Investment Rating - The report assigns an "Outperform" rating to the company, with a 6-month target price range of 56.80-71.00 yuan, based on a 2024 dynamic PE of 20-25x [9] Core Views - The company is a leader in the commercial vehicle active safety sector, with strong growth potential driven by its video processing, LED display, and cloud-connected player businesses [7] - Overseas market expansion, particularly in North America and Europe, is a key growth driver, with overseas revenue reaching 136 million yuan in 2023, up 94.5% YoY [8] - The company is expected to maintain high growth rates, with projected revenue growth of 40%/38%/34% for its video processing equipment, 25%/23%/20% for LED display systems, and 40%/38%/35% for cloud-connected players from 2024-2026 [7] Financial Performance - In 2023, the company achieved revenue of 1.02 billion yuan, up 50.16% YoY, and net profit of 203 million yuan, up 54.29% YoY [5] - For 2024-2026, the company is projected to generate revenue of 1.345/1.758/2.250 billion yuan and net profit of 270/354/463 million yuan, with EPS of 2.84/3.72/4.87 yuan [9] - Gross margins are expected to remain stable, with video processing equipment at 62-63%, LED display systems at 25-26%, and cloud-connected players at 56-59% [22] Business Segments - The company's core businesses include LED display control systems, video processing equipment, and cloud-connected players [20] - Video processing equipment revenue is forecast to grow 40%/38%/34% from 2024-2026, reaching 697.61/962.70/1290.01 million yuan [22] - LED display systems revenue is projected to increase 25%/23%/20% over the same period, to 491.04/603.98/724.77 million yuan [22] - Cloud-connected player revenue is expected to rise 40%/38%/35%, reaching 83.45/115.17/155.47 million yuan [22] Overseas Expansion - The company has adopted a dual-channel strategy of direct sales and distribution to expand overseas markets [8] - In 2023, North America accounted for 59.34% of overseas revenue, Europe 20.63%, and Asia 13.13% [8] - The company has strengthened partnerships with domestic and international screen manufacturers to increase market share of receiver cards overseas [8] R&D and Innovation - The company has developed Micro/Mini LED intelligent core inspection equipment (Mica) and the Colorlight Vivid M10 self-developed chip [14] - Mica enables intelligent and unmanned management of MLED display calibration through machine vision and color correction algorithms [14] - The Colorlight Vivid M10 chip supports a maximum resolution of 512*512@60Hz and improves display quality through advanced image processing technology [14] Valuation - The company trades at a 2024E PE of 17.3x, below the industry average of 40.6x [26] - Key valuation metrics include a 2024E P/B of 1.88x and P/S of 3.47x [23] - The company's 2024E EV/EBITDA of 15.44x is lower than the industry average [23]
卡莱特：深耕显控赛道，持续布局海外业务