宋城演艺：2023A&2024Q1业绩点评：轻装上阵，业绩高增

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The report is optimistic about the company's ability to complete potential impairment provisions for Huafang assets, allowing it to operate with a lighter burden. Existing projects are steadily recovering, while new projects are gradually maturing, establishing new growth momentum for the medium to long term [4][5]. Financial Performance Summary - In 2023, the company achieved operating revenue of 1.926 billion yuan, a year-on-year increase of 320.76%. The net profit attributable to the parent company was a loss of 110 million yuan, continuing the trend of losses. Excluding long-term equity investment income and impairment losses from Huafang Group, the net profit attributable to the parent company would have been 828 million yuan [4][5]. - In Q1 2024, the company reported revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit attributable to the parent company of 252 million yuan, a year-on-year increase of 317.33% [4][5]. Project Performance Summary - Among traditional projects, long-distance tourism destinations like the Qian Guqing scenic area are recovering more rapidly. Specific projects such as Guilin and Zhangjiajie have revenues exceeding 2019 levels, recovering to 118% and 105%, respectively. However, short-distance tourism projects like Hangzhou and Sanya have shown weaker recovery, at 71% and 49% of 2019 levels [5]. - New projects in Xi'an and Shanghai contributed revenues of 52.26 million yuan and 97.80 million yuan, accounting for 3% and 5% of total revenue in 2023 [5]. Profitability and Cost Management - The overall gross margin for 2023 was 66.35%, a decrease of 5.05 percentage points compared to 2019. The company has focused on enhancing management efficiency, optimizing labor structure, and leveraging digital capabilities to control costs effectively [5]. - The report forecasts net profits attributable to the parent company for 2024-2026 to be 1.280 billion, 1.545 billion, and 1.739 billion yuan, respectively, with corresponding price-to-earnings ratios of 21, 18, and 16 times [5].