Investment Rating - The investment rating for the company is "Buy" (首次) [2] Core Insights - The company's two core businesses have shown improvement in sales, with expectations for further growth driven by events in 2024 [2][8] - The company has a clear path towards globalization and branding, with its own brand "Horion" performing well in over 30 countries since its overseas strategy began in 2019 [2][10] - The company is also making progress in the smart cockpit sector, having established a subsidiary for automotive electronics and successfully developed innovative products [2][10] Summary by Sections Core Business Sales Improvement - In Q3 2023, the company's revenue reached 8.56 billion yuan, a year-over-year decrease of 5.73%, with a net profit of 0.865 billion yuan, down 24.6% year-over-year [8] - The overall shipment volume of smart interactive display products increased by 134.4% year-over-year in Q3 2023, while smart TV shipments grew by 24.4% year-over-year [8] Globalization and Brand Development - The company is pursuing dual development in ODM and its own brand businesses, with the "KTC" brand showing strong sales in overseas markets [10] - The establishment of subsidiaries in various international locations supports its global strategy [10] Investment Recommendations - The company is expected to see rapid growth in its smart interactive display business and smart TVs in emerging markets along the Belt and Road Initiative [11] - Revenue projections for 2023-2025 are 12.298 billion, 14.483 billion, and 16.752 billion yuan, with corresponding growth rates of 6.1%, 17.8%, and 15.7% [11]
交互显示品牌化与全球化可期