米奥会展(300795)：努力打造贸易展会新形态

Core Viewpoint - The company reported a decline in total revenue and net profit for 2024, attributing the decrease to intensified competition in overseas exhibitions, particularly in Southeast Asia, and insufficient government subsidies [1] Group 1: Financial Performance - Total revenue for 2024 was 751 million yuan, a year-over-year decrease of 10% [1] - Net profit attributable to shareholders for 2024 was 155 million yuan, down 18% year-over-year [1] - For Q1 2025, total revenue was 17 million yuan, reflecting a significant year-over-year decline of 77% [1] - Net profit for Q1 2025 was 37 million yuan, showing an extraordinary year-over-year increase of 864% [1] - Contract liabilities for Q1 2025 amounted to 193 million yuan, a year-over-year increase of 13.5% [1] Group 2: Exhibition Strategy - The company hosted 14 exhibitions across nine countries in 2024, with 7,500 participating enterprises and nearly 300,000 square meters of exhibition space [1] - The company is transitioning to specialized exhibitions while leveraging "AI + data" to enhance trade show formats [1] - In 2025, the company plans to hold nine industrial machinery exhibitions across eight countries, focusing on key markets such as the Belt and Road Initiative, RCEP, and BRICS countries [2] Group 3: Digitalization and Localization - The company is accelerating its digital transformation by integrating AI technology into exhibition services, launching the world's first AI-driven exhibition solution [2] - The company has established strategic points in Dubai, Indonesia, and Osaka, forming an initial overseas exhibition system [2] - Efforts are being made to localize exhibitor sources in overseas markets, with professional teams set up in Dubai and Indonesia for exhibitor recruitment [2] Group 4: Platform Development - The company aims to create a comprehensive exhibition service platform by deepening strategic partnerships with existing exhibition platforms and seeking collaboration opportunities with domestic platforms [3] - The company is focused on incubating more specialized exhibition projects by leveraging its strong exhibition platform [3] Group 5: Profit Forecast and Investment Rating - Due to trade pressures, the company has revised its net profit forecasts for 2025 and 2026 to 266 million yuan and 340 million yuan, respectively, down from previous estimates [3] - A new net profit forecast of 400 million yuan for 2027 has been introduced, with an adjusted investment rating of "Accumulate" based on the closing price on April 28 [3]