证券研究报告·公司点评报告·专业服务 2023 年年报点评：赢得翻身仗，迈向黄金时 代 2024 年 03 月 29 日 ◼ 事件：公司发布 2023 年业绩，总营收 8.35 亿元(yoy+140%)；归母净利润 1.88 亿元（yoy+274%）。分红方面，每 10 股现金分红 5 元（含税），以资 本公积金每 10 股转增 5 股。 ◼ 公司打了一个漂亮的翻身仗。以 2019 年为基数，收入、归母净利润分别 增长 96%、185%，4 年复合增速分别为 18%、30%；毛利率、净利率分别 提升了 3.7 个、8.1 个 PCT，分别为 50%、23.6%；销售费用率下降了 4.2 个 PCT，为 16.7%；收现比提升了 3.8 个 PCT，为 103.1%；公司摊位数量 增长了 43.8%，而统计显示中国出海参办展的总规模略有下降。 2023 年底合同负债 0.96 亿元，同比增长 33%，我们预计自办展的合同负 债同比增长接近 100%，主要原因是品牌力提升。 ◼ 打穿重点市场，打造展览工厂。2023 年公司持续在迪拜、印尼和日本重 点投入，迪拜及印尼单展会达到了 3200 和 1500 个摊位，实 ...

证 券 研 究 报 告 | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2023 | 年 12 月 31 日 | | | 4.29 | | 每股净资产（元） | | | 资产负债率 % | 21.77 | | 总股本/流通 A 股（百万） | 153/88 | | 流通 B 股/H 股（百万） | -/- | 社会服务 ——国际化布点逐步落地，数字化驱动降本提效 一年内股价与大盘对比走势： 相关研究 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230122100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com ⚫ 外贸订单韧性较强，公司深耕一带一路和 RCEP 国家，为中国企业出海"造船"。根据公 司公告，23 年我国进出口总值 41.76 万亿元人民币，同比增长 0.2%，与"一带一路"国 家 ...

[Table_Market] 市场数据 2024-03-26 A 股收盘价(元) 39.32 上证指数 3,031.48 实际流通A股(万股) 8,768 流通 A 股市值(亿元) 34 [Table_Title] 业绩、逻辑全面兑现，公司中期成长动 能依然充足 核心观点： [Table_Summary] 事件：2023 年公司实现营收 8.35 亿元/同比+140%，实现归母净利 1.88 亿元/ 同比+274%，实现扣非净利 1.82 亿元/同比+406%。其中，4Q23 公司实现营收 3.66 亿元/同 比+75%，实 现归母 净利 1.06 亿元/同比+70%，实 现扣非 母净利 1.04 亿元/同比+91%。 ⚫ 规模、品牌效应显现，公司盈利能力创历史新高 [Table_Authors] 顾熹闽 ：18916370173 ：guximin_yj@chinastock.com.cn 分析师登记编码：S0130522070001 资料来源：中国银河证券研究院 [Table_Research] 【银河社服】米奥会展：Q4 业绩略超预期，专业展布 局初见成果 www.chinastock.com.cn 证券 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a market price of RMB 40.33 and an industry rating of "Outperform" [1][3]. Core Views - The company has experienced significant growth in 2023, with revenue reaching RMB 835 million, a year-on-year increase of 139.72%, and a net profit of RMB 188 million, up 273.54% [16]. - The recovery of overseas self-organized exhibitions has driven the company's performance, and the transition to specialized exhibitions is expected to contribute to future growth [16]. - The company is expanding its global footprint by focusing on countries along the RCEP and "Belt and Road" initiatives, successfully hosting exhibitions in ten countries in 2023 [16]. - The introduction of eight specialized exhibitions in 2023 has shown promising trends, with significant participation and exhibition space [16]. Financial Summary - The company's projected revenue for 2024 is RMB 1,055 million, with a growth rate of 26.3% [8]. - The expected net profit for 2024 is RMB 270 million, reflecting a growth rate of 43.5% [8]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.77, with corresponding price-to-earnings (P/E) ratios of 22.8 for 2024, 16.9 for 2025, and 14.7 for 2026 [8][16]. - The company has a strong cash flow position, with operating cash flow projected to reach RMB 333 million by 2024 [17].

公司 2023 年收入超额完成股权激励目标，净利润与业绩快报基本一致。2023 年公司收入 8.3 亿元，同比增长 139.7%，较 2019 年增长 96.1%，超额完成 股权激励目标（6 亿）；归母净利润 1.9 亿元，同比增长 273.5%，较 2019 年增长 184.7%，与业绩快报一致，归母净利率 22.5%。Q4 公司收入 3.7 亿元， 同比增长 75.1%；归母净利润 1.1 亿元，同比增长 68.6%，对应归母净利率 29.1%。2023 年公司宣布派息 7648 万元，占可供分配利润（按母公司与合并 报表孰低原则）的 99%，归母净利润分红率为 41%；同时每 10 股转增 5 股。 2023 年公司核心展会销售规模创新高，部分市场受签证航班因素扰动。公 司原计划在 12 个国家办展，实际在一带一路、RCEP、新兴市场等 10 个国家 举办约 16 场自办展，总办展面积 26 万平方米，其中展位净面积近 12 万平 方米，总意向成交额达到 146 亿美元。其中，核心区域销售规模突破新高， 阿联酋、印尼、日本展会规模预计占总体超过 70%。阿联酋迪拜展已连续举 办 15 年，2023 年如 ...

2023 年业绩高兑现，高合同负债彰显高成长持续性 ——公司信息更新报告 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 米奥会展 沪深300 | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/27 | | 当前股价 ( 元 ) | 40.33 | | 一年最高最低 ( 元 ) | 74.94/26.59 | | 总市值 ( 亿元 ) | 61.69 | | 流通市值 ( 亿元 ) | 35.36 | | 总股本 ( 亿股 ) | 1.53 | | 流通股本 ( 亿股 ) | 0.88 | | 近 3 个月换手率 (%) | 92.04 | 米奥会展（300795.SZ） 2024 年 03 月 27 日 请务必参阅正文后面的信息披露和法律声明 1 / 4 《Q3 末合同负债 2.7 亿，看好 2024 年高成长持续性—公司信息更新报 告》-2023.11.16 《2023H1 净利超疫前全年，看好 ...

[盈利预测与财务指标 Table_Forcast] 23 年办展硕果累累，处于清晰的向上通道 2024 年 03 月 27 日 ➢ 23 年办展成果卓著，规模历史新高。受益于有利的贸易政策，特别是"一 带一路"倡议和 RCEP 协定，2023 年公司积极拓展市场，分别在十个国家成功 举办境外线下自办展。全年公司组织境外参展企业近 8800 家，展位达 1.3 万余 个，占 2023 年审批执行的出国办展项目各参数比重均超过 50%。 ➢ 投资建议：米奥会展为国内境外自办展龙头，技术、资源等多重先发优势高 筑，当前处于清晰的向上通道。公司展位数高增的同时，通过专业化办展/数字 化，亦在提升整体的展会服务能力；规模/服务能力/品牌的同频向上有望进一步 夯实米奥作为国内海外自办展龙头的壁垒。随着我国出入境政策逐渐宽松，公司 境外办展业务开启全面复苏，叠加"一带一路"倡议持续落地，公司业绩弹性有 望继续释放，看好公司作为境外自办展龙头未来的发展前景。我们预计 2024- 2026 年 公 司 归 母 净 利润 分 别 为 2.7/3.6/4.6 亿 元 ，对应 PE 分别为 23x/17x/13x，维持"推荐"评级。 ...

Financial Performance - The company achieved operating revenue of 834.97 million yuan, a year-on-year increase of 139.72%[9] - The total profit reached 229.51 million yuan, reflecting a year-on-year growth of 315.89%[9] - Net profit amounted to 197.26 million yuan, up 285.68% compared to the previous year[9] - Total assets increased to 868.45 million yuan, representing a growth of 45.84% year-on-year[9] - Equity attributable to shareholders rose to 656.26 million yuan, a year-on-year increase of 46.61%[9] - The company's operating revenue for 2023 reached ¥834,970,775, representing a 139.72% increase compared to ¥348,312,961 in 2022[30] - Net profit attributable to shareholders for 2023 was ¥188,207,680, a significant increase of 273.54% from ¥50,385,049 in the previous year[30] - The net cash flow from operating activities for 2023 was ¥271,369,271, marking a 257.62% increase from ¥75,882,729 in 2022[30] - Basic earnings per share for 2023 were ¥1.24, up 264.71% from ¥0.50 in 2022[30] - The company's net assets attributable to shareholders increased by 46.61% to ¥656,263,898 in 2023 from ¥447,639,856 in 2022[30] Market and Industry Trends - The exhibition industry in China is experiencing a comprehensive recovery, supported by improved foreign trade and international cooperation[7] - The global exhibition industry has fully recovered, with average revenues in 2023 reaching levels comparable to 2019, and over half of companies expect revenue growth[44] - The company’s exhibition activities are primarily focused on the Belt and Road Initiative and RCEP markets, accounting for over 99% of total exhibitions held in 2023[44] - The company is benefiting from supportive government policies aimed at promoting overseas exhibitions and trade, enhancing its market expansion efforts[45] - The company’s exports to RCEP countries grew by 5.3% compared to pre-agreement levels in 2021, indicating a positive trend in regional trade[41] Strategic Initiatives - The company is focused on enhancing productivity and adapting to market demands through strategic adjustments and organizational optimization[8] - The company is actively exploring new market opportunities to assist foreign trade enterprises in expanding their overseas presence[8] - The company has transitioned from comprehensive exhibitions to specialized exhibitions, launching eight major professional exhibitions concurrently in 2023[51] - The company is focused on developing new products and technologies to enhance its competitive edge in the market[101] - The company is committed to fostering a global self-organized exhibition marketing chain, leveraging its qualifications and resources for outbound exhibitions[124] Risk Management - The management acknowledges potential risks including macroeconomic fluctuations and geopolitical uncertainties affecting overseas exhibitions[9] - Currency exchange rate fluctuations pose a risk to the company's operating costs, particularly in its overseas exhibition business[127] - Political and economic risks in host countries may impact the company's overseas exhibition operations, potentially affecting revenue and incurred costs[129] Employee and Governance - The company has established a performance assessment framework for its executives, linking compensation to operational performance metrics[181] - The total compensation for directors and senior management during the reporting period was 5 million CNY, fully paid as per the established remuneration standards[181] - The company has implemented an annual training plan to enhance employee development and skills[196] - The company has a structured approach to employee compensation, adhering to national labor laws and providing social insurance[195] Future Outlook - The company plans to enhance its digital infrastructure, focusing on building a big data operation platform to improve exhibition quality and operational efficiency[122] - The company anticipates challenges from macroeconomic fluctuations, with the IMF predicting global economic growth to slow to 2.9% in 2024[126] - The company plans to expand its market presence through strategic investments and potential acquisitions in the upcoming quarters[101] - Future guidance indicates a continued growth trajectory, with expectations of maintaining a revenue increase of over 20% in 2023[162] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a capital reserve conversion of 5 shares for every 10 shares held[10] - The total distributable profit for the year is 77,467,082.14 CNY, which is 100% of the profit distribution total[199] - A cash dividend of 5.00 CNY per 10 shares will be distributed, totaling 76,480,645.00 CNY (including tax)[200] - The company plans to increase its total share capital by 5 shares for every 10 shares held, resulting in a total share capital of 229,441,935 shares post-distribution[200]

目 录 | 一、审计报告……………………………………………………… 第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | 第 8 | 页 | | （三）合并利润表………………………………………………… | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 审 计 报 告 天健审〔2024〕568 号 浙江米奥兰特商务会展股份有限公司全体股东： 一、审计意见 我们按照中 ...

证券代码：300795 证券简称：米奥会展 公告编号：2024-018 第 1 页 共 2 页 浙江米奥兰特商务会展股份有限公司 关于举行2023年年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日在中国证券监督管理委员会指定的创业板信息披露网站 巨潮资讯网（http://www.cninfo.com.cn/）上披露《2023 年年度报 告》以及《2023 年年度报告摘要》。 为了更好地与广大投资者进行交流，使投资者能够进一步了解公 司2023年度经营情况，公司定于2024年4月12日（周五）15:00-17:00 举办 2023 年年度业绩说明会。本次网上业绩说明会将采用网络远程 的方式举行，投资者可以登录深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次业绩 说明会。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问 通道自业绩说明会前 5 个交易日起开放，投资者可通过下方二维码留 ...