Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in contract liabilities, indicating strong future performance expectations [7] - The launch of the AI Hui Exhibition product is anticipated to enhance operational efficiency and revenue growth [7] - The company plans to host exhibitions in 11 countries in 2025, with new markets and professional transformation expected to drive growth [7] - Despite a seasonal decline in Q1 performance, the increase in contract liabilities suggests a solid order backlog for future revenue recognition [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 751 million in 2024 to 1,107 million in 2025, with a year-on-year growth rate of 47.3% [6] - The net profit attributable to shareholders is expected to rise from 155 million in 2024 to 284 million in 2025, reflecting an 82.9% increase [6] - The company’s gross margin is forecasted to improve from 50.8% in 2024 to 56.1% in 2025 [6] - The price-to-earnings ratio is projected to decrease from 29 in 2024 to 16 in 2025, indicating a more attractive valuation [6]
米奥会展（300795）：合同负债大幅增长，期待AI慧展落地成效