Zhejiang Meorient Commerce & Exhibition (300795) 开源证券·2024-10-31 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant year-on-year revenue growth due to the rescheduling of exhibitions, with Q3 2024 revenue reaching 160 million yuan, a 42.3% increase year-on-year, and net profit attributable to shareholders increasing by 395.6% to 27 million yuan [5] - The company is expected to face challenges in booth sales due to visa issues, but long-term growth is anticipated from the orderly advancement of professional exhibition upgrades [5][6] - The company maintains its profit forecast, projecting net profits of 230 million, 310 million, and 390 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.01, 1.35, and 1.68 yuan [5][6] Financial Summary - For Q1-Q3 2024, the company reported total revenue of 420 million yuan, a decrease of 9.44% year-on-year, and a net profit of 68 million yuan, down 16.6% year-on-year [5] - The gross margin for Q1-Q3 2024 was 50.2%, a decrease of 2.05 percentage points year-on-year, while the net margin was 17.2%, down 2.92 percentage points year-on-year [6] - The company hosted four exhibitions in Q3 2024, with over 700 participating companies, compared to three exhibitions in the same period last year [5] Future Outlook - The company is optimistic about the potential for growth in international markets, particularly in regions like Saudi Arabia, which is expected to see a GDP growth rate of 4.9% in 2025 [6] - The company is focusing on expanding its exhibition regions and professional upgrades, which are expected to drive significant sales growth in the long term [6] - The company anticipates that successful exhibitions in India and other regions in Q4 could help recover some booth sales [6]