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米奥会展(300795)公司信息更新报告:股权激励高行权目标彰显信心 看好景气度及成长性

Miao Exhibition (300795) Company Information Update Report: Equity Incentives and High Performance Goals Show Confidence and Optimism about Prosperity and Growth

開源證券 ·  Jun 3, 2024 16:00

The company issued an equity incentive plan, which included executives and core technical personnel

On June 3, the company issued a restricted stock incentive plan (draft). The plan is to grant 3.533,800 restricted shares, accounting for 1.54% of the company's total share capital. Of these, 88.68% of the total number of shares granted under the first-time grant plan is reserved for 11.32%. The award price is 10.61 yuan/share. The initial incentive targets were company executives (1 Vice President of India+4 Vice President of China) + core technical personnel (203 people), who were granted 19.12%/69.55% of total equity, respectively.

The purpose of this stock incentive plan is to further enhance the cohesion of employees, team stability, and effectively stimulate the motivation of the management team. We keep our profit forecast unchanged. We expect the company's 2024-2026 net profit to mother of 2.8/38,466 million yuan, yoy +48.7%/+35.9%/+22.5%, corresponding EPS 1.22/1.66/2.03 yuan. The current stock price corresponds to PE 18.2/13.4/10.9 times, maintaining a “buy” rating.

The high exercise goal shows confidence. Appointing two executives to help high quality and rapid growth incentive assessment requirements: 2024-2026 revenue of 13.05/16.31/2,039 billion yuan, yoy +56%/+25%, or net profit (excluding equity incentive expenses) of 2.73/3.28/ 393 million yuan, yoy +50%/+20%/+20%. Company-level attribution is based on 80% completion rate of performance targets for each year. The two indicators are sufficient to meet one of them. According to the 80% completion rate, revenue for 2024/2026 was not less than $1,044/13.05/1,631 million yuan, yoy +25%/25% +, or net profit deducted for the same period not less than 2.18/2.62/314 million yuan, yoy +20%/+20%. The three-year ownership ratio was 40%/30%/30%, respectively.

Incentive fee amortization: It is estimated that the 2024/2025/2026/2026/2027 amortization will be 1064.33/1290.95/634.77/1.8263 million yuan. Personnel recruitment: The company reviewed and approved the appointment of Mr. Zheng Min and Mr. Deng Meng as the company's deputy general manager. Zheng Min has been the company's vice president of human resources since July 2023. He has worked for Lanben Technology, Red Star Macalline, Tencent, etc. Since March 2024, Deng Meng has been the company's chief digital strategy officer, and has worked for NetEase, Alibaba, Reed Exhibitions Group, etc. The two executives each have rich backgrounds in human resources and digital strategy.

The short-term boom is good, benefiting from Chinese companies going overseas in the medium term. Long-term transformation and professional exhibitions shape global competitiveness. According to Baidu Search Index, the “International Exhibition” search index yoy +179% from January to May 2024, and the popularity continues.

Domestic companies actively participate in the exhibition to explore new opportunities to go overseas, and the company's “shipbuilding” service is expected to fully benefit them when going overseas. Currently, the company's position in global exhibitions is expected to accelerate from comprehensive exhibitions to professional fission superposition with digital support.

Risk warning: international tension, macroeconomic fluctuations, booth sales falling short of expectations, etc.

The translation is provided by third-party software.


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