\u3000\u30 Zhongyan Technology Co.Ltd(003001) 44 Songcheng Performance Development Co.Ltd(300144) )
The company issued the annual report of 21 years and the quarterly report of 22q1. In the 21st year, the revenue was 1.185 billion yuan, yoy + 31.27%; The net profit attributable to the parent company is 315 million yuan, yoy + 117.98%; Deduct the net profit not attributable to the parent company of RMB 268 million, yoy + 115.15%. 22q1 achieved a revenue of 853041 million yuan, yoy-72.16; The net loss attributable to the parent company was 385865 million yuan, yoy-129.15%; Deduct the net loss not attributable to the parent company of 401334 million yuan, yoy-130.85%.
Key points supporting rating
Focusing on the main performing arts industry, the company turned loss into profit in 21 years, and the operation was under pressure again under the spread of 22q1 epidemic. In the 21st year, the company’s performance revenue contribution increased to 85.22%, with a year-on-year increase of 49.39%. The performance of the performance business was excellent, driving the overall performance growth. 22q1 affected by the increased transmission of the epidemic, the operation of the industry was limited, some scenic spots of the company were closed intermittently, and the performance fell again.
Vigorously promote the upgrading of the model of the Performing Arts Park, and the short-term operation will recover rapidly. Hangzhou Songcheng has actively developed a multi theater, multi type and multi show performance mode to enrich the performance content; Continuously adjust the spatial layout, optimize the trend of travel routes, and improve the stay time of tourists in the park; Launch special activities such as the theme of all saints and Christmas and new year’s day. The total number of visitors and operating income of song city in Hangzhou in each holiday of 21 years are close to or exceed the level of the same period before the epidemic. Shanghai qiangu scene area was successfully opened in 21 years and achieved a good start in urban performance. During May Day, the guest unit price hit a new high in song city scenic spot, and the urban performance mode is expected to expand and replicate to other cities.
Digital transformation enhances the growth potential, and the platform strategy creates an innovative growth pole. The company has strengthened the application of scientific and technological means in the performance of scenic spots, and enabled the operation and company management of scenic spots with technology to reduce costs and increase efficiency. The company is committed to opening up the industrial chain and launching a one-stop industry comprehensive information platform. The incubation of new business forms of the platform helps to cope with the impact of external shocks such as the epidemic and create a new growth pole.
Valuation
According to the company’s annual report for 21 years, we adjusted the EPS for 22-24 years to 0.20/0.47/0.71 yuan, and the corresponding P / E ratio was 68.8/29.6/19.3 times respectively; Although the short-term performance of the company is disturbed by the epidemic, the optimization and upgrading of its stock projects and the continuous implementation of new projects are expected to contribute to the medium and long-term performance growth, so the buy rating is maintained.
Main risks of rating
Structural differences in regional economic recovery, the landing of new projects is less than expected, and the risk of repeated covid-19 epidemic
