米奥会展：发布2024年限制性股票激励计划，期待下半年业绩改善

Investment Rating - The report assigns a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [13][35]. Core Insights - The company announced a restricted stock incentive plan for 2024, aiming to grant up to 3.5338 million shares, accounting for 1.54% of the total share capital. The plan includes an initial grant of 3.1338 million shares (88.68% of the plan) and a reserve of 400,000 shares (11.42%) [12]. - The performance targets for the incentive plan are set for 2024-2026, with expected total revenues of 1.305 billion, 1.631 billion, and 2.039 billion yuan, representing year-on-year growth rates of 56.5%, 25%, and 25%, respectively. The net profit attributable to the parent company is projected to be 273 million, 328 million, and 393 million yuan, with growth rates of approximately 50%, 20%, and 20% [12]. - The company anticipates a compound annual growth rate (CAGR) of 35% for revenue and 29.3% for net profit over the same period [12]. - The report maintains a fair value estimate of 29.81 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 25 times for 2024 [18]. Financial Projections - The company is expected to achieve net profits of 280 million, 350 million, and 420 million yuan for 2024, 2025, and 2026, with year-on-year growth rates of 47.4%, 25.6%, and 21.6% [18]. - Revenue projections for the years 2024 to 2026 are 1.309 billion, 1.671 billion, and 2.051 billion yuan, with growth rates of 56.8%, 27.7%, and 22.7% respectively [20]. - The EBITDA for the same period is forecasted to be 345 million, 417 million, and 511 million yuan [20].