Zhejiang Meorient Commerce & Exhibition (300795)2024-03-27 16:00Investment Rating - The report maintains an "Accumulate" rating for the company, with a market price of RMB 40.33 and an industry rating of "Outperform" [1][3]. Core Views - The company has experienced significant growth in 2023, with revenue reaching RMB 835 million, a year-on-year increase of 139.72%, and a net profit of RMB 188 million, up 273.54% [16]. - The recovery of overseas self-organized exhibitions has driven the company's performance, and the transition to specialized exhibitions is expected to contribute to future growth [16]. - The company is expanding its global footprint by focusing on countries along the RCEP and "Belt and Road" initiatives, successfully hosting exhibitions in ten countries in 2023 [16]. - The introduction of eight specialized exhibitions in 2023 has shown promising trends, with significant participation and exhibition space [16]. Financial Summary - The company's projected revenue for 2024 is RMB 1,055 million, with a growth rate of 26.3% [8]. - The expected net profit for 2024 is RMB 270 million, reflecting a growth rate of 43.5% [8]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.77, with corresponding price-to-earnings (P/E) ratios of 22.8 for 2024, 16.9 for 2025, and 14.7 for 2026 [8][16]. - The company has a strong cash flow position, with operating cash flow projected to reach RMB 333 million by 2024 [17].