Songcheng Performance(SZ:300144) Soochow Securities·2024-08-29 05:18Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.177 billion yuan for H1 2024, representing a year-on-year increase of 58%, and a net profit attributable to shareholders of 550 million yuan, up 82% year-on-year [3] - Q2 performance was in line with expectations, with revenue of 620 million yuan, a 22% increase year-on-year, and a net profit of 300 million yuan, up 23% year-on-year [3] - The main projects showed varied performance, with significant revenue contributions from Hangzhou, Sanya, Lijiang, and Guangdong, achieving revenues of 290 million, 110 million, 130 million, and 130 million yuan respectively [3] - Potential projects continue to show growth, with high occupancy rates during the summer season and ongoing improvements in profitability expected [3] - The company is positioned as a leading player in China's tourism and performance industry, with a unique "theme park + cultural performance" model, and is expected to recover profitability quickly as the industry rebounds [3] Financial Summary - Total revenue forecast for 2024 is 2.401 billion yuan, with a year-on-year growth of 24.67% [2] - Net profit attributable to shareholders is projected to be 1.049 billion yuan in 2024, with a significant increase of 1,054.72% compared to the previous year [2] - The company’s P/E ratio is estimated to be 18.85 for 2024, decreasing to 13.18 by 2026 [2] - The company’s total assets are expected to reach 10.038 billion yuan by 2024, with total liabilities of 1.419 billion yuan [10]