米奥会展(300795)：Q2利润同比增长46% 看好下半年延续高增长

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but expects recovery in the second half due to an increase in exhibition projects and the implementation of AI technologies [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 16 million yuan, down 61.84% [1]. - In Q2 2025, the company reported revenue of 224 million yuan, an increase of 21.49% year-on-year, and a net profit of 52 million yuan, up 45.74% year-on-year [1]. Project and Revenue Outlook - The decline in revenue and profit in H1 2025 was primarily due to a reduction in the number of projects from 6 to 5, as well as increased investments in AI and foreign trade support policies [2]. - The company anticipates a total of 10 exhibitions in the second half of 2025, an increase of 2 from the previous year, which is expected to drive revenue and profit recovery [2]. AI Integration and Innovation - The company has developed the "AI Hui Zhan" system, which integrates intelligent matching algorithms and wearable AI glasses to enhance the exhibition experience for buyers and exhibitors [3]. - The AI glasses, developed in collaboration with Li Weike Technology Co., incorporate behavior sensing, multi-modal interaction, and data management capabilities, aiming to break down language barriers and facilitate cross-border trade [3]. Data Strategy and Ecosystem Development - The company is focusing on a three-pronged approach involving data standardization, dedicated operational platforms for VIP clients, and localized operational centers to enhance service delivery and reduce communication costs [4]. - The strategy aims to transition the exhibition industry from a "traffic economy" to an "algorithm economy," leveraging technology, data, and practical scenarios [4]. Dividend Policy - The company announced a profit distribution plan for H1 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling approximately 19.79 million yuan, which represents 100% of the distributable profit [5]. - The company operates on a light asset model, ensuring sufficient cash flow and maintaining a high dividend payout ratio since 2023 [5]. Investment Forecast - The company maintains its previous profit forecast, expecting revenues of 1.06 billion yuan, 1.39 billion yuan, and 1.58 billion yuan for 2025 to 2027, with net profits of 270 million yuan, 370 million yuan, and 430 million yuan respectively [6]. - The earnings per share (EPS) are projected to be 0.91, 1.24, and 1.44 yuan for the same period [6]. Valuation Metrics - As of August 29, 2025, the closing price was 15.99 yuan per share, corresponding to a price-to-earnings (PE) ratio of 18x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [7].