米奥会展(300795)：展会排期影响业绩兑现 期待数智化提质增效

Group 1: Financial Performance - In 2024, the company achieved revenue of 750 million, a year-on-year decline of 10.0%, and a net profit attributable to shareholders of 160 million, down 17.6% year-on-year [1] - In Q4 2024, the company reported revenue of 330 million, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 90 million, down 18.3% year-on-year [1] - In Q1 2025, the company experienced a significant revenue drop to 20 million, a year-on-year decline of 77.3%, with a net profit attributable to shareholders turning negative at -40 million [1][2] Group 2: Industry Challenges - The overseas exhibition industry in China faced dual pressures in 2024, including cautious decision-making by Chinese enterprises and a decrease in government subsidies [2] - The number of overseas exhibition organizers has significantly increased, contributing to the challenging external environment [2] - The company organized 97 overseas exhibitions in 2024, covering nearly 300,000 square meters, ranking first among overseas exhibition organizers in China [2] Group 3: Future Outlook - The company anticipates revenue growth from 1.01 billion in 2025 to 1.43 billion in 2027, with year-on-year growth rates of 34.2%, 19.4%, and 19.2% respectively [3] - Net profit attributable to shareholders is expected to rise from 260 million in 2025 to 390 million in 2027, with growth rates of 66.8%, 22.6%, and 22.0% respectively [3] - The company maintains a "buy" rating due to its leading growth potential and development stage [3]