Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, and a net profit of 41.77 million yuan, with a proposed cash dividend of 2.1 yuan per 10 shares, a decrease of 68.94% year-on-year [2] - In Q1 2025, the company achieved a revenue of 94 million yuan, a year-on-year increase of 171.12%, but reported a net loss of 1.32 million yuan [2] - The company is focusing on cultural and technological innovation, exploring C-end business through immersive experiences and AR technology [4] Summary by Sections Revenue and Profitability - The company's gross margin in 2024 was 32.14%, down 5.23 percentage points year-on-year. The gross margin for large cultural performances was 28.65%, down 8.80 percentage points, while the cultural tourism performance margin was 34.22%, down 0.96 percentage points [3] - The company had a total order backlog of 368 million yuan at the end of 2024, with 87.88 million yuan from large cultural performance projects and 280 million yuan from cultural tourism performance projects [3] Business Strategy - The company has been transitioning from B-end large events to C-end cultural tourism consumption since 2022, with projects like the Shanghai 632 project generating 32.20 million yuan in revenue and 7.67 million yuan in net profit in 2024 [4] - The company is leveraging technology in cultural performances, including the use of AR, 3D technology, and drone shows to enhance user experience [4] Market Outlook - The "first launch economy" has been identified as a key task by the central economic work conference, which is expected to boost domestic demand and benefit the cultural tourism sector [5] - The tourism economy index has shown a year-on-year increase of 2.1%, indicating a positive trend in the industry [5] Financial Forecast - Revenue projections for 2025-2027 are 693 million yuan, 783 million yuan, and 866 million yuan respectively, with net profits expected to be 140 million yuan, 153 million yuan, and 167 million yuan [6] - The estimated EPS for 2025-2027 is 0.73 yuan, 0.80 yuan, and 0.87 yuan, with corresponding PE ratios of 36, 33, and 30 times [6]

Financial Performance - The company achieved operating revenue of 57,918.77 million yuan, a decrease of 14.42% compared to the same period last year [3] - The net profit attributable to shareholders was 4,177.25 million yuan, down 68.94% year-on-year, primarily due to increased credit impairment losses and declining operating revenue [3] Project Updates - The opening ceremony project for the 2025 Asian Winter Games was successfully premiered on February 7, 2025, with a project amount of 8,788 million yuan, recognized in Q1 2025 [3] - The large-scale performance project "Dreaming Dazhong" is valued at 8,990 million yuan, with expected revenue recognition in Q2 2025 [3] C-end Business Operations - The company has several C-end operational projects, including: - "Sky632" located on the 126th floor of Shanghai Tower, with a 60% ownership stake [4] - "Xianghu Yuyun" in Hangzhou, with a 75% ownership stake, set to premiere on June 30, 2024 [4] - "On the Sea of Qingdao" in Shandong, with a 30% ownership stake, scheduled to premiere on July 12, 2024 [5] - The focus on C-end business is expected to provide more opportunities and enhance business stability and sustainability [5] Strategic Initiatives - The company plans to expand its business scope to include import and export activities, responding to the "cultural going global" strategy [5] - The company is actively exploring the integration of AI and performance arts, considering strategic mergers and acquisitions to diversify its business [9] Financial Management - The company has accumulated cash dividends of 193 million yuan and share repurchases of 100 million yuan from 2020 to 2024 [11] - As of December 31, 2024, the accounts receivable amounted to 613 million yuan, with a bad debt provision of 307 million yuan, representing a provision rate of approximately 50.08% [12] Shareholder Engagement - The company plans to offer limited edition performance tickets for specific cultural tourism projects as a gesture of appreciation to shareholders [11] - As of April 18, 2025, the number of shareholders was 14,419 [16]

社会服务/专业服务 锋尚文化（300860.SZ） 亚冬会驱动 2025Q1 收入大增，C 端项目持续拓展 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 43.46/19.43 | | 总市值(亿元) | 47.24 | | 流通市值(亿元) | 27.68 | | 总股本(亿股) | 1.91 | | 流通股本(亿股) | 1.12 | | 近 3 个月换手率(%) | 281.65 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 锋尚文化 沪深300 相关研究报告 《2024Q2 业绩大增，关注 C 端项目业 绩释放 — 公 司 信 息 更 新 报 告 》 -2024.8.15 《文旅演艺固本，C 端新业态开启成 长新篇 — 公 司 首 次 覆 盖 报 告 》 -2024.7.2 方光照（分析师） 肖江洁（联系人） fangguangzhao@kysec.cn 证书编号：S0790 ...