Zhejiang Meorient Commerce & Exhibition (SZ:300795)2024-08-08 02:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company reported a significant decline in revenue and net profit for Q2 2024, with revenue at 183.97 million yuan, down 35.57% year-on-year, and net profit at 35.91 million yuan, down 52.2% year-on-year [5]. - The company is focusing on creating a "China Brand Exhibition Overseas Incubation Platform" to diversify its international exhibition layout, which is expected to generate a second growth driver [5]. - The company has optimized its VIP exhibitor service processes, achieving a VIP customer repurchase rate of 35% in 2023, with a 38% increase in average sales per VIP customer in H1 2024 [5]. Financial Summary - As of June 30, 2024, the company had a net asset per share of 2.71 yuan and a debt-to-asset ratio of 26.74% [3]. - The total revenue for 2024 is projected to be 989 million yuan, with a year-on-year growth rate of 18.5% [7]. - The forecasted net profit for 2024 is 232 million yuan, reflecting a year-on-year increase of 23.2% [7]. Dividend Distribution - The company announced a cash dividend of 3.00 yuan for every 10 shares, totaling approximately 67.78 million yuan to be distributed to shareholders [6]. Market Comparison - The company's stock price has fluctuated between a high of 43.55 yuan and a low of 14.71 yuan over the past year, with a current closing price of 15.03 yuan [2].