业绩显著回暖，C端项目实现突破

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 60.00 CNY, based on a 20x PE for 2024 [14][25]. Core Insights - The company reported significant revenue growth, achieving 677 million CNY in operating income for 2023, a year-on-year increase of 111.46%, and a net profit of 134 million CNY, reflecting an 813.92% increase [4][12]. - The company has a robust order backlog of 5.5 billion CNY, which includes major projects such as the Qingdao Tangdao Bay Cultural Arts Center and the opening and closing ceremonies of the 14th Winter Games, expected to drive future revenue [12][25]. - The company is expanding its C-end operations, with projects like the Shanghai 632 project and the live performance "Xianghu·Yayun" expected to contribute to stable revenue growth [5][24]. Financial Summary - The company’s financial projections for 2024-2026 indicate expected revenues of 1.1 billion CNY, 1.3 billion CNY, and 1.56 billion CNY, with year-on-year growth rates of 64%, 17%, and 20% respectively [25]. - The projected net profits for the same period are 280 million CNY, 388 million CNY, and 429 million CNY, with growth rates of 108%, 39%, and 11% respectively [25]. - The earnings per share (EPS) are forecasted to be 2.04 CNY, 2.83 CNY, and 3.13 CNY for 2024, 2025, and 2026 respectively [6][25]. Market Performance - The company’s stock price has shown a relative performance trend against the CSI 300 index, with fluctuations observed from March 2023 to March 2024 [7].