CVTE(SZ:002841) Minsheng Securities·2025-04-27 01:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 32.86 CNY [6]. Core Views - The company achieved a revenue of 22.401 billion CNY in 2024, representing a year-on-year growth of 11.05%. However, the net profit attributable to shareholders decreased by 29.13% to 0.971 billion CNY [1][5]. - The first quarter of 2025 saw a revenue of 5.005 billion CNY, marking an increase of 11.35% year-on-year, while the net profit attributable to shareholders fell by 9.23% to 0.162 billion CNY [1][3]. - The company is expected to maintain its leading position in traditional businesses, with a potential recovery in the education sector and continued high growth in household appliance controllers and computing devices [4]. Summary by Sections Financial Performance - In 2024, the company's revenue from smart control components reached 10.274 billion CNY, up 20.37% year-on-year, accounting for 45.86% of total revenue. The gross margin for this segment was 14.74%, a decrease of 1.15 percentage points [2]. - The revenue from intelligent terminals and applications was 11.627 billion CNY, growing by 4.23% year-on-year, with a gross margin of 25.66%, down 4.98 percentage points [2]. - The company reported a gross margin of 21.33% for 2024, a decline of 3.69 percentage points, while the gross margin for Q1 2025 was 20.66%, showing a quarter-on-quarter increase of 1.45 percentage points [3]. Revenue and Profit Forecast - The forecast for the company's revenue is as follows: 24.590 billion CNY in 2025, 26.684 billion CNY in 2026, and 28.859 billion CNY in 2027, with growth rates of 9.8%, 8.5%, and 8.2% respectively [5][9]. - The net profit attributable to shareholders is projected to be 1.027 billion CNY in 2025, 1.109 billion CNY in 2026, and 1.267 billion CNY in 2027, with growth rates of 5.8%, 8.0%, and 14.2% respectively [5][9]. Valuation Metrics - The price-to-earnings (PE) ratio is expected to be 22x in 2025, 21x in 2026, and 18x in 2027 [4][5]. - The price-to-book (PB) ratio is projected to be 1.7 in 2025, 1.6 in 2026, and 1.6 in 2027 [5][9].