Event: Lansheng issued a forecast of third-quarter results. From January to September, 23, it is expected to achieve a net profit of about 240 million yuan, a substantial turnround, to-10 million yuan in the same period last year, an increase of 210.7% over the same period in 21 years. It is expected to deduct 160 million yuan in non-return net profit, an increase of 646.1%. Of this total, 23Q3 is expected to realize a net profit of 50 million yuan, an increase of 55.1%.

Comments:

The internal expansion continues to be booming, and the income picks up significantly. The exhibition business of the 22nd annual meeting was affected by the epidemic. In 23 years, the domestic exhibition industry recovered strongly, and the company's exhibition business fully recovered. from January to September, 23, the revenue is expected to reach 960 million yuan, a substantial increase of 356.4%, an increase of 61.2% over the same period in 21 years. 23Q3 is expected to achieve revenue of 400 million yuan, a sharp increase of 306.4% over the same period last year.

Q3 performance exceeded expectations again. From January to September in 23, the net profit of returning to the mother was about 240 million yuan, compared with-10 million yuan in the same period last year, an increase of 250 million yuan and a substantial turnround. Of this total, 23Q3 expects to achieve a net profit of 50 million yuan, an increase of 55.1 percent.

Investment advice: the domestic exhibition is in good condition with high prosperity. The performance in January to September in 23 years has increased by more than 2 times compared with the same period in 21 years, the performance has reached an all-time high in 18 years, and the performance of Q3 has exceeded expectations. In addition, the acquisition of Tabus, the subject of high-quality exhibition and exhibition in September, implements the company's extension strategy and is expected to contribute to the second growth curve.

Risk hint: the impact of macro-economy on the convention and exhibition industry, booth sales are less than expected.