宋城演艺24Q2业绩预告点评：中值符合预期，关注暑期数据修复

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 10.53 yuan, reflecting a 19% decrease from the previous forecast of 12.80 yuan [5][3]. Core Insights - The company's performance for the first half of 2024 is expected to meet market expectations, with a focus on the operational data recovery during the summer peak season [3]. - The report highlights a significant revenue increase for the first half of 2024, projecting revenue between 1.1 billion to 1.25 billion yuan, representing a year-on-year growth of 48.54% to 68.80%, with a median estimate of 1.175 billion yuan [3]. - The net profit attributable to the parent company is forecasted to be between 480 million to 620 million yuan, indicating a year-on-year increase of 58.52% to 104.75%, with a median of 550 million yuan [3]. - The report notes that the company's earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted downwards to 0.42 yuan (-11%), 0.50 yuan (-7%), and 0.57 yuan (-5%) respectively, due to the impact of new market dynamics on traditional travel agencies [3]. Financial Summary - The company achieved a total revenue of 458 million yuan in 2022, with a projected revenue of 1.926 billion yuan for 2023, and expected revenues of 2.732 billion yuan, 3.040 billion yuan, and 3.250 billion yuan for 2024, 2025, and 2026 respectively [4][8]. - The net profit attributable to the parent company is projected to recover significantly from a loss of 110 million yuan in 2023 to a profit of 1.104 billion yuan in 2024, 1.323 billion yuan in 2025, and 1.499 billion yuan in 2026 [4][8]. - The report indicates a significant improvement in the company's operating cash flow, expected to reach 1.626 billion yuan in 2024, up from 1.419 billion yuan in 2023 [8]. Market Performance - The company's stock price has fluctuated between 7.57 yuan and 13.41 yuan over the past 52 weeks, with a current price of 7.72 yuan [6]. - The total market capitalization is reported at 20.23 billion yuan, with a total share capital of 2.62 billion shares [6][9].