Summary of Conference Call Company or Industry Involved - The document pertains to Guotai Junan Securities and its internal conference call regarding research and analysis [1] Core Points and Arguments - The content of the conference call is strictly for internal learning purposes and cannot be disseminated externally without prior approval from Guotai Junan Securities [1] - Unauthorized media dissemination of the conference call content is prohibited, and any such actions will be considered infringement [1] - Guotai Junan Securities reserves the right to pursue legal action against unauthorized use or distribution of the conference call information [1] Other Important but Possibly Overlooked Content - The document emphasizes the importance of confidentiality and the need for compliance with internal policies regarding information sharing [1]

证券代码：300795 证券简称：米奥会展 公告编号：2024-037 浙江米奥兰特商务会展股份有限公司 关于召开2024年第二次临时股东大会的提示性公告 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 6 月 4 日在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）披露了《关于召开公司 2024 年第二次临时股 东大会通知的公告》（公告编号：2024-035），本次股东大会将采取 现场投票与网络投票相结合的方式召开，根据相关规定，现将本次会 议的有关情况提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：根据公司第五届董事会第二十四 次会议决议，本次股东大会会议的召开程序符合《公司法》及《公司 章程》等相关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 6 月 19 日（周三）下午 14:50 开始； 第 1 页 共 10 页 （2）网 ...

浙江米奥兰特商务会展股份有限公司 证券代码：300795 证券简称：米奥会展 公告编号：2024-036 本公司及监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 6 月 2 日召开第五届监事会第二十二次会议以及于 2024 年 6 月 3 日召开第五届董事会第二十四次会议审议通过了《关于公司 <2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则》和《公司章程》的相关规定， 公司对 2024 年限制性股票激励计划（以下简称"本次激励计划"） 首次授予的激励对象的姓名和职务在公司内部进行了公示，公司监事 会结合公示情况对激励对象进行了核查，相关公示情况及核查情况如 下： 一、公示情况及核查方式 1、公示内容：本次激励计划首次授予激励对象的姓名和职务； 2、公示时间：2024 年 6 月 4 日至 2024 年 6 月 13 日； 3、公示途径：公司内部公示； 第 1 页 共 3 页 4、 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3]. Core Views - The company's 2024 stock incentive plan is expected to drive significant growth, with a projected EPS increase to 1.25 yuan for 2024, up from a previous estimate of 1.17 yuan. However, EPS estimates for 2025 and 2026 have been slightly reduced to 1.51 yuan and 1.84 yuan, respectively [2]. - The incentive plan covers a wide range of employees, including 5 executives and 203 core technical/business personnel, which is expected to effectively motivate the team and align the interests of shareholders, the company, and the core team [2][3]. - The revenue projections for 2024, 2025, and 2026 are 1.305 billion yuan, 1.631 billion yuan, and 2.039 billion yuan, respectively, with net profits of 273 million yuan, 328 million yuan, and 393 million yuan for the same years [2]. - The company is transitioning from general exhibitions to specialized exhibitions, capitalizing on the high demand for manufacturing industry expansion overseas, which is expected to yield significant growth potential [2]. Financial Summary - The company's revenue for 2022 was 348 million yuan, with a projected increase to 1.363 billion yuan in 2024, representing a growth rate of 63.3%. Net profit is expected to rise from 50 million yuan in 2022 to 286 million yuan in 2024, reflecting a growth rate of 52.1% [11]. - The projected net profit margin for 2024 is 21.0%, with a return on equity (ROE) of 34.6% [11]. - The company's total market capitalization is approximately 4.981 billion yuan, with a current share price of 21.71 yuan and a target price of 30.23 yuan [3][5].

Summary of Conference Call Company and Industry Involved - The conference call involves Xingye Securities and Miao Exhibition Company [1] Core Points and Arguments - The meeting is primarily for Xingye Securities clients, indicating a focus on investor relations and communication [1] - The audio and text records of the meeting are proprietary to Xingye Securities, emphasizing the importance of confidentiality and compliance [1] Other Important but Possibly Overlooked Content - Participants are muted at the beginning of the call, which suggests a structured format for the meeting [1] - The call serves as a platform for discussing relevant updates and insights related to Miao Exhibition Company, although specific details were not provided in the excerpt [1]

Summary of the Conference Call on Miao Exhibition Company Company Overview - The conference call was held by Miao Exhibition Company, facilitated by Industrial Securities, focusing on the company's recent developments and future outlook. Key Points Discussed 1. Stock Incentive Plan - The company introduced a new stock incentive plan aimed at boosting employee morale and aligning their interests with the company's growth. The plan is designed to motivate core employees by allowing them to share in the company's success post-IPO [2][3][4]. 2. Employee Engagement - A total of 208 employees are included in this stock incentive plan, marking the highest number in the company's history. This reflects the company's commitment to ensuring that core employees benefit from the company's growth and success [4][5]. 3. Performance Metrics - The performance metrics for the stock incentive plan are based on two key indicators: revenue and profit. The revenue target is set for a compound annual growth rate (CAGR) of 25%, while the profit target is set for a CAGR of 20% [6][9]. 4. Current Market Challenges - The company acknowledged that sales in the first half of the year were slightly below expectations due to various factors, including a reduction in the number of exhibitions held. The number of exhibitions decreased from 18 last year to 9 this year, leading to a revenue decline of over 10% [18][19][20]. 5. Future Outlook - The company anticipates a stronger performance in the second half of the year, with expectations to complete around 19,000 exhibitions by year-end, driven by a focus on maximizing sales during peak months [22]. 6. Talent Acquisition Strategy - The company is actively recruiting industry professionals to enhance its talent pool, emphasizing the importance of skilled personnel in the service industry. Recent appointments include two new vice presidents with extensive experience in the exhibition sector [13][14][16]. 7. Competitive Landscape - The company is aware of increasing competition, particularly in Southeast Asia, and is strategizing to maintain its market position. The focus is on enhancing the quality of exhibitions and ensuring effective marketing strategies to attract participants [35][36][37]. 8. Investment in Growth - The company is committed to investing in its growth, even if it means incurring higher costs in the short term. This includes maintaining a robust team and ensuring high-quality exhibition experiences [26][27][28]. 9. International Expansion - Plans for international expansion are underway, with a focus on markets like Japan and Indonesia. The company aims to diversify its exhibition offerings and tap into new industry segments over the next few years [30][31]. 10. Long-term Vision - The company has a long-term vision for sustainable growth, aiming to adapt to market changes and continuously improve its service offerings to ensure competitiveness in the exhibition industry [31][40]. Additional Insights - The company is focused on maintaining a balance between revenue growth and profitability, ensuring that investments in talent and quality do not compromise financial health [25][27]. - The management expressed confidence in achieving the set targets, provided that external market conditions remain favorable [12][12]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction and operational challenges.

Summary of Conference Call Company and Industry Involved - The conference call involves Xingye Securities and Miao Exhibition Company [1] Core Points and Arguments - The call is primarily for the clients of Xingye Securities, indicating a focus on investor relations and communication [1] - The audio and text records of the meeting are proprietary to Xingye Securities, emphasizing the importance of confidentiality and compliance [1] Other Important but Possibly Overlooked Content - All participants are muted at the beginning of the call, which suggests a structured format for the meeting [1] - The meeting serves as a platform for discussing relevant updates and insights regarding Miao Exhibition Company, although specific details were not provided in the excerpt [1]

Summary of Conference Call Company/Industry Involved - The conference call pertains to Guotai Junan Securities, a financial services company in the securities industry [1] Core Points and Arguments - The content of the conference call is strictly for the internal learning of Guotai Junan Securities' officially signed clients and is not to be disseminated externally without prior approval from the research department [1] - Guotai Junan Securities has not authorized any media to forward the content of this conference call [1] Other Important but Possibly Overlooked Content - The audio and text records of the conference call are intended solely for the use of Guotai Junan Securities clients, emphasizing the confidentiality and proprietary nature of the information shared [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has launched a stock incentive plan aimed at high-level executives and core technical personnel, reflecting confidence in its growth potential and market conditions [2][3]. - The company is expected to benefit from a favorable short-term market environment, mid-term opportunities from Chinese enterprises going global, and long-term transformation into a professional exhibition entity to enhance global competitiveness [19]. Financial Summary and Valuation Metrics - Revenue projections show significant growth from 348 million in 2022 to an estimated 1,704 million by 2026, with year-over-year growth rates of 91.8% in 2022, 139.7% in 2023, and gradually decreasing to 21.2% by 2026 [4]. - The net profit attributable to the parent company is projected to increase from 50 million in 2022 to 466 million by 2026, with year-over-year growth rates of 187.4% in 2022 and 273.5% in 2023, tapering to 22.5% by 2026 [4]. - The gross margin is expected to improve from 49.3% in 2022 to 52.6% in 2026, while the net margin is projected to rise from 14.7% to 28.2% over the same period [4]. - The company's P/E ratio is forecasted to decrease from 101.0 in 2022 to 10.9 by 2026, indicating a more attractive valuation as earnings grow [4]. Incentive Plan and Management Changes - The stock incentive plan includes a total of 3.5338 million restricted shares, representing 1.54% of the company's total equity, with a grant price of 10.61 yuan per share [19]. - The plan aims to enhance employee cohesion and stabilize the team while motivating the management [19]. - The company has appointed two new executives with extensive backgrounds in human resources and digital strategy to support its growth objectives [19][20].

Investment Rating - The report assigns a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [13][35]. Core Insights - The company announced a restricted stock incentive plan for 2024, aiming to grant up to 3.5338 million shares, accounting for 1.54% of the total share capital. The plan includes an initial grant of 3.1338 million shares (88.68% of the plan) and a reserve of 400,000 shares (11.42%) [12]. - The performance targets for the incentive plan are set for 2024-2026, with expected total revenues of 1.305 billion, 1.631 billion, and 2.039 billion yuan, representing year-on-year growth rates of 56.5%, 25%, and 25%, respectively. The net profit attributable to the parent company is projected to be 273 million, 328 million, and 393 million yuan, with growth rates of approximately 50%, 20%, and 20% [12]. - The company anticipates a compound annual growth rate (CAGR) of 35% for revenue and 29.3% for net profit over the same period [12]. - The report maintains a fair value estimate of 29.81 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 25 times for 2024 [18]. Financial Projections - The company is expected to achieve net profits of 280 million, 350 million, and 420 million yuan for 2024, 2025, and 2026, with year-on-year growth rates of 47.4%, 25.6%, and 21.6% [18]. - Revenue projections for the years 2024 to 2026 are 1.309 billion, 1.671 billion, and 2.051 billion yuan, with growth rates of 56.8%, 27.7%, and 22.7% respectively [20]. - The EBITDA for the same period is forecasted to be 345 million, 417 million, and 511 million yuan [20].