SKYWORTHDT(000810) 华创证券·2024-10-31 15:38Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 16.24 CNY, compared to the current price of 14.25 CNY [2][4]. Core Views - The company reported a revenue of 6.618 billion CNY for the first three quarters of 2024, a year-over-year decrease of 13.24%, and a net profit attributable to shareholders of 236 million CNY, down 47.19% year-over-year. In Q3 2024, the revenue was 2.165 billion CNY, showing a year-over-year increase of 11.91%, while the net profit was 55 million CNY, down 58.02% year-over-year [1][4]. - The smart terminal business is under short-term pressure due to market competition, but the company maintains its leading position and is expected to recover as demand improves. The company has secured significant contracts with major domestic telecom operators and continues to hold the largest market share in the broadcasting industry [1][4]. - The company is actively building a second growth curve through overseas expansion and AI integration. It has gained new customers in Europe and is experiencing growth in Southeast Asia and Latin America. The AI-powered gaming box has received positive market feedback [1][4]. - The automotive display business is expanding its market share, having secured multiple key projects and breaking into new customer segments. The company has established a strong competitive position in the automotive display market [1][4]. - The XR (Extended Reality) field shows significant R&D advantages, with the company launching innovative products that are expected to benefit from industry growth [1][4]. Financial Summary - For 2023A, the total revenue is projected at 10.627 billion CNY, with a year-over-year decline of 11.5%. The net profit is expected to be 602 million CNY, down 26.8% year-over-year. The projections for 2024E and beyond show a continued decline in net profit for 2024E at 306 million CNY, but a recovery is anticipated in 2025E and 2026E with net profits of 623 million CNY and 745 million CNY, respectively [4][1]. - The company’s earnings per share (EPS) for 2024E is projected at 0.27 CNY, with a significant increase expected in 2025E to 0.54 CNY and 0.65 CNY in 2026E [4][1].