Funshine Culture(SZ:300860) Tai Ping Yang·2024-08-19 04:00Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 23.25, compared to the last closing price of 21.72 [1]. Core Insights - The company has a rich order backlog, amounting to 731 million, which is expected to support its annual performance. The significant revenue growth in H1 2024 is attributed to major cultural performance projects and tourism-related events [1]. - The company is actively exploring the integration of "Cultural Tourism+" and "Performance+" across multiple business formats, enhancing the artistic effects of projects through innovative technologies such as drone technology and immersive experiences [1]. - Revenue for H1 2024 reached 194 million, a year-on-year increase of 261.28%, while net profit attributable to shareholders was 20.26 million, up 5424.74% [1]. - The company is expected to achieve revenues of 754 million, 837 million, and 928 million for 2024, 2025, and 2026 respectively, with corresponding growth rates of 11.46%, 10.95%, and 10.92% [2][4]. Financial Summary - The company reported a significant increase in revenue and net profit for H1 2024, driven by the implementation of large-scale cultural performance projects and tourism events [1]. - The projected net profit for 2024, 2025, and 2026 is 178 million, 224 million, and 248 million respectively, with growth rates of 32.01%, 26.08%, and 10.76% [2][4]. - The company’s total assets are projected to grow from 4.386 billion in 2024 to 4.840 billion in 2026, indicating a positive trend in asset management [5].