Zhejiang Meorient Commerce & Exhibition (300795) 中国银河·2024-11-01 07:44Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved operating revenue of 425 million yuan in the first three quarters of 2024, a year-on-year decrease of 9.44%, and a net profit attributable to shareholders of 68 million yuan, down 16.62%. In Q3 alone, the company reported operating revenue of 165 million yuan, an increase of 42.29%, and a net profit of 27 million yuan, up 395.58% [1]. - The number and scale of exhibitions in Q3 increased compared to the same period last year, with four exhibitions held in the US, Mexico, Brazil, and South Africa, compared to three in Turkey, Japan, and South Africa in 2023. The US exhibition featured over 400 participating companies and an exhibition area of 10,000 square meters [1]. - The company's net profit margin improved in Q3 due to operational leverage, with a net profit margin of 16.6%, up 4.8 percentage points year-on-year [1]. Financial Forecasts - The company is expected to achieve net profits of 230 million yuan, 320 million yuan, and 390 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios (PE) of 19X, 14X, and 11X [2]. - Key financial indicators forecast for the company include: - Revenue (million yuan): 834.97 in 2023, projected to grow to 1055.74 in 2024, 1309.74 in 2025, and 1467.74 in 2026 - Revenue growth rate: 139.72% in 2023, expected to be 26.44% in 2024, 24.06% in 2025, and 12.06% in 2026 - Net profit (million yuan): 188.21 in 2023, projected to increase to 230.04 in 2024, 318.22 in 2025, and 391.73 in 2026 - Profit growth rate: 273.54% in 2023, expected to be 22.22% in 2024, 38.34% in 2025, and 23.10% in 2026 [2].