研報掘金丨華西證券:維持米奧會展“增持”評級,AI會展有望成為第二增長曲線
華西證券研報指出,印度對中國重新開放旅遊簽證,有望夯實米奧會展未來業績。根據公司招股書,2018我國出海自辦展行業中印度目的地佔比12%,為第一大國別。2018年公司自辦展收入的15%(5785萬元)來自於印度自辦展,印度展規模進入當地國際展覽市場TOP10,印度展毛利率50.33%,在公司的自辦展項目中排在前列。根據米奧蘭特公眾號,2025年公司規劃12月印度孟買自辦展但成功舉辦的實操性存疑,我們認為印度旅遊簽證放開有望進一步提升印度展覽的確定性。本次中國赴印旅遊簽證放開為2020年以來的首次,我們認為印度參展需求有望集中釋放,從而推動公司業績超預期。長期看,公司深耕一帶一路市場,市佔率優勢明顯,受益於一帶一路出海熱潮。另外公司數字化能力突出,公司戰略投資AI眼鏡製造商李未可佈局AI會展並以實現商業化應用,AI會展有望成為第二增長曲線。維持公司“增持”評級。
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