核心展会规模创新高，期待专业展赋能存量做强与新市场开拓

Investment Rating - The report maintains an "Accumulate" rating for the company [3][9][38] Core Insights - The company exceeded its equity incentive target for 2023, achieving a revenue of 830 million yuan, a year-on-year increase of 139.7%, and a net profit of 190 million yuan, up 273.5% year-on-year [1][6][9] - The company plans to hold 16 exhibitions in 11 countries in 2024, focusing on core regions like UAE, Indonesia, and Japan, while also expanding into second-tier markets such as Mexico, Brazil, India, and the USA [8][9][18] - The company has successfully transformed its exhibition strategy, upgrading from comprehensive exhibitions to eight specialized exhibitions, which is expected to enhance its market presence [8][9] Financial Performance - In 2023, the company reported a net profit margin of 22.5%, with a fourth-quarter net profit margin of 29.1% [1][6] - The company announced a dividend of 76.48 million yuan, representing 99% of the distributable profit, with a dividend payout ratio of 41% [1][6] - Revenue and net profit forecasts for 2024-2026 are set at 1.198 billion yuan, 1.519 billion yuan, and 1.891 billion yuan respectively, with corresponding net profits of 267 million yuan, 363 million yuan, and 466 million yuan [4][9][28] Market Position and Strategy - The company is positioned as a leader in overseas self-organized exhibitions, benefiting from the trend of domestic enterprises expanding into RCEP and Belt and Road markets [9][18] - The company has completed its layout and structural optimization in major countries over the past two years, which is expected to yield positive results in the upcoming years [8][9] - The report highlights the potential for further optimization following the completion of the previous round of equity incentives [8][9]