CVTE(002841) 国信证券·2025-02-23 06:09Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In 2024, the company's revenue is expected to grow by 11% year-on-year, while the net profit attributable to shareholders is projected to decline by 29% [1][4] - The decline in net profit is attributed to factors such as tightening customer budgets, rising raw material costs, and increased market competition [4] - The company's education business revenue decreased by 8.7% in 2024, but the AI+ education innovation applications are expected to accelerate and benefit the company [3][4] Revenue and Profit Forecast - The total revenue for 2024 is estimated at 224.57 billion yuan, with a year-on-year increase of 11.3% [1] - The net profit attributable to shareholders for 2024 is forecasted to be 9.71 billion yuan, reflecting a year-on-year decrease of 29.2% [4] - The company anticipates a gradual recovery in net profit with projections of 12.67 billion yuan in 2025 and 14.61 billion yuan in 2026 [4] Business Segment Performance - Revenue from the liquid crystal display main control board and related businesses increased by 13.6% year-on-year [1] - The education business experienced a revenue decline of 8.7%, while the overseas business saw a revenue increase of 17.5% [1][3] - Emerging businesses such as LED, computing devices, and power electronics are steadily developing [1] Financial Metrics - The gross profit margin for 2024 is expected to decline by 3.55 percentage points year-on-year, with a stabilization trend observed in the fourth quarter [2] - Research and development expenses increased by 1.1 billion yuan in 2024, with over 1,000 new patents authorized [2] - The company’s earnings per share for 2024 is projected to be 1.39 yuan, with a PE ratio of 32.4 times [5][4]