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米奥会展(300795):展会错期带来24H1业绩同比下滑 派发现金红利 重视股东利益

Miao Exhibition (300795): The wrong schedule of the exhibition led to a year-on-year decline in 24H1 performance, cash dividends, and emphasis on shareholders' interests

方正證券 ·  Aug 9, 2024 16:00

The company released its 2024 semi-annual report. 24H1 achieved revenue of 0.26 billion yuan/yoy -26%, achieved net profit due to mother 0.041 billion yuan/yoy -47%, deducted net profit of 0.037 billion yuan/yoy -50%; single 24Q2 achieved revenue of 0.184 billion yuan/yoy -36%, achieving net profit due to mother 0.036 billion yuan/yoy -52%, net profit of non-return to mother 0.035 billion yuan/ YOY -52% The profit indicator is close to the upper limit of previous performance forecasts. As of 2024/6/30, the company's contract debt was 0.167 billion yuan, which was basically the same as the previous year.

The year-on-year decline in 24H1's revenue and net profit was mainly due to changes in the timing of some exhibitions. 23H1 held 9 offline exhibitions in 8 countries and 8 exhibitions in 23Q2 alone, while 24H1 held 6 exhibitions in only 4 countries, 4 in a single 24Q2, and the 4 exhibitions in Mexico, Brazil, Germany, and Poland moved to 24H2.

The company's booth distribution throughout the year was extremely seasonal. 23Q4 revenue/net profit accounted for 44%/57% of the year, respectively. The key sales stage was from summer to before 11. Follow-up attention was paid to booth sales progress, changes in contract debt amounts, and repayment progress. In addition, the company announced an equity incentive plan on June 4. The 24-year performance target is revenue yoy +56% and net profit +38%, roughly calculated (not considering minority shareholders' profit and loss). If 100% of the performance target is achieved, the company's net profit for the second half of the year will reach 0.227 billion yuan, a year-on-year growth rate of about 95%; if 80% achieves the performance target, the company's net profit for the second half of the year will reach 0.173 billion yuan, a year-on-year growth rate of about 48%.

The company announced the 2024 semi-annual profit distribution plan. It plans to distribute a cash dividend of 3 yuan (tax included) for every 10 shares based on 0.225 billion shares, for a total cash dividend of 0.068 billion yuan (tax included), accounting for 96% of the company's distributable profit.

Profit forecast: The company's revenue for 24-26 is expected to be 1.068/1.335/1.669 billion yuan, respectively, up 28%/25% year on year, and net profit to mother is 0.242/0.328/0.419 billion yuan respectively, up 29%/36%/28% year on year. The current stock price corresponds to PE 14/11/8X, maintaining the “recommended” rating.

Risk warning: risk of macroeconomic fluctuations, geopolitical risk, risk that booth sales progress falls short of expectations.

The translation is provided by third-party software.


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