显控龙头横纵发展，自研芯片构筑壁垒

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market [15]. Core Insights - The company is expanding its product line and revenue through horizontal market expansion and vertical market penetration, focusing on audio-visual products and solutions [1]. - The company has launched a share repurchase plan to enhance investor confidence and support long-term development [2]. - The company has developed two XR digital products, X-shadow and Pandora, showcased at the Second World Metaverse Ecological Expo [1]. - The company achieved a revenue of 337 million yuan in the first three quarters of 2023, representing a year-on-year growth of 24.56% [1]. Financial Performance - The company reported a revenue of 381 million yuan in 2022, a decrease of 18.65% year-on-year, with a net profit of 29 million yuan, down 64.72% [27]. - For 2023, the company expects revenues of 533 million yuan, with a projected net profit of 42 million yuan, reflecting a significant recovery [18][33]. - The company’s revenue growth rates for 2023-2025 are projected at 39.94%, 43.16%, and 31.06%, respectively [29]. Product and Market Development - The company is focusing on self-developed ASIC chips to enhance its competitive edge and reduce procurement costs [1][29]. - The company’s display control products dominate its revenue, with expected growth rates of 42%, 45%, and 32% for 2023-2025 [29][32]. - The company is actively expanding its sales network and product lines to improve revenue scale and operational quality [1][29]. Valuation and Future Projections - The report estimates the company’s earnings per share (EPS) to be 0.23 yuan in 2023, 0.48 yuan in 2024, and 0.68 yuan in 2025 [18][33]. - The company is expected to achieve a dynamic price-to-earnings (PE) ratio of 65-70 times for 2024, with a reasonable value range of 31.26-33.67 yuan over the next six months [18].