CVTE(002841) 民生证券·2024-08-28 10:16Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company achieved a revenue of 10.12 billion yuan in H1 2024, representing a year-on-year growth of 21.38%. However, the net profit attributable to shareholders decreased by 17.82% to 0.495 billion yuan [2][3]. - Q2 revenue continued to grow rapidly, driven mainly by the home appliance and overseas business, while the domestic education market faced pressure [3]. - The company's gross margin in H1 was 22.26%, a decrease of 6.05 percentage points year-on-year, primarily due to price pressure on interactive flat panels and rising raw material costs [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 10.12 billion yuan, with a Q2 revenue of 5.625 billion yuan, showing a year-on-year increase of 22.81% and a quarter-on-quarter increase of 25.16% [2][3]. - The net profit for Q2 was 0.317 billion yuan, a slight year-on-year decrease of 0.55%, but a significant quarter-on-quarter increase of 77.44% [2]. - The company’s component business generated 3.8 billion yuan in revenue, a 13% increase year-on-year, while the education business saw a 14% decline in revenue [3]. Business Segments - The home appliance segment saw a remarkable growth of 61%, contributing 0.8 billion yuan in revenue [3]. - The overseas business achieved a revenue of 2.3 billion yuan, marking a 69% increase, driven by opportunities in Europe and India [3]. - The interactive flat panel market faced challenges, with a 10% decline in domestic shipments, although the company's market share increased to 44.5% [3]. Profitability and Costs - The gross margins for various segments were reported as follows: interactive flat panels at 24.47%, home appliance controllers at 16.26%, and LCD display main control cards at 14.66% [4]. - The company’s operating cash flow showed a net outflow of 0.251 billion yuan due to increased inventory levels, which reached 3.732 billion yuan, a 66.7% increase year-on-year [4]. Future Outlook - The report anticipates continued growth in overseas demand and new business developments, projecting net profits of 1.3 billion yuan, 1.6 billion yuan, and 1.9 billion yuan for 2024, 2025, and 2026 respectively [4][5]. - The company aims for a revenue compound annual growth rate (CAGR) of 12% from 2024 to 2026 as part of its employee stock ownership plan [4].