CVTE(002841) 国投证券·2025-04-25 02:34Investment Rating - The investment rating for the company is "Buy-A" with a target price of 40.65 CNY over the next six months [4][3]. Core Views - The company reported a revenue of 22.4 billion CNY in 2024, representing a year-over-year increase of 11.0%, while the net profit attributable to shareholders was 970 million CNY, down 29.1% year-over-year [1][3]. - The company is focusing on expanding its overseas business and new sectors such as home appliance components and computing devices, which are expected to create new growth curves [3][4]. - The company's Q1 2025 revenue was 5.0 billion CNY, showing a year-over-year growth of 11.3%, while the net profit attributable to shareholders was 160 million CNY, down 9.2% year-over-year [1][2]. Financial Performance Summary - In Q1 2025, the company's net profit margin was 3.2%, a decrease of 0.7 percentage points year-over-year, primarily due to a decline in financial income and an increase in financial expenses [2][8]. - The company’s operating cash flow for Q1 2025 increased by 50 million CNY year-over-year, attributed to revenue growth [2][8]. - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.45 CNY, 1.65 CNY, and 1.87 CNY respectively [3][7]. Business Segment Analysis - The domestic education business is expected to see positive revenue growth due to the implementation of the "AI + Education" strategy, which enhances product iterations and solution upgrades [2][3]. - The overseas business faced challenges in Q1 2025 due to tightened education funding in the U.S. and high growth in the same period last year [2][3]. - The home appliance controller segment experienced rapid revenue growth due to proactive overseas market expansion and increased market share among domestic first-tier clients [2][3].