Songcheng Performance(300144) 广发证券·2024-11-20 11:04Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.00 CNY per share, based on a 26X PE valuation for 2024 [5][3]. Core Insights - The company reported a revenue of 2.013 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 24.46%. The net profit attributable to shareholders reached 1.008 billion CNY, up 28.04% year-on-year [2][3]. - In Q3 2024, the company generated a revenue of 836 million CNY, a decrease of 4.69% year-on-year, with a net profit of 457 million CNY, down 5.54% year-on-year [2][3]. - The gross margin for Q3 was 75.64%, a decline of 2.15 percentage points year-on-year, while the operating expense ratio increased to 10.79%, up 1.92 percentage points year-on-year [2][3]. Financial Performance Summary - The company is expected to achieve net profits of 1.11 billion CNY, 1.29 billion CNY, and 1.46 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 16.2% and 13.1% for 2025 and 2026 [3][4]. - The projected revenue for 2024 is 2.468 billion CNY, with a growth rate of 28.1% compared to 2023 [4][3]. - The EBITDA for 2024 is estimated at 1.816 billion CNY, with a steady increase expected in subsequent years [4][3]. Operational Highlights - The newly opened parks in Foshan and the Three Gorges have performed exceptionally well, with over 2.6 million visitors during the National Day holiday, a 59.7% increase year-on-year [3][2]. - The company’s various projects, such as the Hangzhou Songcheng and Xi'an projects, have shown strong performance, with high attendance rates and numerous performances during peak periods [3][2].