20240311-国元证券-锋尚文化-300860.SZ-2023年年报点评_需求回暖带动业绩回升_C端业务加速拓展_5页_1mb

Summary of FengShan Culture (300860) 2023 Year-End Review

Core Event: FengShan Culture released its 2023 annual report, highlighting a recovery in performance due to domestic demand回暖.

Performance Highlights:

• Revenue increased by 111.46% to 67.7 billion yuan in 2023, with net profit attributable to shareholders up 81,392% to 13.4 billion yuan. Profit from continuing operations turned profitable after a loss in 2022.
• Key drivers include demand回暖, leading to increased project delivery, particularly from major events like the杭州亚运会 and亚残运会, which contributed significantly to profits.

Business Segments and Growth:

• Cultural and entertainment activities segment saw revenue growth of 74.22% to 45.3 billion yuan, with a strong order book worth 55 billion yuan at year-end.
• Tourism and culture-focused projects grew 51.445%, supported by entities like锋尚互娱, which advanced C端 (consumer-facing) initiatives.
• In 2024, new projects such as the Xiaxiu Performing Arts project are expected to boost revenue, with strategic partnerships enhancing digital experiences.

Future Outlook:

• Forecasted net profits of 25.9 billion, 31.0 billion, and 34.8 billion yuan for 2024-2026, driven by order execution and market expansion.
• Investment recommendation: Maintain "增持" rating, with a price-to-earnings (PE) ratio expected to decline to 29x, 24x, and 22x for those years.

Risks:

• Potential delays in national projects, shortage of high-end talent, and loss of key personnel could hinder growth.