Funshine Culture(300860) 国元证券·2024-03-10 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [17]. Core Insights - The company reported a significant recovery in performance for 2023, with total revenue reaching 677.8 million yuan, a year-on-year increase of 111.46%. The net profit attributable to shareholders was 134.48 million yuan, up 813.92% from the previous year [5][11]. - The cultural performance segment saw rapid growth, with revenue of 453 million yuan, a 74.22% increase year-on-year. The company has a robust order backlog totaling 550 million yuan as of the end of 2023 [19][30]. - The company is actively expanding its presence in the cultural tourism sector, with a notable increase in revenue from C-end operations, which reached 213 million yuan, a 514.45% increase year-on-year [30]. Financial Performance Summary - In 2023, the company achieved a revenue of 677.8 million yuan, with a net profit of 134.48 million yuan, marking a significant turnaround from losses in the previous year [5][11]. - The company expects to continue this growth trend, projecting net profits of 259 million yuan, 310 million yuan, and 348 million yuan for 2024, 2025, and 2026, respectively [11][26]. - The report highlights a strong recovery in profitability, with the net profit margin expected to improve significantly over the next few years [11][26].