表现 2024年04月28日 ➢ 宋城演艺发布2023年年报/2024年一季报。23年经营情况：1）收入/利 推荐 维持评级 润表现：23年，公司营收19.26亿元/同比+320.77%，较19年同期-26.24%； 归母净利润-1.10亿元/22年同期为-0.48亿元，19年同期为13.39亿元。23年 当前价格： 10.36元 度花房计提资产减值损失8.61亿元，若不计算资产减值损失影响，23年归母净 利润 7.51 亿元。2）各项费用率表现：23 年，公司销售费用率 4.59%/同比- 0.29pcts，较19年同期-0.99pcts；管理费用率7.61%/同比-78.00pcts，较19 年同期+0.40pcts；研发费用率1.56%/同比-2.50pcts，较19年同期-0.30pcts。 3）毛利率/净利率表现：23年，公司毛利率66.35%/同比+16.21pcts，较19年 [Table_Author] 同期-5.05pcts；若以不计算资产减值损失的净利润作为净利率计算基 ...

上 市 公 司 社会服务 2024 年04月 26 日 宋城演艺 (300144) 公 司 研 究 ——非标审计意见消除，一季度增速显著 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （上调）  公司公布 23年报和24一季报，业绩符合预期。1）23年公司实现营收 19.26亿元，同 比大幅增长320.76%，归母净利润为-1.10亿元，同比减少130.20%。扣非净利润为-0.88 证 市场数据： 2024年04月26日 亿元，同比增长 6.16%。剔除花房长期股权投资形成的投资收益及减值损失，23 年归母 券 收盘价（元） 10.36 研 一年内最高/最低（元） 14.55/8.22 净利8.29亿元，同比大幅增长740.64%。2）24Q1，公司实现营收5.60亿元，同比增长 究 市净率 3.6 138.70%。归母净利润2.52亿元，同比大幅增长317.33%。 报 息率（分红/股价） - 告 流通A股市值（百万元） 23537  23年经营大幅回暖，低基数下Q1业绩增长亮眼。1）现场演艺23年营收16.67亿元、 上证指数/深证成指 3088.64/9463.91 恢复至 19 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.95 CNY, down from the previous target of 14.30 CNY [1][2]. Core Views - The report indicates that the company's core business profitability is steadily recovering, and it highlights the progress of new projects [1][2]. - The company reported a revenue of 19.26 billion CNY in 2023, a significant increase of 291% year-on-year, recovering to levels seen in 2019 [1][2]. - The net profit loss for the company was 1.1 billion CNY, primarily due to the impact of impairment losses [1][2]. Summary by Sections Performance Overview - The company achieved a gross profit of 12.78 billion CNY with a gross margin of 66.35%, recovering from a decline of 5.05% compared to 2019 [1]. - The report notes that the core projects are recovering, with significant revenue contributions from Lijiang and Guilin [1][2]. Financial Forecast - The forecast for 2024 estimates an EPS of 0.47 CNY, reflecting a decrease of 8% from previous estimates [1]. - Revenue projections for 2024 are set at 28.73 billion CNY, with a growth rate of 49% compared to 2023 [2]. Key Financial Metrics - The company’s operating profit margin is projected to be 51.2% in 2024, with a net profit margin of 42.6% [2]. - The report highlights a significant recovery in the company's operational metrics, with a return on equity (ROE) expected to reach 14.2% in 2024 [2]. Market Position - The company is recognized as a leading player in the cultural performance and theme park industry in China, with a strong brand presence [2]. - The report emphasizes the company's ability to replicate its business model in different locations, which is a key driver for future growth [1][2].