2024年一季报点评：业绩稳健增长，静待订单逐季放量

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a revenue of 76.13 million with a year-on-year growth of 12.20%, and a significant increase of 236.66% compared to 2019 [1] - The net profit attributable to the parent company reached 4.81 million, reflecting a year-on-year increase of 349.39% [1] - The company plans to distribute a cash dividend of 0.5 yuan per share, with a total cash dividend amounting to 76 million, resulting in a dividend payout ratio of 40.65% [1] - The overall gross margin for Q1 2024 was 54.4%, a decrease of 3.8% year-on-year, primarily due to a decline in the average scale of exhibitions held [1] - The company is developing a "Miao Exhibition Global" service platform to assist Chinese enterprises in going global, enhancing customer stickiness and future order growth [1] Financial Performance Summary - For Q1 2024, the company reported a gross margin of 54.4%, a net profit margin of 6.3%, and a net profit margin excluding non-recurring items of 2.0% [1] - Contract liabilities decreased by 23.0% year-on-year, indicating a decline in pre-sale exhibition payments compared to the same period last year [1] - The company expects a gradual increase in orders as it enters the peak business season [1] - The report forecasts net profits for 2024, 2025, and 2026 to be 267 million, 344 million, and 435 million respectively, with corresponding PE ratios of 20x, 15x, and 12x [1][7]