[Table_Market] 市场数据 2024-03-26 A 股收盘价(元) 39.32 上证指数 3,031.48 实际流通A股(万股) 8,768 流通 A 股市值(亿元) 34 [Table_Title] 业绩、逻辑全面兑现，公司中期成长动 能依然充足 核心观点： [Table_Summary] 事件：2023 年公司实现营收 8.35 亿元/同比+140%，实现归母净利 1.88 亿元/ 同比+274%，实现扣非净利 1.82 亿元/同比+406%。其中，4Q23 公司实现营收 3.66 亿元/同 比+75%，实 现归母 净利 1.06 亿元/同比+70%，实 现扣非 母净利 1.04 亿元/同比+91%。 ⚫ 规模、品牌效应显现，公司盈利能力创历史新高 [Table_Authors] 顾熹闽 ：18916370173 ：guximin_yj@chinastock.com.cn 分析师登记编码：S0130522070001 资料来源：中国银河证券研究院 [Table_Research] 【银河社服】米奥会展：Q4 业绩略超预期，专业展布 局初见成果 www.chinastock.com.cn 证券 ...

证 券 研 究 报 告 | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2023 | 年 12 月 31 日 | | | 4.29 | | 每股净资产（元） | | | 资产负债率 % | 21.77 | | 总股本/流通 A 股（百万） | 153/88 | | 流通 B 股/H 股（百万） | -/- | 社会服务 ——国际化布点逐步落地，数字化驱动降本提效 一年内股价与大盘对比走势： 相关研究 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230122100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com ⚫ 外贸订单韧性较强，公司深耕一带一路和 RCEP 国家，为中国企业出海"造船"。根据公 司公告，23 年我国进出口总值 41.76 万亿元人民币，同比增长 0.2%，与"一带一路"国 家 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 40.33 CNY [2][16]. Core Viewpoints - The company has achieved remarkable results in 2023, with a record high in exhibition scale, benefiting from favorable trade policies such as the Belt and Road Initiative and RCEP agreement. The company organized nearly 8,800 overseas exhibitions, with over 13,000 booths, accounting for more than 50% of the approved overseas exhibition projects in 2023 [1][2]. - The company's net profit for 2023 reached 188 million CNY, representing a year-on-year increase of 273.54%, primarily due to a significant increase in revenue from overseas self-organized exhibitions. The earnings per share (EPS) for 2023 was 1.24 CNY, up 264.71% year-on-year [13][14]. - The company is advancing its professional and digital exhibition capabilities, transitioning from comprehensive exhibitions to eight specialized exhibitions, enhancing service capabilities and brand strength. The use of AI in data matching and content generation is also being implemented [14]. Financial Forecast and Key Indicators - The company is projected to achieve a net profit of 273 million CNY in 2024, 359 million CNY in 2025, and 459 million CNY in 2026, with corresponding price-to-earnings (PE) ratios of 23x, 17x, and 13x respectively [2][3]. - Revenue is expected to grow from 835 million CNY in 2023 to 1.666 billion CNY in 2026, with growth rates of 139.7% in 2023, 27.7% in 2024, and 25% in the following years [3][17]. - The gross profit margin for 2023 was 50.1%, with a projected increase to 52.1% in 2024 [13][7]. - The company's total assets are forecasted to grow from 868 million CNY in 2023 to 980 million CNY in 2026, while the debt-to-asset ratio is expected to rise from 21.77% to 42.23% over the same period [8][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][9][38] Core Insights - The company exceeded its equity incentive target for 2023, achieving a revenue of 830 million yuan, a year-on-year increase of 139.7%, and a net profit of 190 million yuan, up 273.5% year-on-year [1][6][9] - The company plans to hold 16 exhibitions in 11 countries in 2024, focusing on core regions like UAE, Indonesia, and Japan, while also expanding into second-tier markets such as Mexico, Brazil, India, and the USA [8][9][18] - The company has successfully transformed its exhibition strategy, upgrading from comprehensive exhibitions to eight specialized exhibitions, which is expected to enhance its market presence [8][9] Financial Performance - In 2023, the company reported a net profit margin of 22.5%, with a fourth-quarter net profit margin of 29.1% [1][6] - The company announced a dividend of 76.48 million yuan, representing 99% of the distributable profit, with a dividend payout ratio of 41% [1][6] - Revenue and net profit forecasts for 2024-2026 are set at 1.198 billion yuan, 1.519 billion yuan, and 1.891 billion yuan respectively, with corresponding net profits of 267 million yuan, 363 million yuan, and 466 million yuan [4][9][28] Market Position and Strategy - The company is positioned as a leader in overseas self-organized exhibitions, benefiting from the trend of domestic enterprises expanding into RCEP and Belt and Road markets [9][18] - The company has completed its layout and structural optimization in major countries over the past two years, which is expected to yield positive results in the upcoming years [8][9] - The report highlights the potential for further optimization following the completion of the previous round of equity incentives [8][9]

Financial Performance - The company achieved operating revenue of 834.97 million yuan, a year-on-year increase of 139.72%[9] - The total profit reached 229.51 million yuan, reflecting a year-on-year growth of 315.89%[9] - Net profit amounted to 197.26 million yuan, up 285.68% compared to the previous year[9] - Total assets increased to 868.45 million yuan, representing a growth of 45.84% year-on-year[9] - Equity attributable to shareholders rose to 656.26 million yuan, a year-on-year increase of 46.61%[9] - The company's operating revenue for 2023 reached ¥834,970,775, representing a 139.72% increase compared to ¥348,312,961 in 2022[30] - Net profit attributable to shareholders for 2023 was ¥188,207,680, a significant increase of 273.54% from ¥50,385,049 in the previous year[30] - The net cash flow from operating activities for 2023 was ¥271,369,271, marking a 257.62% increase from ¥75,882,729 in 2022[30] - Basic earnings per share for 2023 were ¥1.24, up 264.71% from ¥0.50 in 2022[30] - The company's net assets attributable to shareholders increased by 46.61% to ¥656,263,898 in 2023 from ¥447,639,856 in 2022[30] Market and Industry Trends - The exhibition industry in China is experiencing a comprehensive recovery, supported by improved foreign trade and international cooperation[7] - The global exhibition industry has fully recovered, with average revenues in 2023 reaching levels comparable to 2019, and over half of companies expect revenue growth[44] - The company’s exhibition activities are primarily focused on the Belt and Road Initiative and RCEP markets, accounting for over 99% of total exhibitions held in 2023[44] - The company is benefiting from supportive government policies aimed at promoting overseas exhibitions and trade, enhancing its market expansion efforts[45] - The company’s exports to RCEP countries grew by 5.3% compared to pre-agreement levels in 2021, indicating a positive trend in regional trade[41] Strategic Initiatives - The company is focused on enhancing productivity and adapting to market demands through strategic adjustments and organizational optimization[8] - The company is actively exploring new market opportunities to assist foreign trade enterprises in expanding their overseas presence[8] - The company has transitioned from comprehensive exhibitions to specialized exhibitions, launching eight major professional exhibitions concurrently in 2023[51] - The company is focused on developing new products and technologies to enhance its competitive edge in the market[101] - The company is committed to fostering a global self-organized exhibition marketing chain, leveraging its qualifications and resources for outbound exhibitions[124] Risk Management - The management acknowledges potential risks including macroeconomic fluctuations and geopolitical uncertainties affecting overseas exhibitions[9] - Currency exchange rate fluctuations pose a risk to the company's operating costs, particularly in its overseas exhibition business[127] - Political and economic risks in host countries may impact the company's overseas exhibition operations, potentially affecting revenue and incurred costs[129] Employee and Governance - The company has established a performance assessment framework for its executives, linking compensation to operational performance metrics[181] - The total compensation for directors and senior management during the reporting period was 5 million CNY, fully paid as per the established remuneration standards[181] - The company has implemented an annual training plan to enhance employee development and skills[196] - The company has a structured approach to employee compensation, adhering to national labor laws and providing social insurance[195] Future Outlook - The company plans to enhance its digital infrastructure, focusing on building a big data operation platform to improve exhibition quality and operational efficiency[122] - The company anticipates challenges from macroeconomic fluctuations, with the IMF predicting global economic growth to slow to 2.9% in 2024[126] - The company plans to expand its market presence through strategic investments and potential acquisitions in the upcoming quarters[101] - Future guidance indicates a continued growth trajectory, with expectations of maintaining a revenue increase of over 20% in 2023[162] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a capital reserve conversion of 5 shares for every 10 shares held[10] - The total distributable profit for the year is 77,467,082.14 CNY, which is 100% of the profit distribution total[199] - A cash dividend of 5.00 CNY per 10 shares will be distributed, totaling 76,480,645.00 CNY (including tax)[200] - The company plans to increase its total share capital by 5 shares for every 10 shares held, resulting in a total share capital of 229,441,935 shares post-distribution[200]

2023 年业绩高兑现，高合同负债彰显高成长持续性 ——公司信息更新报告 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 米奥会展 沪深300 | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/27 | | 当前股价 ( 元 ) | 40.33 | | 一年最高最低 ( 元 ) | 74.94/26.59 | | 总市值 ( 亿元 ) | 61.69 | | 流通市值 ( 亿元 ) | 35.36 | | 总股本 ( 亿股 ) | 1.53 | | 流通股本 ( 亿股 ) | 0.88 | | 近 3 个月换手率 (%) | 92.04 | 米奥会展（300795.SZ） 2024 年 03 月 27 日 请务必参阅正文后面的信息披露和法律声明 1 / 4 《Q3 末合同负债 2.7 亿，看好 2024 年高成长持续性—公司信息更新报 告》-2023.11.16 《2023H1 净利超疫前全年，看好 ...

目 录 | 一、审计报告……………………………………………………… 第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | 第 8 | 页 | | （三）合并利润表………………………………………………… | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 审 计 报 告 天健审〔2024〕568 号 浙江米奥兰特商务会展股份有限公司全体股东： 一、审计意见 我们按照中 ...

证券代码：300795 证券简称：米奥会展 公告编号：2024-016 浙江米奥兰特商务会展股份有限公司 关于2023年度日常关联交易实际发生额及 预计2024年度日常关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2024 年 3 月 25 日召开公司第五届董事会第二十二次会议和第五届监事会 第二十次会议，审议通过了《关于公司 2023 年度日常关联交易实际 发生额及预计 2024 年度日常关联交易的议案》，现将相关内容公告 如下： 一、日常关联交易基本情况 （一）日常关联交易概述 为发挥相关方资源优势，实现较好经济效益，根据公司业务发展 需要，公司及子公司 2024 年度预计将与关联方杭州新丝路数字外贸 研究院（以下简称"新丝路研究院"）发生日常关联交易不超过 400 万元人民币，公司 2023 年度预计的关联交易额度为 400 万元，实际 发生的日常关联交易总金额为 100 万元。 公司第五届董事会第二十二次会议和第五届监事会第二十次会 议审议通过了《关于公司 2023 年度日常关联 ...

浙江米奥兰特商务会展股份有限公司 2023 年内部控制自我评价报告 浙江米奥兰特商务会展股份有限公司全体股东： 根据财政部、证监会等部门联合发布的《企业内部控制基本规范》和深圳证券交易所《上 市公司内部控制指引》的规定，以及相关法律、法规的具体要求，浙江米奥兰特商务会展股 份有限公司（以下简称"公司"或"本公司）"遵循客观、独立和公正性原则，对本公司 2023 年年度内部控制情况进行了全面的检查，在查阅公司各项管理制度、了解公司有关单位和部 门在内部控制方面所做工作的基础上，对本公司内部控制建立的合理性、完整性及实施有效 性进行了全面的评估。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经营管理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、 误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完 ...

证券代码：300795 证券简称：米奥会展 公告编号：2024-015 浙江米奥兰特商务会展股份有限公司 关于开展金融衍生品交易业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"或"米 奥会展"）于 2024 年 3 月 25 日召开了第五届董事会第二十二次会议 和第五届监事会第二十次会议，审议通过了《关于开展金融衍生品交 易业务的议案》，同意公司及子公司拟开展金额不超过等值 40,000 万人民币的金融衍生品交易业务，期限自公司股东大会审议通过之日 起 12 个月内有效，在授权额度内滚动使用。该议案尚需提交公司 2023 年年度股东大会审议。现将相关情况公告如下： 公司从事金融衍生品交易业务的主要目的是充分利用外汇工具 降低汇率波动对公司的影响，使公司专注于生产经营，在汇率发生较 大波动时，仍能维持稳定的利润水平。公司不做投机性、套利性的交 易操作。 二、业务种类 公司拟开展交易的金融衍生品交易业务为远期结售汇、外汇期权、 外汇掉期等外汇衍生产品。 三、额度及授权有效期 金额不超过等值 40,000 ...