会展业务恢复良好，超额完成业绩承诺

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a strong recovery in its exhibition business, achieving a revenue of 1.42 billion yuan in 2023, a year-on-year increase of 83.9%, and a net profit attributable to shareholders of 275 million yuan, up 140.5% year-on-year [2][3] - The company exceeded its performance commitment with a net profit of 185 million yuan from its exhibition group, significantly surpassing the promised 126.6 million yuan [3] - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares (including tax) and to increase capital by converting 4 shares for every 10 shares held [3][18] Summary by Sections Financial Performance - In 2023, the company hosted 13 large conferences and 18 exhibitions, with a total area exceeding 1.1 million square meters, representing an 83.3% increase compared to 2021 [3] - The exhibition organization segment generated 760 million yuan in revenue, a year-on-year increase of 246.8%, while the exhibition support services segment saw a revenue of 220 million yuan, a decrease of 6.6% [3] - The company achieved a gross profit margin of 31.9% in 2023, which is an improvement from 29.6% in 2021 [16] Strategic Initiatives - The company is advancing its "Exhibition China" strategy through both organic growth and acquisitions, including the establishment of a joint venture in Tianjin and the acquisition of CMM Exhibition [4] - The company successfully hosted the second Chengdu International Industrial Expo and expanded its overseas market presence through partnerships [4] Future Outlook - The company anticipates further performance growth in 2024, particularly in exhibition operations and events, with projected earnings per share (EPS) of 0.55, 0.64, and 0.73 yuan for 2024 to 2026 [6] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 16x for 2024, indicating potential for investment [6]