Hitevision (002955) Tianfeng Securities·2024-11-05 09:27Investment Rating - The report adjusts the investment rating to "Accumulate" from a previous higher rating [5][6]. Core Views - The company reported a revenue of 1.2 billion in Q3 2024, a decrease of 18% year-on-year, with a net profit attributable to shareholders of 100 million, down 39% year-on-year [1]. - The company maintains a strong position in the domestic IFPD education market, ranking among the top two, and continues to innovate its products and services [3]. - The overseas market for the company's self-owned brand "Newline" is expanding, with a market share of 23.9% in the US education sector, ranking first [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.8 billion, a decrease of 10% year-on-year, and a net profit of 250 million, down 18% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 31.36%, a decrease of 1.13 percentage points, while the net profit margin was 8.68%, down 2.59 percentage points [1]. - The company has adjusted its earnings per share (EPS) forecast for 2024-2026 to 1.28, 1.45, and 1.71 yuan, respectively, down from previous estimates [3]. Market Outlook - The domestic education market is expected to recover as the demand for smart interactive displays is anticipated to increase due to policy support for vocational education and artificial intelligence [3]. - The company is actively developing new products, including AI education solutions, to enhance competitiveness and open new market opportunities [4].