Songcheng Performance(300144)2024-10-27 06:45Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 2.013 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 24.46%. The net profit attributable to shareholders reached 1.008 billion yuan, up 28.04% year-on-year [4]. - In Q3 2024, the company experienced a slight decline in revenue and net profit compared to the previous year, attributed to a decrease in performance from key projects and promotional activities that lowered average spending per customer [4][5]. - New projects, including the heavy asset project in Foshan and the light asset project in Yichang, have shown strong performance since their openings, contributing positively to overall visitor numbers during peak periods [5]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 76%, a decrease of 2 percentage points year-on-year. The sales and management expense ratios were 5.4% and 5.0%, respectively, both showing slight increases [4]. - The company’s total revenue is projected to reach 2.485 billion yuan in 2024, with a year-on-year growth rate of 29.0%. The net profit is expected to be 1.082 billion yuan, reflecting a growth rate of 28.0% [6][8]. - The report forecasts earnings per share of 0.41 yuan for 2024, with a price-to-earnings ratio of 24 times [6][8].