米奥会展：民营会展龙头，背靠中国制造扬出海之帆

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]