兰生股份2024H1业绩点评：夯实主业稳中有进，坚定战略不断提质增效

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 7.45 RMB, down from the previous target of 8.39 RMB [5] Core Views - The company's performance in H1 2024 fell short of expectations, with revenue of 590 million RMB (+4.36% YoY) and net profit attributable to shareholders of 82 million RMB (-57.43% YoY) [1] - The company's core businesses, including exhibition organization, event operations, venue operations, and exhibition services, showed steady progress [1] - The company is actively pursuing its "Exhibition China" and "Digital Exhibition" strategies, while exploring international expansion opportunities [1] Financial Performance - Revenue for H1 2024 was 590 million RMB, a 4.36% increase YoY, while net profit attributable to shareholders was 82 million RMB, a 57.43% decrease YoY [1] - The company's EPS for 2024/2025/2026 is forecasted to be 0.30/0.32/0.34 RMB, down from previous estimates of 0.42/0.44/0.46 RMB [1] - The company's ROE is expected to be 5.2% in 2024, down from 7.1% in 2023 [2] Business Development - The company organized 12 exhibitions and hosted 4 running and water sports events in H1 2024, with 43 events held at the Shanghai World Expo Exhibition Center [1] - The company's self-developed IP exhibitions, such as the Guangzhou Printing Exhibition and the Project Logistics Exhibition, have shown significant growth [1] - The company is focusing on digital transformation, with a strategic blueprint that includes digital business innovation, data asset accumulation, and unified technology management [1] Industry Comparison - The company's PE ratio for 2024 is forecasted at 19.80, compared to an industry average of 22.58 [2][11] - The company's EV/EBITDA for 2024 is expected to be 7.44, lower than the industry average [10] Strategic Initiatives - The company is pursuing a dual strategy of "Exhibition China" and "Digital Exhibition," with a focus on both organic growth and acquisitions [1] - The company is exploring international expansion, with projects like WAIC, the Project Logistics Exhibition, and the Guangzhou Printing Exhibition actively going global [1]