CVTE(002841) Guoxin Securities·2024-03-05 16:00Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The company holds the largest global market share in educational interactive flat panels, with AI providing added value to its products. Despite a decline in gross margin due to rising raw material costs and price reductions in some products, the company is focusing on product innovation and market expansion [1]. - The company forecasts a revenue of 20.163 billion yuan for 2023, a year-on-year decrease of 3.94%, and a net profit of 1.365 billion yuan, down 34.13% year-on-year. The comprehensive gross margin is expected to decline by 1.84% [1][2]. - The company has seen growth in its home appliances, computing devices, and electronic power businesses, while the component business has faced a 12.37% revenue decline due to a drop in global TV shipments [1][5]. - The company’s educational brand, Seewo, launched its seventh-generation interactive smart panel in October 2023, integrating AI models to enhance teaching [1][5]. - The company expects net profits for 2023, 2024, and 2025 to be 1.365 billion, 1.883 billion, and 2.171 billion yuan respectively, with corresponding year-on-year growth rates of -34.1%, 38.0%, and 15.3% [1][7]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at 20.163 billion yuan, with a year-on-year decrease of 3.94%. The net profit is expected to be 1.365 billion yuan, reflecting a 34.13% decline [2][8]. - The gross margin is anticipated to decrease to 25.8% in 2023, down from 27.7% in 2022 [6][20]. Revenue Breakdown - The revenue from the liquid crystal display main control board is expected to decline by 12.4% in 2023, while the interactive smart panel revenue is projected to decrease by 12% [5][6]. - The home appliance business is expected to grow by 62.48% year-on-year, while the education business is forecasted to decline by 8.77% due to price competition [1][6]. Market Position - The company’s educational brand, Seewo, ranks first in the global interactive flat panel education application market, while its MAXHUB brand leads in the commercial interactive flat panel market [1][5]. - The integration of AI models into the company’s products is expected to provide new added value, enhancing user collaboration efficiency [1][5].