Zhejiang Meorient Commerce & Exhibition (SZ:300795) KAIYUAN SECURITIES·2024-04-30 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [22][25]. Core Insights - The company reported a Q1 2024 revenue of 76.13 million, a year-on-year increase of 12.2%, and a net profit attributable to shareholders of 4.81 million, reflecting a significant year-on-year growth of 349.4% [16]. - The company anticipates continued high growth, with projected net profits for 2024-2026 at 280 million, 380 million, and 466 million respectively, representing year-on-year growth rates of 48.7%, 35.9%, and 22.5% [16]. - The company is enhancing its service offerings for Chinese enterprises going global, leveraging its experience and resources to provide comprehensive solutions for international trade [16]. Financial Summary - The company's total assets are projected to grow from 868 million in 2023 to 1.87 billion by 2026, with a significant increase in current assets from 745 million in 2023 to 1.699 billion in 2026 [2]. - Revenue is expected to rise from 835 million in 2023 to 1.704 billion in 2026, with a year-on-year growth rate of 21.2% in 2026 [29]. - The net profit attributable to shareholders is forecasted to increase from 188 million in 2023 to 466 million in 2026, with a net profit margin projected to reach 28.2% by 2026 [29]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 27.1 in 2023 to 11.0 in 2026, indicating an attractive valuation as earnings grow [29]. - The price-to-book (P/B) ratio is expected to decline from 7.8 in 2023 to 3.1 in 2026, further suggesting potential upside for investors [29]. - The earnings per share (EPS) is projected to increase from 0.82 in 2023 to 2.03 in 2026, reflecting strong earnings growth [29].