Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's 2024 annual report shows a significant decline in revenue and net profit, with revenue at 642.88 million yuan, down 36.97% year-on-year, and net profit at 19.35 million yuan, down 90.45% year-on-year, which aligns with expectations [1]. - The company faces temporary pressure due to global economic fluctuations and intensified competition in the LED display market, but it is increasing investments in research, production, and sales to enhance its video processing capabilities [1][2]. - The company is focusing on R&D, with a 27.99% year-on-year increase in R&D expenses, aiming to develop comprehensive LED solutions and expand its global market presence [2]. Revenue Breakdown - In 2024, the revenue from video processing equipment was 280.62 million yuan, accounting for 43.65% of total revenue, a decrease of 5.20% year-on-year [2]. - Revenue from LED display control systems - receiving cards was 238.43 million yuan, making up 37.09% of total revenue, an increase of 1.48% year-on-year [2]. - Revenue from LED display control systems - transmitters was 31.05 million yuan, with a year-on-year increase of 1.92% [2]. Financial Projections - The company is projected to achieve revenues of 450 million yuan, 362 million yuan, and 327 million yuan for 2025, 2026, and 2027 respectively, reflecting a downward trend in revenue [3][4]. - The net profit is expected to decline to 11 million yuan in 2025, 9 million yuan in 2026, and remain at 9 million yuan in 2027 [4]. Financial Metrics - The latest diluted EPS is projected to be 0.12 yuan in 2025, 0.09 yuan in 2026, and 0.09 yuan in 2027 [4]. - The net asset return rate is expected to decrease to 0.5% in 2025 and stabilize at 0.4% in 2026 and 2027 [4]. - The P/E ratio is projected to rise significantly to 307.8 in 2025 and further to 389.3 in 2027, indicating a high valuation relative to earnings [4].
卡莱特：年报业绩符合预期，阶段性承压静待花开-20250508