Songcheng Performance(300144) 东吴证券·2025-04-28 12:42Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with 2024 revenue projected at 24.17 billion yuan, a year-on-year increase of 25% [8] - The company has turned profitable with a net profit of 1.05 billion yuan in 2024, compared to a loss in 2023, marking a substantial recovery [8] - New projects are expected to contribute positively to profit growth, with notable revenue from new projects in Xi'an, Shanghai, and Guangdong [8] - The company signed a light asset project in Qingdao, which is anticipated to enhance revenue streams [8] - The report highlights the company's unique positioning in the tourism and performance industry, combining theme parks and cultural performances [8] Financial Summary - Total revenue is forecasted to grow from 24.17 billion yuan in 2024 to 31.51 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [1] - The net profit is expected to increase from 1.05 billion yuan in 2024 to 1.42 billion yuan in 2027, reflecting a strong growth trajectory [1] - Earnings per share (EPS) is projected to rise from 0.40 yuan in 2024 to 0.54 yuan in 2027 [1] - The company's price-to-earnings (P/E) ratio is expected to decrease from 24.61 in 2024 to 18.16 in 2027, indicating improving valuation metrics [1]