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宋城演艺(300144):业绩符合预期 稳步扩张
Xin Lang Cai Jing· 2025-04-29 02:50
投资建议:我们认为花房事件结束后,公司重新振作主业,受益文旅景气度,整体座位数不断扩容,上 座率有望持续提升。佛山、上海等新项目开业贡献成长,轻资产项目持续推进,扩张加速;团客加速复 苏,散客提振盈利。我们预计公司2025-2027 年实现营业收入27.39/30.79/33.32 亿元,同比 +13.30%/+12.41%/+8.23%,实现归母净利润11.86/13.46/14.66 亿元,同比+13.07%/+13.52%/+8.91%,对 应PE21X/19X/17X,维持"买入"评级。 风险因素 消费复苏不及预期风险,竞争加剧风险,自然灾害风险。 主营项目有所分化,新项目表现亮眼。分业务来看,2024 年杭州宋城旅游区/丽江宋城旅游区/电子商务 手续费/广东千古情景区/桂林宋城旅游区分别收入5.95/2.85/2.74/2.50/2.00 亿元,同 比-3.76%/-10.13%/+56.56%/-/-7.12%。广东千古情表现亮眼,开业首年即盈利,核心演出《广东千古 情》演出 1,386 场,单日最高 10 场,带动城市人气指数直线飙升。《西安千古情》开启双剧院模式, 两大剧院同时容纳近 6,00 ...
宋城演艺(300144):新项目快速成长 发力轻资产扩张
Xin Lang Cai Jing· 2025-04-29 02:50
宋城演艺发布2024 年及1Q25 业绩, 2024 年实现营收24.17 亿/yoy+25.49%,归母净利10.49 亿/同比扭 亏;若不考虑持有花房集团公司的长期股权投资形成的投资收益及减值损失,24 年实现净利润10.39 亿/同口径yoy+25.24%,业绩表现符合预告(营收23-25 亿;归母净利润:9.3-12亿)。1Q25 实现营收 5.61 亿/yoy+0.26%,归母净利2.46 亿/yoy-2.18%,整体稳健。展望后续,公司部分存量项目经营受旅游 消费习惯变化、行业竞争等影响阶段性承压;佛山、西安等新项目表现突出,轻资产布局提速,成为增 厚公司业绩新引擎。公司24 年拟现金分红总额5.25 亿/yoy+100.2%,分红率50.01%,股东回报持续优 化,叠加股权激励有望释放核心团队动能,公司长期发展信心得以彰显。维持"买入"评级。 新项目表现靓丽,存量景区经营阶段性承压 考虑文旅消费习惯变迁,25-26 年存量项目经营或仍有所承压,我们下调25-26 年EPS 15/12%至 0.44/0.51 元,新引入27 年EPS0.55 元。参考可比公司25 年Wind 一致预期PE 均值2 ...
宋城演艺(300144):新项目贡献利润增量 推进青岛轻资产项目
Xin Lang Cai Jing· 2025-04-29 02:50
投资要点 签约青岛轻资产项目:2024 年电子商务手续费/设计策划费收入为2.73/1.85 亿元,yoy+56.6%/118.6%。 2025 年1 月,公司签约青岛轻资产项目,一揽子费用总计2.6 亿元,已于Q1 确认5000 万元管理费收 入。 推进成熟项目优化,扩大新项目份额:公司将加强精细化运营,迭代升级内容,发挥经营弹性。对成熟 项目,持续拓展业务边界,扩大客群覆盖,深挖市场空间;对新项目,扩大品牌营销,抢占市场份额, 激活增长潜力。 盈利预测与投资评级:公司作为中国旅游演艺龙头公司,以"主题公园+文化演艺"模式定位独特形成优 秀项目模型,运营迭代保持领先,存量项目盈利能力稳健,新项目快速爬坡。调整2025/2026 年及新增 2027年盈利预测,2025-2027 年归母净利润分别为11.4/13.2/14.2 亿元(2025/2026 年前值为13.1/15.0 亿 元),对应PE 估值为23/20/18 倍,维持"增持"评级。 风险提示:在建项目建设进度不及预期,新项目业绩爬坡不及预期,行业竞争加剧等。 事件:2025 年4 月24 日,宋城演艺发布2024 年年报和2025 年一季报。20 ...
何以中国丨《印象大红袍》,为什么能“火”15年
Ren Min Wang· 2025-04-29 01:36
"乡亲们,你们说,今年的茶好吗?" "伙计们,给老板们算一算。" "茶好,价格好,我们全都要了,装箱吧!" "武夷水仙30箱发往泉州港,武夷肉桂60箱发往广州,大红袍发往山西;茶饼、茶砖发往恰克图……装船喽!" 4月21日晚,由中央网信办、国家文物局、人民日报社、福建省委网信委主办的"何以中国·闽山闽水物华新"网络主题宣传活动启动仪式在福建南平武夷山举 行。启动仪式现场融入了当地开演15年的大型山水实景演出——《印象大红袍》的十余个高光画面,让观众于山、水、草木、天地人间,感受"双世遗"武夷 山的文化魅力。 "好!" "茶好,那价格呢?" "何以中国·闽山闽水物华新"网络主题宣传活动启动仪式现场。人民网 李唯一摄 一直以来,"登天游、坐竹筏、赏'印象'"被称作来武夷山旅游必备的"三件套"。作为武夷山宣传推广茶文化的一篇"大文章",《印象大红袍》开演15年来已 演出超6370场,接待885多万名观众。在不破坏生态的前提下,演出将15块电影银幕矩阵式嵌入自然山水,配合灯光变幻增强夜间视觉冲击力,创新打造360 度旋转观众席,融合传统民乐与现代交响,融入喊山祭茶仪式等民俗,再现制茶、斗茶、运茶、贩茶等场景,以质朴表 ...
中银证券:给予宋城演艺买入评级
Zheng Quan Zhi Xing· 2025-04-28 06:45
中银国际证券股份有限公司李小民,宋环翔近期对宋城演艺(300144)进行研究并发布了研究报告《新项目爬坡迅 速,关注轻资产扩张与存量项目优化》,给予宋城演艺买入评级。 宋城演艺 消费恢复不达预期、存量项目优化不及预期、安全事故风险。 证券之星数据中心根据近三年发布的研报数据计算,东北证券赵涵真研究员团队对该股研究较为深入,近三年预 测准确度均值为39.04%,其预测2025年度归属净利润为盈利13.3亿,根据现价换算的预测PE为18.78。 最新盈利预测明细如下: 公司发布2024年年报及2025年一季报。24年公司实现营收24.17亿元,同比+25.49%;归母净利润10.49亿元,同比 扭亏为盈。24年公司业绩增长主要系上年基数较低,存量项目整体承压,后续需关注优化情况;新项目爬坡迅速 表现优异,轻资产签约稳定推进,后续增长潜力可期,维持买入评级。 支撑评级的要点 24年公司业绩稳健增长,分红率逐步提升。24年公司实现营收24.17亿元,同比+25.49%;归母净利润10.49亿元, 同比扭亏为盈;扣非归母净利润10.32亿元。24年公司的业绩实现高增长,主要系23年花房集团计提大额减值,基 数较低,若不 ...
宋城演艺(300144):年报点评报告:业绩符合预期,稳步扩张
ZHESHANG SECURITIES· 2025-04-27 14:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showing steady expansion with a focus on new project development and marketing efforts [1][5] - The company achieved a revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and a net profit of 1.049 billion yuan, marking a turnaround from losses [5] - New projects, particularly in Guangdong and Xi'an, have shown strong performance, contributing significantly to revenue growth and market presence [5] Financial Summary - Revenue projections for 2025-2027 are 2.739 billion yuan, 3.079 billion yuan, and 3.332 billion yuan, representing year-on-year growth rates of 13.30%, 12.41%, and 8.23% respectively [5][6] - Net profit estimates for the same period are 1.186 billion yuan, 1.346 billion yuan, and 1.466 billion yuan, with growth rates of 13.07%, 13.52%, and 8.91% respectively [5][6] - The company reported a gross margin of 46.39% in Q4 2024, an increase of 6.82 percentage points year-on-year [5]
宋城演艺(300144) - 2025年4月24日投资者关系活动记录表
2025-04-24 15:14
Financial Performance - In 2024, the company achieved an operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49% [1] - The net profit attributable to shareholders reached 1.049 billion yuan, a staggering year-on-year growth of 1,054.18% [1] - Excluding the impact of Huafang Group, the net profit was 1.039 billion yuan, with a year-on-year increase of 25.24% [1] - Operating cash inflow was 1.445 billion yuan, indicating strong revenue quality [1] - Total assets at the end of 2024 were 9.796 billion yuan, with a net asset attributable to shareholders of 8.112 billion yuan and a debt-to-asset ratio of 14.13% [1] Dividend Policy - The proposed dividend for 2024 is 2 yuan per share, totaling 525 million yuan, which accounts for 50.01% of the net profit [1] Project Performance - The Foshan project became profitable in its opening year, exceeding expectations [2][3] - The Xi'an project saw a revenue increase of 178% and turned a profit, with significant growth in visitor numbers [3] - The Shanghai project reopened additional spaces and introduced new interactive experiences, leading to a significant reduction in losses in 2024 [4] Market Trends - The Chinese cultural tourism industry is undergoing a historic strategic upgrade, with the goal of building a "tourism powerhouse" [2] - The company is adapting to market changes, focusing on product upgrades, visitor experience, and marketing strategies to ensure sustained growth [2] Challenges and Strategies - Older projects are facing market maturity, with some experiencing slight revenue declines, while others like Guilin and Jiuzhai are maintaining growth [5][6] - The company is enhancing its marketing strategies and product offerings to adapt to changing consumer behaviors and market conditions [8][12] - The company is also focusing on optimizing its operations in Sanya, which is recovering slowly due to market competition [6] Consumer Behavior - There is a noticeable shift towards a more diversified consumer base, with increasing demand for personalized and experiential offerings [12] - The company is observing a trend of rising online ticket sales, with a 35% year-on-year increase in e-commerce revenue [9] Future Outlook - The company plans to implement targeted marketing strategies and expand its project portfolio, balancing both light and heavy asset investments [15] - The focus will remain on enhancing the core performing arts business while exploring new project opportunities [15]