宋城演艺：中报预告符合预期，期待暑期旺季

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][2][8]. Core Views - The company is expected to benefit from the recovery of the domestic tourism market, with projected revenue for 1H24 estimated between 1.1 to 1.25 billion RMB, representing a year-on-year increase of 48.54% to 68.80% [1]. - The anticipated net profit for the same period is forecasted to be between 480 to 620 million RMB, reflecting a growth of 58.5% to 104.8% [1]. - The report highlights the performance of various parks, noting that the recovery rates for established parks have shown improvement, particularly in Guilin and Xi'an [1]. - The upcoming peak season and the opening of the light-asset project at the Three Gorges are expected to contribute positively to the company's performance [1]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve a net profit of 1.13 billion RMB in 2024E, with corresponding PE ratios of 17, 14, and 12 for 2024E, 2025E, and 2026E respectively [1][4]. - Revenue growth rates are expected to be 33.5% in 2024E, 17.57% in 2025E, and 8.18% in 2026E [4][5]. Performance Analysis - The report indicates that the average daily performance of established parks has shown varied recovery, with some parks exceeding pre-pandemic levels [1]. - The new parks, particularly in Xi'an and Foshan, have demonstrated strong performance, with Xi'an showing a year-on-year growth of 56.9% in daily performances [1]. Market Conditions - The report emphasizes the ongoing recovery of domestic leisure travel demand, particularly during the summer peak season, which is expected to benefit the company's various parks [1]. - The light-asset project at the Three Gorges is anticipated to add incremental contributions to the company's revenue, with a service fee of 260 million RMB for brand authorization and program creation [1].