财报保留事项摘除，新建项目构筑成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The "Tourism Performance + Theme Park" industry is experiencing a recovery in domestic tourism, with a projected 20% increase in domestic travel numbers in 2024 compared to 2023, providing a solid customer base for parks and performances [2][5] - The company, Songcheng Performance, is a leading player in the "Theme Park + Tourism Performance" sector, demonstrating strong capabilities in project creation and modification, which has allowed it to overcome capital and land constraints typically faced by non-state-owned theme parks [2][28] - The company is expected to enter a profit release period for its second round of expansion projects over the next 2-3 years, with a favorable business model and cash flow [2][28] Summary by Sections 01 "Tourism Performance + Theme Park" Industry - The recovery of domestic tourism is the core customer base for the development of the "Tourism Performance + Theme Park" industry, with significant growth in travel numbers and revenue expected in 2024 [5][6] 02 Company Highlights - Songcheng Performance has a nationwide expansion strategy with 10 self-operated projects and 5 light-asset projects, showcasing its full industry chain operational capabilities [2][28] - The company has successfully transformed underperforming projects into market leaders, validating its project creation and modification abilities [2][28] 03 Growth Cycle - The company is entering a core profit release period for its second round of expansion projects from 2024 to 2026, with expected revenue growth of 55-80% compared to 2019 [2][28] 04 Flower House Issue Resolution - The company has resolved previous financial constraints related to the Flower House project, with its 2023 annual report receiving no reservations from auditors [2][28] 05 Profit Forecast and Investment Advice - The company’s projected net profit for 2024-2026 is adjusted to 12.32 billion, 15.01 billion, and 17.30 billion respectively, with a target market value increase of 17-25% over the next 6-12 months [2][28]