UNILUMIN(SZ:300232) Guoxin Securities·2024-02-07 16:00Investment Rating - The investment rating for the company is "Buy" [3][45]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 131-170 million yuan in 2023, representing a year-on-year growth of 105.46%-167.09% [1][32]. - The company is focusing on integrating hardware, software, and content to develop comprehensive display solutions, which is expected to enhance its business value [1]. - The Mini/Micro LED technology is advancing, with the company launching a full range of products and improving production efficiency [1]. - AI applications are being leveraged to enhance the company's digital display capabilities, creating a closed-loop ecosystem in vertical fields [1]. Summary by Sections Financial Performance - The company forecasts a revenue growth of 3.6% in 2023, reaching 7.33 billion yuan, with net profit expected to grow by 137.2% to 151 million yuan [8][40]. - For 2024 and 2025, revenue is projected to grow by 9.2% and 13.2%, reaching 8.01 billion yuan and 9.07 billion yuan respectively, while net profit is expected to be 350 million yuan and 450 million yuan [8][40]. Business Segments - The smart display segment generated 6.422 billion yuan in revenue in 2022, with a projected growth of 3.5% to 66.50 billion yuan by 2025 [49]. - The intelligent lighting segment is expected to grow from 5.34 billion yuan in 2023 to 6.99 billion yuan in 2025, with improving profit margins [36][49]. - The cultural lighting segment is anticipated to decline initially but may recover slightly by 2025, with revenues expected to reach 640 million yuan [5][49]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 38.1 for 2023, 16.4 for 2024, and 12.8 for 2025 [8][46]. - The company maintains a stable gross margin, with improvements expected in the coming years, reflecting better product value and operational efficiency [1][49].