宋城演艺：业绩符合预期，Q4营销有望带动增长

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in Q3 2024 met expectations, with 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. However, Q3 revenue slightly decreased by 4.69% year-on-year to 836 million yuan, and net profit fell by 5.54% to 457 million yuan [1][2] - The company experienced a strong performance during the National Day holiday, with over 2.6 million visitors across its 13 scenic spots, a year-on-year increase of 59.7%. The marketing activities planned for Q4 are expected to drive further growth [2] - The company has been optimizing its management and marketing strategies, enhancing performance in existing projects while also launching new ones that have shown promising results [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 20.13 billion yuan, a year-on-year increase of 24.46%, and a net profit of 10.08 billion yuan, up 28.04%. In Q3 2024, revenue was 8.36 billion yuan, down 4.69% year-on-year, and net profit was 4.57 billion yuan, down 5.54% year-on-year [1] - The gross margin for Q3 2024 was 75.6%, an increase of 2.1 percentage points year-on-year, while the net profit margin decreased by 0.5 percentage points to 54.7% [1] Market Activity - The company’s marketing efforts during the National Day holiday were successful, with a significant increase in visitor numbers and performances. The upcoming Q4 marketing activities are expected to further enhance growth [2] - New projects, such as those in Guangdong and the Three Gorges, have shown strong performance, contributing positively to the overall results [2] Future Projections - Revenue projections for 2024-2026 are estimated at 23.4 billion yuan, 27.8 billion yuan, and 31.1 billion yuan, respectively, with net profits expected to be 10.7 billion yuan, 12.8 billion yuan, and 15.0 billion yuan [2]