米奥会展：股权激励发布，彰显信心，激发动能

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's stock incentive plan aims to motivate growth potential by granting equity to a maximum of 208 individuals, including senior management and key technical/business personnel, with a total of 3.534 million shares, representing 1.54% of the total share capital [2][10] - The performance assessment for the incentive plan targets revenue of 1.305 billion, 1.631 billion, and 2.039 billion yuan for the years 2024, 2025, and 2026, reflecting year-on-year growth of 56%, 25%, and 25% respectively [11] - The estimated net profit attributable to the parent company for 2024, 2025, and 2026 is projected to be 260 million, 330 million, and 420 million yuan, with corresponding price-to-earnings ratios of 18x, 14x, and 11x [2] Financial Summary - The company's total revenue for 2023 is projected at 835 million yuan, with a year-on-year growth rate of 139.7% [26] - The net profit attributable to the parent company for 2023 is estimated at 188 million yuan, showing a year-on-year increase of 273.5% [26] - The gross profit margin is expected to be 50.1% in 2023, with projections of 51.3% and 51.4% for 2024 and 2025 respectively [26]