CVTE(002841) 德邦证券·2024-09-12 06:03Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in LCD display main control boards and interactive smart panels, with strong cash flow and a commitment to shareholder returns through dividends [2][4]. - The board card business is expected to recover, and smart controllers are anticipated to provide new growth points [2][4]. - The overseas market for interactive flat panel displays (IFPD) shows significant growth potential, driven by low penetration rates and increasing demand for educational digitalization [3][4]. - Domestic education policies are expected to boost demand for educational tablets, with AI models enhancing the company's competitive edge in the education sector [3][4]. Summary by Sections Company Overview - The company, established in December 2005, specializes in the design, research, and sales of LCD display main control boards and interactive smart panels, with notable brands like Seewo and MAXHUB [10][11]. Business Expansion - The company has diversified its operations into five main business lines, including components, education, enterprise services, and overseas markets, with a strong focus on innovation and digital transformation [12][13]. Financial Performance - The company reported a revenue of 20.17 billion yuan in 2023, a decline of 3.9% year-on-year, with a net profit of 1.37 billion yuan, down 33.9% [15][17]. - For 2024-2026, projected revenues are 22.81 billion, 25.52 billion, and 28.44 billion yuan, with net profits expected to grow to 1.40 billion, 1.68 billion, and 1.98 billion yuan respectively [4][5]. Market Trends - The global TV market is expected to recover in 2024, driven by major sporting events and domestic policies promoting appliance upgrades, which will benefit the company's board card business [22][24]. - The interactive smart panel market is projected to grow significantly, with the company leveraging its leading position to capture market share in emerging regions [3][31]. Innovation and R&D - The company maintains a strong focus on R&D, with over 9,000 patents and a commitment to technological innovation, which is crucial for product upgrades and market competitiveness [19][20]. Dividend Policy - The company has a consistent dividend payout ratio above 30%, with a total dividend of 5.92 billion yuan in 2023, reflecting its strong cash flow management [21][20].