证券代码：300144 证券简称：宋城演艺 公告编号：2024-049 宋城演艺发展股份有限公司监事会 关于 2023 年限制性股票激励计划首次授予部分 第二类限制性股票第一个归属期可归属 激励对象名单的核查意见 （6）中国证监会认定的其他情形。 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。 宋城演艺发展股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等法律法规、规范性文件及《公司章程》的有关规定，对公司 2023 年限制性股票激励计划（以下简称"本次激励计划"）首次授予部分第二 类限制性股票第一个归属期可归属激励对象名单进行审核，发表核查意见如下： 激励对象不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证券监督管理委员会及其派出机构认定为不适当 人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2024-046 宋城演艺发展股份有限公司 关于调整 2023 年限制性股票激励计划 第二类限制性股票授予价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 根据宋城演艺发展股份有限公司（以下简称"公司"）2023 年第一次临时股 东大会的授权，公司于 2024 年 10 月 14 日召开第八届董事会第十八次会议、第 八届监事会第十一次会议，审议通过了《关于调整 2023 年限制性股票激励计划 第二类限制性股票授予价格的议案》，同意根据公司《2023 年限制性股票激励计 划（草案）》（以下简称"《激励计划》"）的相关规定，对公司 2023 年限制 性股票激励计划（以下简称"本次激励计划"）首次及预留授予部分第二类限制 性股票的授予价格进行调整。现将有关事项说明如下： 一、本次激励计划已履行的审批程序 1、2023 年 8 月 30 日，公司召开第八届董事会第七次会议，审议并通过了 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》、《关于公 司<2023 年限制性股票激励计划实施考 ...

[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]. Core Views - In the first half of 2024, the company achieved operating revenue of 1.177 billion yuan, a year-on-year increase of 59%, and a net profit attributable to the parent company of 550 million yuan, up 81.75% year-on-year. The company is expected to focus on its core performing arts business while optimizing existing projects and nurturing new ones for long-term growth [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 1.177 billion yuan, a 59% increase year-on-year, and a net profit of 550 million yuan, reflecting an 81.75% growth compared to the previous year [4][5]. - The company’s gross profit margin and net profit margin were 69.19% and 47.62%, respectively, with year-on-year increases of 5.24 and 6.9 percentage points [5]. Market and Industry Context - The domestic cultural tourism market showed steady improvement in H1 2024, with domestic travel reaching 2.725 billion trips, a 14.3% increase year-on-year, and total spending of 2.73 trillion yuan, up 19% year-on-year [4]. - New projects, such as the Guangdong Qian Guqing, have performed exceptionally well, with record-breaking daily performances and high visitor engagement [4]. Project Development - Existing projects are undergoing continuous upgrades, with notable enhancements in Shanghai and Xi'an, aimed at improving visitor experience and operational efficiency [4]. - The company is expected to complete potential impairment provisions for its flower house assets, allowing it to focus on its core business and optimize its project portfolio [5]. Profitability Forecast - The company forecasts net profits attributable to the parent company of 1.261 billion, 1.498 billion, and 1.610 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 16, 14, and 13 times [5].

股 票 研 究 [table_Authors] 刘越男(分析师) 庄子童(分析师) 021-38677706 021-38032683 liuyuenan@gtjas.com zhuangzitong026312@gtjas.com [当前价格： Table_CurPrice] 7.52 登记编号 S0880516030003 S0880524070002 公 司 更 新 报 告 52 周内股价区间（元） 7.44-13.06 总市值（百万元） 19,706 总股本/流通A股（百万股） 2,620/2,351 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 7,569 每股净资产（元） 2.89 市净率（现价） 2.6 净负债率 -42.21% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -1% -25% -40% 相对指数 4% -12% -18% 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.01 佛山项目业绩超预期，核心项目稳定修复 宋城演艺(300144) 社会服务业 [Tab ...

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]

证券研究报告·公司点评报告·旅游及景区 宋城演艺（300144） 2024 半年报点评：业绩符合预告值，潜力项 目继续爬坡 2024 年 08 月 29 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 | 1,308.85 | 1,500.88 | | 同比（%） | (115.15) | (130.20) | 1,054.72 | 24.73 ...

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 ...