社会服务行业2024年三季度业绩综述报告：业绩持续向好，行业景气度上行

Investment Rating - The report maintains an "Outperform" rating for the social services industry [2]. Core Insights - The social services sector has shown strong performance in the first three quarters of 2024, with total revenue reaching 140.658 billion yuan, a year-on-year increase of 9.02%, ranking third among Shenwan's primary industries. The net profit attributable to shareholders reached 8.652 billion yuan, up 30.02% year-on-year, ranking fifth among Shenwan's primary industries [17][44]. Summary by Sections 1. Performance of the Social Services Industry - The social services sector's profits have significantly increased, benefiting from recovering demand and supportive policies. The sector's revenue and net profit growth positions it favorably within the broader market [17][44]. 2. Performance of Sub-sectors 2.1 Tourism and Scenic Areas - The tourism and scenic areas sector achieved revenue of 26.627 billion yuan, a year-on-year increase of 18.14%, with a net profit of 2.832 billion yuan, up 11.37%. The sector is driven by recovering travel demand and supportive policies, with notable performance from companies like Zhongxin Tourism and Songcheng Performance [26][44]. 2.2 Hotels and Catering - The hotel and catering sector reported revenue of 22.598 billion yuan, a slight decline of 0.58%, while net profit increased by 2.81% to 1.804 billion yuan. The sector is experiencing a trend towards consolidation and chain operations, which is expected to enhance profitability [29][44]. 2.3 Professional Services - The professional services sector generated revenue of 79.804 billion yuan, a year-on-year increase of 11.07%, but net profit decreased by 8.15% to 3.358 billion yuan. The sector is facing declining profit margins despite revenue growth [32][44]. 2.4 Education - The education sector's revenue was 9.588 billion yuan, down 6.58% year-on-year, with net profit of 650 million yuan, a decrease of 3.35%. The sector is undergoing adjustments, with some leading companies reducing losses while others continue to decline [35][44]. 2.5 Sports - The sports sector showed improvement, with all three companies reporting better performance. Notably, Zhongti Industry's revenue grew by 56.57%, and net profit increased by 159.13% [39][44]. 2.6 Duty-Free - The duty-free sector experienced a decline, with China Duty-Free's revenue down 15.38% and net profit down 24.72%. However, new policies are expected to stimulate growth in the sector [41][44]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the recovery in inbound and outbound travel, particularly those in the duty-free sector, as well as tourism destinations that excel in branding and innovation. Additionally, hotel companies that emphasize chain operations and brand development are recommended for investment [44].