米奥会展(300795)：合同负债大幅增长 期待AI慧展落地成效

Core Viewpoint - The company reported lower-than-expected annual performance for 2024, while Q1 2025 results met expectations, primarily due to seasonal adjustments in exhibition scheduling [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 17.27 million yuan, a year-on-year decline of 77.32%, and a net profit attributable to shareholders of -36.79 million yuan, a year-on-year decrease of 864.17% [1] - For the full year 2024, the company reported revenue of 751 million yuan, a decrease of 10.01% year-on-year, and a net profit of 155 million yuan, down 17.55% year-on-year [1] Group 2: Cost and Order Status - In Q1 2025, sales expenses increased by 12% to 36.04 million yuan, management expenses rose by 18% to 10.79 million yuan, and R&D expenses surged by 37% to 4.35 million yuan, reflecting increased investment in digitalization and AI-related initiatives [2] - As of March 2025, the company's contract liabilities reached 193 million yuan, a significant increase of 116.22% from the beginning of the year, indicating a strong order backlog and assurance of future revenue recognition [2] Group 3: Product Development and Market Expansion - The company launched the AI Hui Exhibition 1.0 product in January 2025, enhancing its O2O platform with AI capabilities and smart glasses, aiming to improve efficiency in connecting exhibitors and buyers [2] - The company plans to host exhibitions in 11 countries in 2025, with significant contributions expected from new markets like Saudi Arabia and the recovery of the Indian market, despite some uncertainties regarding Indian visas [3] Group 4: Investment Outlook - Despite Q1 losses due to seasonal effects, the substantial growth in contract liabilities indicates a positive outlook for future exhibitions [3] - The company has revised its profit forecasts downward for 2025-2026, now expecting net profits of 284 million yuan and 352 million yuan, respectively, while introducing a new forecast for 2027 at 426 million yuan [3]