点评报告：演艺需求回暖，短期风险出清

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company's performance has shown a significant recovery in the performing arts sector, with a revenue increase of 320.76% year-on-year in 2023, reaching 1.926 billion yuan. The net profit attributable to shareholders was -110 million yuan, but excluding the impact of long-term equity investment losses, the net profit was 830 million yuan, indicating a turnaround from a loss in the previous year [3][4]. - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, up 317.33% year-on-year, reflecting strong growth momentum [3][4]. - The recovery of the company's main performing arts business has varied across different parks, with total revenue from the main business reaching 1.667 billion yuan in 2023, recovering to 95% of the 2019 level [4][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.926 billion yuan, with a year-on-year growth rate of 320.76%. The net profit attributable to shareholders was -110 million yuan, while the adjusted net profit, excluding investment losses, was 830 million yuan, compared to -130 million yuan in the previous year [3][4]. - For Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, reflecting a growth of 317.33% year-on-year [3][4]. Business Recovery - The recovery of the performing arts business has been uneven across different locations, with revenue from various scenic spots such as Hangzhou, Lijiang, and Sanya showing different recovery rates compared to pre-pandemic levels [4][11]. - The company has seen a strong rebound in tourism demand, with significant increases in visitor numbers and spending during the recent holiday periods, surpassing 2019 levels in several metrics [4][11]. Cost Management and Profitability - The company's gross margin improved to 66.35% in 2023, up 16.21 percentage points year-on-year, and further increased to 68.75% in Q1 2024, up 17.73 percentage points year-on-year [4][11]. - The sales expense ratio decreased to 4.59% in 2023, while the management expense ratio significantly dropped to 7.61% due to a high base effect from the previous year [11]. Future Outlook - The company is expected to benefit from the ongoing recovery in the tourism and performing arts sectors, with projected net profits for 2024-2026 estimated at 1.286 billion yuan, 1.570 billion yuan, and 1.796 billion yuan respectively [11][12]. - The company is positioned as a leading player in the performing arts industry in China, with strong growth potential as it focuses on its core business [11][12].