Songcheng Performance(300144) 长江证券·2024-07-28 13:01Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company is expected to achieve a revenue of 1.1 to 1.25 billion yuan in H1 2024, representing a year-on-year growth of 48.54% to 68.80%. The net profit attributable to the parent company is projected to be between 480 to 620 million yuan, with a year-on-year increase of 58.52% to 104.75% [2][4]. - The report highlights the company's focus on its core performing arts business, with existing projects showing stable recovery and new projects gradually maturing, which is expected to create new growth momentum in the medium to long term [5][6]. Summary by Sections Revenue and Profit Forecast - For H1 2024, the company anticipates revenue between 1.1 billion to 1.25 billion yuan, with a net profit of 480 to 620 million yuan. For Q2 2024, revenue is expected to be between 540 to 690 million yuan, with net profit ranging from 230 to 370 million yuan [2][4]. Industry Context - The cultural tourism market is showing steady improvement, with travel numbers surpassing 2019 levels during major holidays. However, per capita spending is still recovering [4]. - Existing projects are performing steadily, while new projects, such as the Guangdong Qianguqing project, have gained popularity and achieved profitability in Q1 2024 [4]. Future Outlook - The company is expected to enhance its capacity during peak seasons and continue to develop new projects, which will contribute to revenue growth. The ongoing projects in Xitang and Zhuhai are anticipated to further support long-term development [4][5].