米奥会展：公司信息更新报告：股权激励高行权目标彰显信心，看好景气度及成长性

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has launched a stock incentive plan aimed at high-level executives and core technical personnel, reflecting confidence in its growth potential and market conditions [2][3]. - The company is expected to benefit from a favorable short-term market environment, mid-term opportunities from Chinese enterprises going global, and long-term transformation into a professional exhibition entity to enhance global competitiveness [19]. Financial Summary and Valuation Metrics - Revenue projections show significant growth from 348 million in 2022 to an estimated 1,704 million by 2026, with year-over-year growth rates of 91.8% in 2022, 139.7% in 2023, and gradually decreasing to 21.2% by 2026 [4]. - The net profit attributable to the parent company is projected to increase from 50 million in 2022 to 466 million by 2026, with year-over-year growth rates of 187.4% in 2022 and 273.5% in 2023, tapering to 22.5% by 2026 [4]. - The gross margin is expected to improve from 49.3% in 2022 to 52.6% in 2026, while the net margin is projected to rise from 14.7% to 28.2% over the same period [4]. - The company's P/E ratio is forecasted to decrease from 101.0 in 2022 to 10.9 by 2026, indicating a more attractive valuation as earnings grow [4]. Incentive Plan and Management Changes - The stock incentive plan includes a total of 3.5338 million restricted shares, representing 1.54% of the company's total equity, with a grant price of 10.61 yuan per share [19]. - The plan aims to enhance employee cohesion and stabilize the team while motivating the management [19]. - The company has appointed two new executives with extensive backgrounds in human resources and digital strategy to support its growth objectives [19][20].