Hitevision (002955) 华创证券·2025-05-26 11:50Investment Rating - The report assigns a "Recommendation" rating to the company, indicating an expectation to outperform the benchmark index by 10% to 20% over the next six months [2][8]. Core Insights - The company reported a revenue of 3.525 billion yuan in 2024, a year-on-year decrease of 10.29%, and a net profit attributable to shareholders of 222 million yuan, down 31.20% year-on-year. The first quarter of 2025 showed a revenue of 510 million yuan, a decline of 7.40% year-on-year, with a net profit of 5.85 million yuan, down 76.67% year-on-year [2][4]. - The company is focusing on AI technology applications to support the intelligent transformation of educational scenarios, enhancing its product offerings and market presence [8]. - The company is deepening its international operations, achieving a market share of 22.0% in the US and 9.5% in the EMEA region, indicating successful international market penetration [8]. Financial Performance Summary - In 2024, total revenue was 3,525 million yuan, with a projected increase to 3,697 million yuan in 2025, reflecting a growth rate of 4.9% [4]. - The net profit attributable to shareholders is expected to rise from 222 million yuan in 2024 to 235 million yuan in 2025, with a growth rate of 5.7% [4]. - The company’s earnings per share (EPS) is projected to increase from 0.94 yuan in 2024 to 0.99 yuan in 2025 [4]. Market Position and Strategy - The company has established a strong customer base in the education sector, providing over 4.1 million interactive display devices for K12 classrooms [8]. - The company is positioned as a leader in the integrated production and sales of educational tablets, with a focus on expanding its overseas market presence [8]. - The report highlights the company's strategic direction towards technology-driven growth, with a shift in expense structure favoring research and development [8].