DLG EXPO(600826) 太平洋·2025-04-24 14:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has demonstrated strong capabilities in the exhibition industry, with a significant increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross margin of 32.58% for 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].