鸿合科技：海外业务并表或增厚利润，新推出AI自习室业务成长可期

Investment Rating - The report assigns a "Buy" rating for the company, Honghe Technology [1]. Core Insights - Honghe Technology is a leading brand in the education interactive display market, ranking among the top two in China, with successful overseas business expansion [1]. - The company has diversified its revenue streams, with a significant increase in overseas income, which now accounts for 50% of total revenue [1]. - The introduction of the AI self-study room business is expected to drive future growth, with a projected market size of approximately 54.5 billion yuan in 2024 [1]. Summary by Sections 1. Company Overview - Established in 1990 and listed in 2019, Honghe Technology specializes in smart interactive display devices and educational information solutions [1][7]. - The company has expanded its operations from domestic markets to international ones, achieving a balanced revenue distribution of 50% from both [1]. 2. Main Business Segment - The main revenue driver is the smart interactive flat panel, which constituted 72% of total revenue in 2023 [1]. - The company has seen a significant increase in overseas revenue, rising from 5% in 2015 to 50% in 2023, with strong performance in the U.S. education market [1][21]. - The acquisition of a 25% stake in Newline USA is expected to enhance net profit starting in 2024, with committed sales net profit targets set for the following years [1][43]. 3. Growth Opportunities - The company is actively expanding its after-school services and has launched the "Xiao You Growth Study Room" aimed at children aged 6-15, which has seen strong demand since its introduction [1][45]. - The AI self-study room market is projected to grow rapidly, with estimates suggesting a market size of 116.9 billion yuan by 2034 [1]. 4. Financial Projections - The company forecasts net profits of 4.1 billion yuan, 4.7 billion yuan, and 5.5 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 16%, and 17% [1]. - Relative valuation indicates that Honghe Technology's P/E ratios are lower than comparable companies, suggesting potential for price appreciation [1].