Investment Rating - The report maintains a rating of "Buy" for the company [3]. Core Views - The company's 2024 stock incentive plan is expected to drive significant growth, with a projected EPS increase to 1.25 yuan for 2024, up from a previous estimate of 1.17 yuan. However, EPS estimates for 2025 and 2026 have been slightly reduced to 1.51 yuan and 1.84 yuan, respectively [2]. - The incentive plan covers a wide range of employees, including 5 executives and 203 core technical/business personnel, which is expected to effectively motivate the team and align the interests of shareholders, the company, and the core team [2][3]. - The revenue projections for 2024, 2025, and 2026 are 1.305 billion yuan, 1.631 billion yuan, and 2.039 billion yuan, respectively, with net profits of 273 million yuan, 328 million yuan, and 393 million yuan for the same years [2]. - The company is transitioning from general exhibitions to specialized exhibitions, capitalizing on the high demand for manufacturing industry expansion overseas, which is expected to yield significant growth potential [2]. Financial Summary - The company's revenue for 2022 was 348 million yuan, with a projected increase to 1.363 billion yuan in 2024, representing a growth rate of 63.3%. Net profit is expected to rise from 50 million yuan in 2022 to 286 million yuan in 2024, reflecting a growth rate of 52.1% [11]. - The projected net profit margin for 2024 is 21.0%, with a return on equity (ROE) of 34.6% [11]. - The company's total market capitalization is approximately 4.981 billion yuan, with a current share price of 21.71 yuan and a target price of 30.23 yuan [3][5].
米奥会展：2024股权激励方案点评：激励范围涵盖广泛，经营目标实现有效共识