DLG EXPO(SH:600826) Shenwan Hongyuan Securities·2025-10-31 11:06Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance for the first three quarters of 2025 met expectations, with a revenue of 1.025 billion yuan, reflecting a year-on-year growth of 10% [6] - The core IP capabilities are strong, with significant growth in key events such as the World Artificial Intelligence Conference and the Shanghai Marathon, which are expected to enhance revenue streams [6] - The company has a robust shareholder return strategy, with a dividend payout ratio of 76.32% of the net profit for the first half of 2025, indicating confidence in future performance [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 1.694 billion yuan, with a year-on-year growth rate of 3.1% [5] - The net profit attributable to the parent company is expected to be 305 million yuan for 2025, showing a slight decrease of 0.6% year-on-year [5] - The earnings per share (EPS) for 2025 is estimated at 0.41 yuan, with a projected price-to-earnings (PE) ratio of 27 [5] Business Strategy - The company is expanding its market presence through various collaborations and strategic partnerships, enhancing its national and international footprint [6] - It is also diversifying into new sectors, such as the pet economy, and leveraging its core IP to transition into a comprehensive service provider in the AI field [6] - The company has established a professional subsidiary to operate year-round services related to the World Artificial Intelligence Conference, aiming to broaden its revenue sources [6]