Songcheng Performance(SZ:300144) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - Songcheng Performance released its 2024 annual report and Q1 2025 report, showing a revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.049 billion yuan, marking a turnaround from losses [1] Financial Performance - 2024 revenue reached 2.417 billion yuan, with a year-on-year growth of 25%, aligning with the forecast midpoint [1] - The net profit attributable to shareholders was 1.049 billion yuan, also reflecting a turnaround, and the non-recurring net profit was 1.032 billion yuan, both showing a year-on-year increase of 25% [1] - In Q4 2024, the company achieved a revenue of 404 million yuan, a year-on-year increase of 31%, with a net profit of 41 million yuan, indicating a turnaround [1] - Q1 2025 revenue was 561 million yuan, a slight year-on-year increase of 0.3%, with a net profit of 246 million yuan, down 2% year-on-year [1] - The cash dividend for 2024 was 520 million yuan, with a payout ratio increased to 50% [1] Project Contributions - Revenue from existing projects in 2024 showed mixed results, with notable declines in several locations, while new projects in Xi'an, Shanghai, and Guangdong contributed positively [2] - The revenue from existing projects in 2024 was as follows: Hangzhou 637 million yuan, Sanya 176 million yuan, Lijiang 291 million yuan, Jiuzhai 96 million yuan, Guilin 205 million yuan, and Zhangjiajie 37 million yuan, with varying year-on-year changes [2] - New projects generated revenue of 145 million yuan in Xi'an, 116 million yuan in Shanghai, and 256 million yuan in Guangdong, with year-on-year growth of 6.0%, 4.8%, and 10.6% respectively [2] - The company signed a light asset project in Qingdao in January 2025, with total fees of 260 million yuan, confirming 50 million yuan in management fee income in Q1 [2] Strategic Initiatives - The company plans to enhance operational precision, upgrade content, and expand market share through refined operations and brand marketing [2] - There is a focus on optimizing mature projects and expanding new project contributions to activate growth potential [2] Profit Forecast and Investment Rating - As a leading company in China's tourism performance sector, Songcheng Performance maintains a unique positioning with its "theme park + cultural performance" model [3] - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 1.14 billion yuan, 1.32 billion yuan, and 1.42 billion yuan respectively, with corresponding PE ratios of 23, 20, and 18 times [3] - The investment rating is maintained at "Accumulate" [3]