证券代码：300795 证券简称：米奥会展 公告编号：2024-063 浙江米奥兰特商务会展股份有限公司 关于持股5%以上股东部分股份补充质押的公告 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"）近日 接到公司持股 5%以上股东方欢胜先生通知，获悉方欢胜先生将其所 持有的公司部分股份办理了补充质押手续，具体事项如下： 一、股东股份质押基本情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质 | 本次质 | 本次质 | 本次质 | 情况 | | 情况 | | | | 持股 | | 押前质 | 押后质 | 押后质 | 押后质 | | | | | | 股东 | | 持股比 | | | 押股份 | 押股份 | 已质押股 | | 未质押 | | | | 数量 | | 押股份 | 押股份 | | | | 占已 | | | | 名称 | （ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][11] Core Insights - The company, Miao Exhibition, is a leading private exhibition service provider in China, primarily serving small and medium-sized manufacturing enterprises with domestic and international exhibition services. In 2023, the company achieved revenue of 835 million yuan, a year-on-year increase of 139.7%, and a net profit of 188 million yuan, up 273.5% [5][6][11] - The revenue breakdown by product category in 2023 was 92.8% from self-organized exhibitions, 4.6% from agency exhibitions, and 2.6% from digital exhibitions and others. The company has shifted towards digital exhibitions since 2020, with a significant increase in their share [5][11] - The company has a strong competitive advantage due to its extensive operational experience in overseas exhibitions and a solid foundation in China's manufacturing sector, focusing on the "Belt and Road" initiative and emerging markets [5][11] Financial Performance - The company forecasts revenue growth from 1 billion yuan in 2024 to 1.47 billion yuan in 2026, with net profit expected to rise from 232 million yuan to 392 million yuan during the same period [6][11][12] - The gross margin is projected to improve from 50.1% in 2023 to 53.6% in 2026, indicating enhanced profitability [6][11][14] - The company anticipates a decrease in sales expense ratio from 16.8% in 2024 to 15.9% in 2026, reflecting improved operational efficiency [11][12] Market Position and Strategy - Miao Exhibition has been actively acquiring companies to expand its industry presence and enhance brand influence, with a focus on professional exhibitions to increase customer stickiness [5][11] - The company plans to host a total of 16,000 to 23,600 exhibition booths from 2024 to 2026, with an average booth price expected to rise slightly [9][11] - The strategic focus on professional exhibitions is expected to solidify the company's brand foundation and leverage network effects to boost operational efficiency [5][11][12]

证券代码：300795 证券简称：米奥会展 公告编号：2024-062 浙江米奥兰特商务会展股份有限公司 关于召开2024年第三次临时股东大会的提示性公告 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 8 月 7 日在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）披露了《关于召开公司 2024 年第三次临时股 东大会通知的公告》（公告编号：2024-061），本次股东大会将采取 现场投票与网络投票相结合的方式召开，根据相关规定，现将本次会 议的有关情况提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第三次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：根据公司第五届董事会第二十七 次会议决议，本次股东大会会议的召开程序符合《公司法》及《公司 章程》等相关规定。 4、会议召开的日期、时间： （3）公司聘请的见证律师。 （1）现场会议召开时间：2024 年 8 月 23 日（周五）下午 14:50 开始； 第 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company's mid-term performance is impacted by exhibition scheduling, with a focus on the order situation in the second half of the year [1][4]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 260.11 million yuan, down 26.39% year-on-year, and net profit at 40.72 million yuan, down 46.56% year-on-year [2][4]. - The company is transitioning towards specialized exhibitions, which has led to an increase in average booth numbers and an improvement in gross margin [2][4]. - The company is expanding its overseas exhibition collaborations, aiming to create a platform for Chinese brands to showcase internationally [2][4]. Financial Summary - Revenue projections for 2024-2026 are 834.97 million yuan, 1.09 billion yuan, and 1.35 billion yuan, with growth rates of 30.18%, 23.90%, and 22.71% respectively [4][5]. - Expected net profits for the same period are 188.21 million yuan, 246.99 million yuan, and 325.63 million yuan, with growth rates of 31.23%, 31.84%, and 30.11% respectively [4][5]. - The report forecasts EPS of 1.08 yuan, 1.42 yuan, and 1.85 yuan for 2024-2026, with corresponding PE ratios of 14X, 11X, and 8X [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company's mid-term performance is impacted by exhibition scheduling, with a focus on the order situation in the second half of the year [1][4]. - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 260.11 million yuan, down 26.39% year-on-year, and net profit at 40.72 million yuan, down 46.56% year-on-year [2][4]. - The company is transitioning towards professional exhibitions, which has led to an increase in average booth numbers and an improvement in gross margin [2][4]. - The company is expanding its overseas exhibition efforts, collaborating with domestic and international exhibition companies to enhance the effectiveness of its events [2][4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 247 million yuan, with a year-on-year growth rate of 30.18% [4][5]. - The earnings per share (EPS) for 2024 is expected to be 1.08 yuan, with a price-to-earnings (PE) ratio of 14 times [4][5]. - The company anticipates continued growth in net profit for 2025 and 2026, with projected figures of 326 million yuan and 424 million yuan, respectively [4][5].

[Table_Contacts] [Table_Title] 米奥会展（300795.SZ） 24H1 收入利润承压，期待下半年业绩放量 [Table_Summary] 核心观点： 事件：（1）公司发布 2024 年半年度报告，公司 24H1 实现营收 2.6 亿 元，同比下降 26.39%；实现归母净利润 4072 万元，同比下降 46.56%。 （2）公司发布《关于 2024 年半年度利润分配预案的公告》，计划向全 体股东每 10 股派发现金红利 3 元（含税）。 经测算，24Q2 公司实现营收 1.84 亿元，同比下降 35.57%；实现归母 净利润 3591 万元，同比下降 52.2%。公司营收、利润同比均有所下 降，主要系墨西哥、巴西等展会举办时间与去年同期相比有所变化，放 在下半年举办对公司收入利润结构和释放节奏有所影响。 从费用端看，公司 24H1 实现毛利率 54.2%，同比上升 2.4pp。24H1 费用率 34.67%，同比增长 8.61pp，其中销售/管理/研发/财务费用率分 别为 25.6%/8.54%/2.65%/-2.12%，其中销售费用同比增长 7.61pp。 综合来看，24H1 ...

米奥会展 (300795. SZ) 上半年排期变化致业绩承压，静待下半年旺季表现 核心观点 公司 2024 年上半年收入与利润承压，分红意愿相对积极。2024H1 公司收入 2.6 亿元/-26.4%,归母净利润 4072 万元/-45.6%,扣非净利润 3656 万元 /-50.2%,处于业绩预告区间;单Q2公司收入1.8亿元/-35.6%,归母净利 润 3591 万元/−52. 2%, 扣非净利润 3503 万元/−52. 1%。公司拟每 10 股派息 3 元,对应现金股利 6778 万元,占可供分配利润(按母公司与合并报表孰低 原则）的 96%，对应当期分红率 166%，当前分红意愿比较积极。 上半年展会排期缩减、规模效应显现,单展平均收费有所回落。上半年收入 缩减预计量价共同影响。量上,2024年上半年公司把部分国家的展会进行合 并至下半年,在4个国家共举办6场展会,相比去年8个国家9场展会有所 缩减，但单展规模扩大后规模经济显现，上半年毛利率 54. 2%/+2. 4pct，其 中自办展毛利率 55.1%/+4.4pct; 价上,我们估算平均单展位对应收入不足 6 万元,较去年同期超 6.5 万有所 ...

社会服务 证 券 研 究 报 告 2024 年 08 月 07 日 米奥会展 (300795) ——上半年受排期影响，关注旺季展位销售 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 07 日 | | 收盘价（元） | 15.03 | | 一年内最高/最低（元） | 43.55/14.71 | | 市净率 | 5.5 | | 息率（分红/股价） | 3.33 | | 流通 A 股市值（百万元） | 2,000 | | 上证指数/深证成指 | 2,869.83/8,449.58 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 2.71 | | | | | 资产负债率 % | 26 ...

米奥会展（300795.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 展会排期影响上半年业绩，专业展转型蓄力长期发展 2024 年 08 月 07 日 ➢ 米奥会展发布 2024 年半年度公告：公司 2024 上半年实现营收 2.60 亿元 /YoY-26.39%；实现归母净利润 4072.22 万元/YoY-46.56%；实现扣非归母净 利润 3656.33 万元/YoY-50.23%。公司 24Q2 实现营收 1.84 亿元/YoY-35.57%； 实现归母净利润 3590.77 万元/YoY-52.20%；实现扣非归母净利润 3503.14 万 元/YoY-52.07%。公司营业收入和净利润同比去年同期均下降，主要系与去年上 半年相比，部分展会举办时间有所变化，2023 年上半年在 8 个国家举办了线下 自办展，2024 年上半年在 4 个国家举办了线下自办展。而根据公司年内的展会 计划，Q3/Q4 将在美国/墨西哥/巴西/南非/波兰/日本/印尼/阿联酋/印度 9 国举 办 9 场展会，Q3 后将进入办展旺季，订单有望持续放量支撑全年的业绩增长。 ➢ 人才扩充、展会规 ...

开原证券 社会服务/专业服务 公 司 研 究 米奥会展（300795.SZ） 2024 年 08 月 07 日 展会错期影响表观业绩，仍有望实现股权激励目标 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/7 | | 当前股价 ( 元 ) | 15.03 | | 一年最高最低 ( 元 ) | 43.55/14.71 | | 总市值 ( 亿元 ) | 34.49 | | 流通市值 ( 亿元 ) | 20.00 | | 总股本 ( 亿股 ) | 2.29 | | 流通股本 ( 亿股 ) | 1.33 | | 近 3 个月换手率 (%) | 124.31 | 股价走势图 -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 2024-08 米奥会展 沪深300 数据来源：聚源 相关研究报告 《股权激励高行权目标彰显信心，看 好景气度及成长性—公司信息更新报 告》-2024.6.4 《Q1 归母净利 yoy+349.4%，展位销 售符合预期—公 ...