宋城演艺中报预告点评报告：24H1业绩符合预期，期待新项目扩张

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in revenue and net profit for H1 2024, with revenue ranging from 1.1 billion to 1.25 billion yuan, representing a year-on-year growth of 48.54% to 68.80%. The net profit attributable to shareholders is expected to be between 480 million and 620 million yuan, with a year-on-year growth of 58.52% to 104.75% [2] - The company has expanded its operations with the opening of the Guangdong Qian Guqing scenic area, which has attracted a large number of visitors due to its unique performance park model and high-quality content [3] - The overall cultural tourism market is showing stable growth, and the company is expected to benefit from this trend with an increase in visitor numbers and revenue [3] Financial Summary - For 2023, the company is projected to achieve revenue of 2,308 million yuan, with a year-on-year increase of 320.76%. The net profit attributable to shareholders is expected to be -109.91 million yuan [1] - The forecast for 2024 shows revenue growth to 2,951.42 million yuan (+19.84%) and net profit of 1,186.59 million yuan [1][3] - The company anticipates continued revenue growth in the following years, with projections of 2,926.32 million yuan in 2025 (+27.85%) and 3,342.46 million yuan in 2026 (+13.25%) [1][3] Operational Highlights - As of June 30, 2024, the company has 2,190 heavy asset performances, a year-on-year increase of 20.4%, and 354 light asset performances, a year-on-year increase of 13.5% [3] - The company has seen a strong performance in its Xi'an and Foshan locations, with Xi'an experiencing a 150.4% increase in performance numbers compared to 2023 [3] - The company is expected to benefit from the opening of new projects in Foshan and Shanghai, contributing to growth and profitability [3]