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米奥会展(300795)点评:上半年受排期影响 关注旺季展位销售

Miao Exhibition (300795) Review: The first half of the year was affected by the schedule, and focus on booth sales during peak season

SWHY Research ·  Aug 7, 2024 23:46

The company released its report for the second quarter of 2024 and is at the upper end of the performance forecast range. According to the company announcement, 24Q2 achieved revenue of 183.97 million yuan, a year-on-year decrease of 35.57%. Net profit to mother was 35.91 million yuan, a year-on-year decrease of 52.2%. Net profit attributable to mother after deducting non-recurring profit and loss was 35.03 million yuan, a year-on-year decrease of 52.1%. The gross margin of the company's main business in the second quarter of '24 was 54.1%, up 4 pcts from the same period last year; the sales expenses ratio was 19%, up 6 pcts year on year; and the management expenses ratio was 7%, up 2 pcts year on year. The company achieved a net investment income of 1.86 million yuan in the second quarter, a significant increase over the same period last year. By the end of June, the company's contract debt was 0.167 billion yuan, a slight decrease over the previous year. We believe it was mainly due to a decrease in the early payment rate and an adjustment to the AFF schedule.

Build an “incubation platform for Chinese brands to go overseas” and arrange international exhibitions in a diversified layout. It is expected to take on the matchmaking work of overseas buyers for domestic brands and create a second growth pole. The company is deeply involved in the exhibition field, building two famous exhibition brands, Homelife and Machinex, and cooperated with international and domestic brand exhibition companies such as Hanover and Longgao Exhibition to create the Indonesian Industrial Equipment Exhibition and the Indonesian Electric Power and New Energy Exhibition. In the first half of the year, the company cooperated to host the TIN2024 Indonesian Industrial Equipment and Components Exhibition, and successfully landed at the 2024 China International Education Equipment (Indonesia) Exhibition. The company will continue to help domestic exhibitions in the second half of the year. The China International Sporting Goods Fair is another incubation project on the company's “Chinese Brand Exhibition and Incubation Platform”.

The company optimizes the VIP exhibitor service process and model, and VIP customers have a high repurchase rate. The company has a comprehensive service chain, providing a full range of services in customer service planning, logistics and transportation, brand promotion, buyer service, on-site operation, etc., to ensure continuity and efficiency. The overall repurchase rate of VIP customers at Miao Exhibition reached 35% in 2023, the average sales of VIP customers increased 38% month-on-month in the first half of 2024, and the proportion of VIP independent companies in the exhibition in the first half of 2024 who repurchased the exhibition projects in the second half of the year was nearly 60%.

The company issued a profit distribution plan for the semi-year 2024, with a cash dividend of 3.00 yuan for every 10 shares. Using the company's total share capital of about 0.229 billion shares after deducting about 0.226 billion shares in the company's special securities account, a cash dividend of 3.00 yuan was distributed to all shareholders for every 10 shares. In total, a cash dividend of about 67.78 million yuan was distributed. The company actively increased shareholder returns.

Investment analysis: Miao Exhibition was affected by exhibition schedules in the first half of the year. Performance was under pressure, leading to a decline in profits. The second half of the year is expected to take advantage of domestic companies going overseas, and booths are waiting to be expanded, and performance flexibility is expected to be unleashed. The company has a first-mover advantage in the international market layout, and the customer's repurchase rate and satisfaction remain at a high level. Considering the uncertainty in international trade in the second half of the year, we lowered our 24-26 profit forecast. We expect the company to achieve net profit of 0.232/0.324/0.424 billion yuan in 24-26 (original value 0.27/0.37/0.452 billion yuan), respectively. The current stock price corresponds to a 24-26 price-earnings ratio of 15/11/8 times, maintaining a “buy” rating.

Risk warning: geopolitical risk, risk of local government subsidies falling short of expectations, risk of export trade decline.

The translation is provided by third-party software.


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