米奥会展：三季报符合预期，关注四季度销售情况

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 19.18 [1][2][7]. Core Views - The third quarter results met expectations, with a focus on the sales performance in the fourth quarter [1]. - The company achieved a revenue of 425 million yuan in the first three quarters, a year-on-year decrease of 9.44%, while the net profit attributable to shareholders was 68 million yuan, down 16.62% year-on-year [2]. - In Q3, the company reported a revenue of 165 million yuan, a year-on-year increase of 42.29%, and a net profit of 27 million yuan, a significant year-on-year increase of 395.58% [2]. - The increase in Q3 performance was driven by a higher number of exhibitions held compared to the previous year, with notable events in the USA, Mexico, Brazil, and South Africa [2]. - The company is expanding its exhibition schedule, with plans for five exhibitions in Q4 across various countries, and aims to hold 16 exhibitions in 2025, including a new event in Saudi Arabia [2]. Financial Summary - The company’s overall gross margin for the first three quarters was 50.17%, down 2.05 percentage points year-on-year, with Q3 gross margin at 43.85%, down 9.71 percentage points year-on-year [2]. - The report forecasts net profits for 2024-2026 to be 218 million, 272 million, and 336 million yuan respectively, with growth rates of 11.42%, 17.66%, and 14.52% [2][4]. - Earnings per share (EPS) for 2024-2026 are projected to be 0.95, 1.18, and 1.46 yuan per share, with corresponding price-to-earnings (PE) ratios of 20X, 16X, and 13X [2][4].