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米奥会展(300795):专注细分专业展品牌打造及产业生态构建 出海自办展龙头受益出海大潮

Miao Exhibition (300795): Focus on segmenting professional exhibitions, building brands and building an industrial ecosystem, leading overseas exhibitions to benefit from the trend of going overseas

中信建投證券 ·  Jun 7, 2024 12:41

Core views

The company has continued to innovate and iterate in the past two years to optimize and develop its business model. After the offline exhibition resumed in 2023, it ushered in high revenue performance, actively enriched professional exhibition segments and brand effects, and basically completed the global layout and continued to explore new markets. Under the current trend of domestic products going overseas and stable global demand, the company is accurately positioned and uses first-mover advantages, digitalization, industry awareness and industrial chain capabilities to enhance its enabling capabilities and industry ecology, forming a competitive flywheel effect. It is expected that it will continue to benefit from the development space of overseas offline self-hosted exhibitions.

titles

Leading overseas exhibition leaders are recovering step by step

The company is a leader in organizing its own exhibitions at home and abroad. Over the past few years, it has continued to promote customer service and business development through innovative business models such as dual exhibitions, and iterated on its digital capabilities. The company reversed losses in 2022, and ushered in new highs in revenue and performance in 2023, with impressive growth rates. The company currently has exhibitions in Belt and Road countries, RCEP countries, emerging countries, and developed countries in Europe and America, and has basically completed the global layout. Continue to promote the segmentation of professional exhibition brands and brand effect building, and continue to consolidate advantages.

The trend of segmentation and specialization of the exhibition industry and industrial chain ecosystem construction highlights that according to UFI, global exhibition activities in 2023 are basically the same as the same period in 2019, and are expected to continue growing in 2024. China's export value continued to grow in 2023. In particular, cooperation with countries such as the Belt and Road Initiative and ASEAN was close, and global demand for goods and imports gradually returned to normal. At the same time, various regions in the country are also actively introducing policies to support domestic exhibitors to host and participate in exhibitions overseas. In the current environment, the core issues that domestic and foreign exhibitors are concerned about have changed, requiring stronger competitiveness such as brand effect, professional ability, industrial chain empowerment, and ecological construction. Judging from industry trends, future exhibitions will focus on professional segmentation tracks, the platform enabling effects of exhibitors themselves will gradually become prominent, and trends such as improving supporting service capabilities, digitalization, and industrial chain ecosystem construction will gradually become obvious. There have been few domestic overseas exhibitions in the past. Leading companies have gained a first-mover advantage, and their main position is to help high-quality Chinese products go overseas. In line with the current trend of domestic overseas travel, it is expected to help enterprises improve their weaknesses where the original brand effect was not strong.

The company continues to optimize professional exhibition brands and enabling capabilities, and continues to explore potential markets. The company's core strengths mainly include: 1. First-mover advantage and high-quality positioning. The company went overseas earlier to host exhibitions among domestic exhibitors, gradually accumulating brand effects along with major overseas trends; 2. Through digitalization, process SOP, operational experience, etc., the company actually solved the pain points and improved efficiency among many participants; 3. It built a specialized exhibition ecosystem to continuously strengthen the channel brand advantages and competitiveness of professional exhibitions; 4. Continued high-quality investment and industrial empowerment; 5. Excellent business model, optimized cost efficiency, and core capabilities have a flywheel effect.

Investment recommendation: Net profit due to mother is expected to be achieved between 2024 and 2026 of RMB 2.60, 3.44, and 427 million yuan, corresponding to PE 18X, 14X, and 11X, respectively. For the first time, coverage is given an “increase in holdings” rating.

The translation is provided by third-party software.


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