Songcheng Performance(300144) Tebon Securities·2024-10-25 08:23Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a significant recovery in customer traffic and improved revenue and profit margins in Q3 2024, with total revenue of 2.013 billion yuan, a year-on-year increase of 24.46%, and a net profit of 1.008 billion yuan, up 28.04% year-on-year [4]. - The company’s unique business model combining "theme parks + cultural performances" is expected to drive future growth, with projected revenues of 2.386 billion yuan, 2.654 billion yuan, and 2.883 billion yuan for 2024, 2025, and 2026 respectively [4][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a net profit margin of 49.35%, an increase of 1.38 percentage points year-on-year [4]. - In Q3 2024, the company reported a revenue of 836 million yuan, a decline of 4.69% year-on-year, and a net profit of 457 million yuan, down 5.54% year-on-year [4]. - The gross profit margin improved to 71.87% for the first three quarters of 2024, although it decreased to 75.64% in Q3 compared to the previous year [4]. Project Developments - The company’s new projects, including the upgraded Sanya project and the successful launch of the Three Gorges project, are expected to enhance performance [4]. - During the National Day holiday, the company’s 13 major scenic spots attracted over 2.6 million visitors, marking a 159.7% increase compared to the previous year [4]. Future Projections - The report forecasts net profits of 1.063 billion yuan, 1.231 billion yuan, and 1.419 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25X, 22X, and 19X [4][6].