兰生股份（600826）：Q3会展旺季驱动营收增长，内生外延稳步推进

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of 471 million RMB in Q3 2025, representing a year-on-year increase of 38.00%. The net profit attributable to shareholders was 124 million RMB, up 3.33% year-on-year, while the net profit excluding non-recurring items was 56 million RMB, reflecting a 20.59% increase year-on-year [3][8] - As a leading state-owned enterprise in the exhibition industry, the company has shown steady growth in its existing business and continues to contribute to performance growth through both organic development and external acquisitions [5][8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.025 billion RMB, a 10.00% increase year-on-year. The net profit attributable to shareholders was 181 million RMB, down 10.51% year-on-year, while the net profit excluding non-recurring items was 117 million RMB, down 15.85% year-on-year [8] - The company hosted 17 exhibitions and 8 events in the first three quarters, with a total exhibition area exceeding 1.237 million square meters [8] Growth Drivers - The Q3 performance was driven by the peak season for exhibitions, with significant increases in revenue from exhibition organization. Notably, the World Artificial Intelligence Conference held in July set historical records for exhibition area and number of participating companies, increasing by 34.6% and 60% respectively [8] - The company is focusing on high-growth sectors and continues to pursue external acquisitions, including a strategic acquisition of Tianyi Zhixun Cultural Communication Chengdu Co., Ltd., which will enhance its presence in the pet economy sector [8] Valuation - The company is projected to have earnings per share (EPS) of 0.43, 0.46, and 0.49 RMB for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 24.8, 23.2, and 21.5 [5][7]