SKYWORTHDT(SZ:000810) Chang Jiang Shang Bao·2025-12-04 00:20Core Viewpoint - The company is experiencing a continuous decline in performance and has sought assistance from its controlling shareholder, Skyworth Group, through a share transfer deal involving its subsidiary, Fengchi Electronics [2][5]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 6.456 billion yuan, a year-on-year decrease of 2.45%, and a net profit attributable to shareholders of 85.8593 million yuan, down 63.69% year-on-year [2][7]. - The company's revenue for 2023 and 2024 was 10.627 billion yuan and 8.693 billion yuan, reflecting year-on-year declines of 11.50% and 18.20%, respectively [7]. - The core business, smart terminals, saw a revenue drop of 12.36% in the first half of 2025, accounting for 70.49% of total revenue [7][8]. Share Transfer and Valuation - The company transferred 40% of its stake in Fengchi Electronics to Skyworth Group for 116 million yuan, while Skyworth Group injected 104 million yuan into Fengchi Electronics [2][5]. - The market value of Fengchi Electronics' total equity was assessed at 291 million yuan as of December 31, 2024, representing an increase of 227 million yuan and a valuation increase rate of 356.07% [6][11]. Market Environment - The decline in revenue is attributed to a competitive market environment, leading to reduced demand for traditional procurement products such as set-top boxes and gateways, and a drop in their prices [3][8]. - The company has opted to forgo certain orders to avoid severe price competition, further impacting revenue [8]. Asset and Liability Management - The company's asset-liability ratio has shown a downward trend from 59.29% in 2021 to 39.71% in 2024, but has started to rise again due to poor performance [8][9]. - As of the end of the third quarter of 2025, the asset-liability ratio was 42.92%, slightly up from 42.31% in the same period the previous year [9]. Business Highlights - Despite the overall decline, the company has launched its first AI smart glasses in April 2025, aiming to innovate in cross-terminal ecosystems [10]. - The automotive display business has seen significant growth in the first half of 2025, establishing new partnerships with leading car manufacturers [10].