公司年报点评：年收入增长321%，新项目提供新增量

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant revenue growth of 320.8% year-on-year in 2023, reaching 1.926 billion yuan, recovering to 73.8% of the level in 2019 [6][10] - The net profit attributable to shareholders was -110 million yuan, a decline of 130.2% year-on-year, with a diluted EPS of -0.04 yuan [6][10] - The operating cash flow showed a strong increase of 327.4% year-on-year, amounting to 1.42 billion yuan [6] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [6] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.7%, and a net profit of 250 million yuan, up 317.3% [7] - The number of performance events in 2023 reached 8,172, with significant increases in visitor numbers during key holidays [7] - The company’s expense ratio decreased significantly, with the sales expense ratio down to 4.6% and management expense ratio down to 7.6% [7] Growth Strategy - The company is actively developing new projects, with the Guangdong "Eternal Song" project opening in February 2024, expected to enhance profit margins [7] - The unique business model combining theme parks and cultural performances has positioned the company well in major tourist destinations [7] Profit Forecast - The forecasted net profit for 2024-2026 is 1.265 billion, 1.554 billion, and 1.667 billion yuan, representing year-on-year growth rates of 1250.5%, 22.9%, and 7.3% respectively [7][10] - The estimated EPS for the same period is projected to be 0.48, 0.59, and 0.64 yuan [10] - The company is expected to benefit from the recovery of the domestic tourism market, with a reasonable valuation range of 10.56 to 12.00 yuan per share based on a PE ratio of 22-25 times for 2024 [7][10]