兰生股份：内展稀缺标的，内生外延双轮发展

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][9]. Core Insights - The company has transformed into a comprehensive exhibition service provider, becoming the first listed company in Shanghai focused on the exhibition industry. It aims to enhance its core competitiveness through innovative models and regional expansion [5][26]. - The global exhibition market is expanding, with the Asia-Pacific region experiencing the fastest growth. The company is well-positioned to capitalize on this trend due to its strong brand and operational capabilities [8][49]. - The company is actively pursuing both organic growth and external acquisitions to drive its business forward, particularly in high-end manufacturing, artificial intelligence, and sports events [11][70]. Summary by Sections 1. Building a Comprehensive Exhibition Ecosystem - The company completed a major asset restructuring in 2020, focusing on exhibition organization, venue operation, event activities, and exhibition services [18][22]. - It has established a stable and clear shareholding structure, with the Shanghai State-owned Assets Supervision and Administration Commission as the actual controller [22][23]. 2. Huge Potential in the Domestic Exhibition Market - The global exhibition scale is continuously expanding, with the Asia-Pacific region becoming the fastest-growing area for exhibition space [48][49]. - China's exhibition facilities are leading globally, supported by government policies that promote robust development in the industry [54][56]. 3. Internal and External Synergies, Digitalization and International Expansion Create New Growth Drivers - The company leverages its resources at the Shanghai World Expo Exhibition and Convention Center to enhance project collaboration and expand project potential [70]. - It has initiated a digital exhibition strategy, enhancing its digital capabilities and exploring new revenue models [83][90]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 15.48 billion, 16.83 billion, and 18.37 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 3.02 billion, 3.28 billion, and 3.55 billion yuan [7][101]. - The target market capitalization is set at 82.36 billion yuan, with a target price of 11.20 yuan per share, representing a potential upside of 36% from the current price [9][105].